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Business and Financial Policies and Procedures

Keeping Merchant Card Records

Definitions

Records - Records are official and trustworthy documents used for accountability and transparency. Requirements for retaining records are mandated by federal and state laws and regulations. Merchant card records consist of documentation of orders, sales receipts, settlement reports, and Payment Card Industry (PCI) self-assessment questionnaires and related documents.

Working Documents - Working documents are unofficial yet trustworthy documents used to support business activities. Examples include copies of official records retained for your convenience or preliminary planning documents.

Temporary Documents - Temporary documents are transitory and not records or working documents. Examples include drafts, reference materials, and routine correspondence.

Treasury Operations Responsibilities

Treasury Operations retains merchant card records for the current fiscal year and 5 previous fiscal years, including records such as:
  • PCI self-assessment questionnaires and related documents
  • Daily transaction data and settlement reports

Merchant Unit Responsibilities

Your unit must retain sales receipts and order forms in a PCI-compliant manner. Retain these records for 12 months past the transaction date. Destroy records or redact the card numbers from these expired records as is convenient, but at least every month. If a transaction is being disputed, keep the transaction records until the dispute is resolved even if the 12 month period has expired.

For assistance, consult your unit Records Liaison or records contact, if you have one, or the Records and Information Management Services team.

Additional Resources

Records and Information Management Services
Urbana - University Archives
Chicago - University Archives
Springfield - Archives/Special Collections
Data Retention and Disposal
Training Resources

Last Updated: April 11, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2008

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