Printed on: 05/25/2018. Please go to http://policy.umn.edu for the most current version of the Policy or related document.

FREQUENTLY ASKED QUESTIONS

Accepting Revenue Via Payment Cards FAQ

  1. How soon will my department be able to accept payment cards?

    Please allow at least 3-4 weeks for payment card account setup and testing. This timeline may vary depending upon the complexity of the payment card account.

  2. What payment cards are accepted?

    VISA, MasterCard, Discover, and American Express.

  3. What is the cost to setup and maintain a payment card account?

    Based on the type of payment card account, departments should expect overhead costs-both "out-of-pocket" costs and added staff time for setting up and maintaining a payment card account when making a decision to accept payment cards as a method of payment.

  4. What resources are needed to manage a payment card account?

    Managing a payment card account and protecting cardholder data requires a significant commitment of staff time and funding. Department should ensure that it has managerial, fiscal, and technological expertise to manage a payment card account. Managerial expertise includes demonstrated oversight and supervisory experience to handle complex projects and processes. Fiscal expertise includes demonstrated financial and accounting skills necessary to process and reconcile payment card accounts according to University policy and standards. Technological expertise includes demonstrated IT support to manage equipment, networks, web sites, etc. in a manner consistent with University requirements and industry standards. If a University department lacks any of the aforementioned expertise, other arrangements for accepting payment cards should be made. Consult with Accounts Receivable Services.

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