What Is a Credit Card Receipt?

Credit card receipts are crucial to record keeping, budgeting tax purposes, and other processes within an organization. These receipts contain key information about credit card purchases.

What Is a Credit Card Receipt?

A credit card receipt, supported by effective purchasing software, is a physical document that documents a transaction occurring at the point of sale. The customer conducting the transaction utilizes a credit card for the purchase.

What is a Merchant Credit Card Receipt?

‍ A merchant credit card receipt is a document generated during a credit card transaction, detailing the purchase amount, date, and payment method. It serves as proof of payment for both the merchant and the customer, often including transaction details like the last four digits of the card and the merchant's information.

What is a Credit Card Slip?

‍ A credit card slip is a printed or digital document provided during a credit card transaction. It includes details like the transaction amount, date, merchant information, and cardholder's signature (if required). It serves as proof of the transaction for both the merchant and the customer.

What Information Does a Credit Card Receipt Include?

The receipt for a credit card purchase includes the following information:

• The amount of the transaction
• The day the transaction occurred
• The name or the store number of the merchant or bank that accepted the payment
• An itemized list of the items that were purchased

How Long Should You Keep Credit Card Receipts?

Keeping the receipts for a credit card transaction is vital. If you don’t, your business could be forced to return the money for the purchase to the customer’s credit card company. If the credit card company approves the customer’s dispute, and you don’t have the receipt to validate the purchase, the company can debit your merchant account for a chargeback.

The Internal Revenue Services (IRS) recommends keeping any documentation of deductions and income for at least three years.

Is Keeping Credit Card Receipts Mandatory?

Keeping credit card receipts isn’t necessary if you have other documents that prove a sale took place, such as your deposit records from your merchant account or your cash register receipts. To verify the loss resulting from a chargeback, it’s best to have the original receipt or a copy.

Want to learn more? Visit our Purchase Order guide.