Visa to Eliminate Signatures on Most Small Credit Card Transactions by July 2010
February 27, 2010
By: Joe Taylor Jr.
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Visa's experiment in no-signature-required Visa credit card transactions expands to nearly all merchant categories this summer, according to a recent announcement by company officials. Currently, some merchants with frequent, small transactions can waive the signature for Visa cardholders with purchases under $25. At bookstores, cafes, and convenience stores, the No Signature Required program speeds up transaction time while encouraging more frequent impulse purchases.
Based on feedback from the program's initial rollout, Visa president Bill Sheedy expressed enthusiasm at offering the same convenience to nearly all of the payment platform's participating merchants. "Innovation comes in many forms," Sheedy said. "Enabling Visa cardholders to swipe their card and go at most U.S. retailers is a small, but significant advance in the ongoing migration to digital currency." Sheedy and other company officials noted that the full rollout of the No Signature Required program could help more cash-heavy businesses switch to credit card acceptance by eliminating paperwork and increasing customer demand for card acceptance.
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About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.
