A sales draft (retrieval) request is a request from the cardholder’s bank to supply a copy of a sales draft. If the transaction was a non-face-to-face transaction, substitute information must be provided such as proof of AVS & CVV match along with a copy of the customer’s signature upon delivery of the product.
Interchange also helps expand the market of accepting merchants by tailoring interchange programs to certain types of businesses. For example, smaller ticket transactions receive a lower transaction fee so that it is not too costly for merchants to accept card-based payments. The card associations attempt to maintain a delicate balance with interchange. If interchange is too high, merchants will not accept cards; if interchange is too low, then issuing banks will not issue cards.
How am I notified of a Sales Draft Request?
You will receive a letter of each retrieval request in the mail. The letter provides the cardholder’s account number, transaction date, and dollar amount to assist you in locating the requested sales draft. It is critical that merchants store sales drafts by cardholder number and transaction date, as the cardholder’s name will not be available to Payvant. The amount may reflect a foreign currency versus the United States dollar amount for transactions made with a foreign card.
Payvant offers an easy receipt capture service to our clients so they do not have to worry about storing paper terminal print out receipts.
How long do I have to respond to a Sales Draft Request?
As we are under strict time limitations instituted by the Card Brands, we must receive a response within ten (10) days from the date of the notification letter. If you fail to respond to a retrieval request you may retrieve a chargeback for the transaction in question. There is no recourse available to the merchant for chargebacks received due to failure to respond to a retrieval request.
How long should I retain copies of Sales Drafts?
According to Card Brand Regulations, and described in the Merchant Agreement, you must retain sales drafts for at least three (3) years from the date of the transaction.