For new Visa card transactions processed on or after October 14, 2011, Visa will increase the transaction receipt retention period of U.S. Merchant from 12 months to 13 months to align with the Visa International Operating Regulations. For merchants processing healthcare transactions, the transaction receipt retention period of 5 years remains unchanged.
This does not require any internal procedure change for CenPOS customers, who have 7 years of receipt storage, coinciding with IRS rules. With the average merchant account changing at least twice in 7 years, CenPOS provides a valuable single source retention and receipt research tool for merchants.