Late last year MasterCard, American Express, and Discover Card announced that in April of 2018 they would be eliminating the requirement for merchants to collect signatures for all purchases at the point of sale. They all pointed out that with their secure networks combined with new digital payment methods that include chip, tokenization, biometrics and other fraud capabilities have advanced so that signatures are no longer necessary to fight fraud. Visa followed suit early this year but specified that signatures will no longer be required when a Visa EMV card was being used at the point of sale.
What does that mean for you? MasterCard has pointed out that it expects this will speed up the checkout process and enhance the customer experience. However, it will take some time for the various point of sale systems and software to eliminate the signature line on the receipt. In the meantime, MasterCard has also suggested if a merchant is more comfortable obtaining a signature they still can. A signature will be optional, but starting April 2018 it will no longer be a requirement.
Stay tuned for more details as we are awaiting specific instructions from the card brands that we will share with you.