4 Benefits of Dropping Credit Card Signatures

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Does it feel strange for a customer to pay with a credit card and then walk out of the store without signing the receipt? For years, a signature has always been required for credit card transactions. But, technology is changing and improving. This year, most major credit card brands removed the signature requirement, including Visa, Mastercard, and American Express.

Why Aren’t Signatures Necessary?

The reason signatures have been required in the past is because they were used for security and documentation in case a dispute comes up about the transaction. But, the truth is that signatures are easy to forge, which means that there isn’t really much benefit in asking a customer to sign the receipt.

At the same time, new chip technology helps to improve security features for digital transactions. So, the businesses and the credit card providers don’t have as much risk when it comes to processing the transactions.

Benefits of Dropping Signatures

Should your business drop the need to have customers sign the credit card receipts? Here are a few reasons why you might eliminate the need for signatures at the point of sale:

  • Faster Transactions: Reduce the wait time for customers who are ready to checkout. When you can move people through the register faster, then you can save significant time. As a result, it is possible to process more transactions in a day. More sales equals higher profits, helping to boost overall revenue.
  • Overhead Costs: How much money are you spending on hard copies of the signature receipts? Even though it might seem like pennies, the cost of paper, ink, and storage space adds up over time. Plus, you also need to calculate the time required to organize and sort these hard copies with the signatures.
  • Green Business Practices: Cutting out the need for hard copies is also beneficial to reduce waste. If you are looking for a way to cut back on paper usage, then eliminating receipts is a great solution.
  • Better Health: BPA in plastic bottles is often discussed, but not many people know that the thermal paper used for receipts also contains Bisphenol A (BPA). As a result, employees and customers are coming in contact with toxic chemicals every time a transaction is processed.

At Veripay, we are here to answer your questions about credit card processing. Call today for more information: 888-891-0811