Credit card receipts are crucial to record keeping, budgeting tax purposes, and other processes within an organization. These receipts contain key information about credit card purchases
What Is a Credit Card Receipt?
A credit card receipt is a hard copy document that records when a transaction took place at the point of sale. The customer carrying out the transaction makes the purchase using a credit card. As the merchant, you’ll keep one copy, and the second copy is for the cardholder. Your copy typically contains the credit card number so that you have a record of the account number in case the customer disputes the charge.
What Information Does a Credit Card Receipt Include?
The receipt for a credit card purchase includes the following information:
- The amount of the transaction
- The day the transaction occurred
- The name or the store store number of the merchant or bank that accepted the payment
- An itemized list of the items that were purchased
How Long Should You Keep Credit Card Receipts?
Keeping the receipts for a credit card transaction is vital. If you don’t, your business could be forced to return the money for the purchase to the customer’s credit card company. If the credit card company approves the customer’s dispute, and you don’t have the receipt to validate the purchase, the company can debit your merchant account for a chargeback.
The Internal Revenue Services (IRS) recommends keeping any documentation of deductions and income for at least three years.
Is Keeping Credit Card Receipts Mandatory?
Keeping credit card receipts isn’t necessary if you other documents that prove a sale took place, such as your deposit records from your merchant account or your cash register receipts. To verify the loss resulting from a chargeback, it’s best to have the original receipt or a copy.