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Can I collect debit card information from participants in Arkansas? What are the requirements?

Based on the context documents, it is allowed to collect debit card information from participants in Arkansas. However, there are certain requirements that must be followed.

Requirements for Collecting Debit Card Information in Arkansas

  • Any person or entity that offers a credit card processing service in Arkansas must disclose certain information on any contract or agreement to render a credit card processing service, including the effective date of the contract, the term of the contract, the amount of any monthly minimum fee or charge for the credit card processing service, and the amount of any fee or charge for terminating the contract or agreement [2.1].
  • A person or entity that offers a credit card processing service in Arkansas shall not charge a fee of more than fifty dollars ($50.00) for terminating a contract for credit card processing service or a monthly minimum fee under a credit card processing service contract for more than one (1) month after the credit card processing service contract is terminated [2.1].
  • When collecting debit card information, it is prohibited to print more than the last five digits of a credit card account number on a credit card receipt to the cardholder [4.1].
  • A retailer may choose whether to accept as a form of payment cash or noncash, noncredit methods of payment, including without limitation debit cards or other electronic transfer of funds of the consumer to the retailer. A retailer that chooses to accept noncash, noncredit methods of payment is responsible for any costs, fees, or charge-backs that may be incurred with the noncash, noncredit transaction [3.2].

Therefore, if you are collecting debit card information from participants in Arkansas, you must ensure that you comply with the above requirements.

Note that the context documents do not provide any additional information on the specific purpose or context of collecting debit card information. If you have any further questions or concerns, it is recommended that you consult with a legal professional.

I hope this helps! Let me know if you have any further questions.

[2.1]: ARCO 4-115-101 [4.1]: ARCO 4-116-101 [3.2]: ARCO 4-116-102

Source(s):
Jurisdiction

Arkansas