Section: Financial
Policy Number: 3-26
Policy Name: Credit Card Policy
Date: February, 2000; July, 2005

  1. PURPOSE

    To outline policies for the use of credit cards. The policy dealing with the recording and handling of credit card cash receipts is covered in the Cash Receipts Policy.

  2. POLICY

    1. The University has negotiated a favorable rate for credit card processing. Departments may not negotiate a separate contract.

      Any department processing credit cards via the World Wide Web must use the University's WebCredit system.

    2. Costs for credit card processing are charged to the department/unit initiating the charge.

    3. Credit cards may not be used by matriculated students to pay semester or winter session bills.

    4. Department requests for the use of credit cards should be made to the Director of Billing and Collection. It should be specifically noted if the department is requesting the processing of credit cards over the internet. The request should also include the following: the item or service, the time frame for which the credit card usage is needed, the estimated volume, the account code to be charged for the bank charges (with the appropriate unit approvals), and the cash control procedures in place in the department which comply with the Cash Receipts Policy, including how the equipment and credit card information will be safeguarded.

    5. The University Cashiers Office will train the department in the procedures for processing credit card transactions.

    6. Credit card receipts are to be supported by other records. It is the department's responsibility to reconcile the credit card receipts to the appropriate general ledger purpose/account and other records as needed.

Submitted by: Billing and Collection