Opening of new merchant accounts for the purpose of accepting and processing credit cards at the University is done on a case by case basis. There are a variety of costs associated with accepting credit cards including a discount rate (fee of 1.5%-3%) on each sale, monthly maintenance fees, per transaction fees, and in the case of e-commerce there are gateway fees.
The decision to open new merchant accounts is based on many factors including the impact on receivables, customer service and convenience, cost, the volume of expected activity, etc.
Interested departments need to complete an “Application to become a Merchant Department ” and read the policy “Accepting Credit Card and eCommerce Payments .” The application will be reviewed and the applicant will be contacted by the Cash Manager (Donna Reilly, x73266). To learn more about accepting credit cards, clickhere.
