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Keeping physical records of card payments

How long clients need to keep physical records of card payments

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I had a question from client recently asking me how long they need to keep physical records of card payments (the slips from the card payment machine). 

We keep digital records of all transactions through their POS system which is also linked to the  bookkeeping software so it is not a question of accounting records.

They did ask the card payments clearing provider for advice and all they got back was that they could use the physical records for verification that a customer had indeed made the purchase in case of a dispute. That said surely the clearing provider has internal record of the transaction?

How long should they keep the slips? I would think  couple of months will be sufficient to address the payment dispute eventuality.

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By JoF
15th Jan 2020 09:13

n.i.atanasov wrote:

I had a question from client recently asking me how long they need to keep physical records of card payments (the slips from the card payment machine). 

We keep digital records of all transactions through their POS system which is also linked to the  bookkeeping software so it is not a question of accounting records.

They did ask the card payments clearing provider for advice and all they got back was that they could use the physical records for verification that a customer had indeed made the purchase in case of a dispute. That said surely the clearing provider has internal record of the transaction?

How long should they keep the slips? I would think  couple of months will be sufficient to address the payment dispute eventuality.

The card provider holding a record is not the point - they will need your copy in the event of a dispute (which is sometimes useful, albeit might not be), which is indeed what they have already said as you have mentioned it.

What makes you think a couple of months? How far can a chargeback go - isnt that what you should be checking? A client of mine has just had a dispute from September.

Care, from a cardholders viewpoint its from when paid or noticed the problem.

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Replying to JoF:
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By n.i.atanasov
16th Jan 2020 18:09

Thanks, it seems that different card providers have different timescales for opening a card payment dispute. That said the longest period I found was 120 days from the transaction going though. So keeping the slips for 6 months seem sufficient.

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