Business and Finance

Business & Finance

Policies & Procedures

Organization

Controller -

Accounting

Accounts Payable

Bursar's Office

Financial Services

Payroll Department

Sponsored Programs

Tax Compliance

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Financial Planning & Budgeting

CREDIT CARD ACCEPTANCE

Saint Louis University will accept MasterCard, Visa, Discover, and American Express bank credit cards for payment of miscellaneous charges at University locations approved by the Treasurer's Office. Departments are responsible for the deposit of credit card payments with the Office of the Bursar.

Departments processing charges by bank credit card must do so electronically either using a personal computer-based application or a terminal and printer.

Valid MasterCard, Visa, Discover, or American Express transactions may be accepted at approved locations; however, the University is not liable for improper use. It is the department's responsibility to recover chargebacks from the customer incurred due to invalid charges.

The University's depository account will be credited within two business days after the bank card transactions have been submitted to the bank. Departmental accounts will be credited upon receipt of the Deposit of Funds form and batch total report in the Office of the Bursar.

A fee is charged to the University by the bank for each credit card transaction. The cost associated with the acceptance of bank credit cards for payment will be allocated to the departments by the Office of the Bursar. Bank merchant numbers are used to record fee allocations.

To request authorization to accept bank credit cards for payment, contact the Office of the Treasurer. Questions regarding the posting of credit card transactions to departmental accounts should be directed to Joann Grant.

Procedures

Enter the card information into the personal computer or a terminal:

	With Card	Swipe the card through the card reader. Verify the customer name, card number, and expiration date as it appears on the terminal screen. Enter the amount of the charge. Verify the transaction has been accepted and a receipt has been generated. Obtain the signature of the cardholder on the transaction receipt.
	Without Card	Enter the card number into the personal computer or terminal. Verify that the customer name, card number and expiration date as it appears on the terminal screen. Enter the amount of the charge. Verify the transaction has been accepted.

At the end of each business day, submit the batch of daily transactions to the bank via a modem to charge the customer's bank card and credit the University's depository account.

Run a batch report of daily transactions from the personal computer or a terminal.
Departmental Supervisor: Review the report and verify all transactions on the report are accurate and appropriate. Initial any credits identified on the batch report.
Transmit batch transactions to the bank.
Complete a Deposit of Funds form, attach batch total report and forward to the Office of the Bursar for posting to the general ledger and bank reconciliation.
Maintain detail batch reports and receipt forms in an organized manner in the department.

Revised: Friday, 28 Feb 2003

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