How are credit card processing fees calculated and billed? How will I be able to see the fees? How does revenue get posted to my account?

See the summary below for a quick overview.

1. Our payment card processors deposit funds into a central University bank account.
2. Accounting Services posts the credit for the transactions and fees to the appropriate department’s cost center and designated worktags.
3. The department with a clearing account then debits the clearing account and credits the appropriate department revenue projects.
4. For Foundations, the funds can be deposited directly into your bank account.
   1. Credit card processing fees vary by card type and type of card used. The University receives a monthly invoice from our processor, Elavon, who processes MasterCard/Visa/Discover/American Express for approximately 1.9% of total sales for each merchant account. These fees are then distributed to the department’s Cost Center. These fees are itemized on the monthly statements provided by Elavon in the Payment Insider site.
   2. An additional $.30 per transaction fee will apply for use of EPay (the University credit card gateway, (see question 10 below). This amount will also be billed as a separate charge on your cost center. The total number of transactions processed is available through “Reporter” in EPay. (See “Payment Card Services: How Do I?” for links to procedures and instructions)