April 13, 2018
Signatures on credit and debit card transactions in North America may become a thing of the past, if MasterCard has its way. On Thursday, October 19, 2017, MasterCard announced that effective April 13, 2018, it will drop the rule requiring merchants to get signatures on MasterCard transactions.
For everyone waiting to get their stipend of overcharges from the credit card associations, you'll have a wait a little longer. On June 30, 2016, a federal appeals court threw out the settlement between Visa and MasterCard and retailers across the globe.
Contrary to what some will tell you, the Thursday, October 1, 2015 deadline for implementing an EMV compatible solution for your business was not doomsday, and you are not “out of compliance” by not upgrading to EMV technology.
You will still be able to process magnetic stripe transactions on your terminals beyond 10/1/15. Automated fuel dispensers and ATMs have until October 2017 to meet the requirement, so magnetic stripes will not be disappearing from credit cards anytime soon. That said, banks expect to reach 100% implementation by 2020, so you do have to act, if you accept credit cards in a face-to-face environment.
Credit and debit card fees imposed by the card brands and card issuing banks have long been a major source of irritation to the business owner. How and when to add convenience fees to credit card transactions has been fiercely debated ever since the 2013 class action settlement was announced.