Online Credit Card Policy

Op8.27 Online Credit Card Policy

Purpose

To define and outline University policy with respect to handling, receiving, transporting, and depositing funds online. It is University policy that all online receipts must be processed through storefronts established by Financial Services channeled through the Higher One / CASHNet Smart Pay process. Storefronts through the Higher One / CASHNet Smart Pay process provides a safe, effective way to process and manage online payments while enabling the University the ability to correctly track all payment activities for budget purposes. (Exceptions may be granted after thorough review by Financial Services.)

Persons/Affected Areas

This policy applies to all campus departments receiving funds online.

Policy

Processing credit card payments brings an additional liability to the University and the departments that accept these payments. Mishandling credit card transactions can result in large fines and severe financial penalties for the University and the departments. In order to ensure proper processing of online receipts, only CASHNet Storefronts will be used to collect University funds online and all University Departments must follow the following procedures.

• Advance approval is required before a department starts accepting credit card payments online. Completion of the Storefront Request Form is required.
• Credit card information online should only be collected on the University’s third party system CASHNet Storefronts after obtaining approval of the Storefront Request Form.
• Credit card information cannot be taken over the phone.
• Credit card information cannot be processed through the mail.
• Credit card information cannot be stored on a computer or anywhere in an office.
• All Storefronts will be subject to the convenience fee applied to all credit card payments. This fee is a credit card transaction fee and is sent directly to processing companies. Missouri State University does not have control over these fees. The fees are paid by the credit card user and not the department or cost center utilizing the storefront.
• Users will be allowed to decline the credit card convenience fee and use an electronic check feature, if that service is made available, free of convenience fees.
• There is no fee to the department to setup a storefront.

Any exceptions to this policy must be requested by the department head and/or cost center administrator and approved in advance by the University Controller or Chief Financial Officer.