Restaurants who take credit cards are required to keep signed receipts for 18 months in order to avoid chargebacks. Most merchants who provide credit card processing are fine restaurant owners who cannot fight chargebacks effectively. Restaurants generate hundreds of thousands of credit card receipts every year and need to keep a signed copy of each receipt. Most restaurant owners tie each days' receipts together with a rubber band, throw them in a box, and hope that they never have to fight a chargeback.
But, the numbers are not on the side of restaurant owner. 81% of customers freely admit to filing a chargeback out of simple convenience. Keep your business safe, eliminate paper, and get useful analytics at the same time with Receipt HQ.
Credit card companies allow their customers to dispute charges on their credit card. Of the disputes that were initiated in 2017 over 90% were successful. The moment that a credit card company receives a dispute they take the disputed money from the restaurant's account.
Business need to keep copies of signed receipts for 18 months to avoid chargebacks and even longer for tax purposes. The moment there is a chargeback against a business the credit card company takes money from your account. If you cannot quickly dispute a chargeback you will not get your money back quickly. If your receipts are not organized, you will lose hours of your time searching for a single receipt.
Receipt HQ provides restaurants with prepaid envelopes every week. After each service, staff members slip all their signed credit card receipts into an envelope and send it off to Receipt HQ . We scan your receipts and upload them to your personal portal where you can search for individual receipts and get analytics on your customers' behavior. Goodbye paper, hello analytics!