I met with the President of a major Midwestern Parking operator at PIE and he brought an issue to my attention that affects every parking equipment manufacturer, parking operator and parking facility owner.
The Fair and Accurate Credit Transactions Act (FACTA) requires that no more than the last 5 digits of a credit card accepted by a machine at any merchant (including a parking facility) may be printed on the receipt plus the expiration date may NOT be printed on the receipt.
Fair enough…here’s the problem – the act calls for fines of between $100 and $1000 for EACH violation (that’s each receipt). In addition, my source knows that most revenue control systems have in the past printed more than five digits, and unless they have been recently upgraded may do so now.
In addition, a single Chicago Law Firm is investigating parking operations and when they find a violation are filing class action law suits against the operators and owners. At least three companies have been sued recently.
The Law does require “willful failure.´ Now that you are aware of the problem, you must take action immediately.
Review your receipts and if you are showing more than the last five digits or the expiration date, call your supplier and get it stopped immediately. (Most companies put the last four digits only.)
Manufacturers – I suggest you notify your customers immediately and begin a process of upgrading their software. You can be liable, too.
Unfortunately this is not an April Fool’s Joke.