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University Credit Card Fees Committee: Managing Transaction Costs Effectively

Join the Committee for Credit Card Acceptance and Transaction Fees to address the University's $285,000 annual spending on credit card processing fees for tuition payments. Our objective is to find cost-effective solutions and optimize payment processes to reduce expenses and utilize state and one-time funds more efficiently.

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University Credit Card Fees Committee: Managing Transaction Costs Effectively

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  1. Committee for Credit Card Acceptance and Transaction Fees

  2. Charter -- Situation and Objective Situation: University spends $285,000 per year on credit card transaction fees for tuition and fee payments $136,000 state funds ($120,000 from one-time funds) $149,000 non-state funds (Residential Living, Dining, etc) It is a recurring / operational expense One-time funds can no longer support this expense Objective: Find other funds for 2011-2012 (completed) Identify solution for 2012-2013 and forward that does not require this one-time expense (or a $136,000 state fund budget cut will be required) Scope: Tuition and fees (i.e. Student Account payments) In scope: Tuition & fees, base meal plans, housing, library fines, parking tickets Out of scope: CatCash, application fees, orientation fee, housing deposits, tuition deposits, commuter meal plan, and add-on money to meal plans, Bookstore, Catamount clothing, Aramark dining, Continuing Ed classes Communicate any changes / impacts to students / parents by Mar-Apr 2012
  3. WCU New Payment Options 12/12/2011 -- Executive Council approved the implementation of a convenience fee (charged by third party) for student account payments
  4. Communications Plan
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