[Cobo] Credit Card Convenience Fees

[Elliott, Kathy]

Jena:
The costs associated with processing credit cards continues to grow each year, and the University wants to continue to offer the option to pay by credit card. Unfortunately, Oklahoma State cannot absorb these costs. In order to address a $1.5 million annual drain on its budget, Oklahoma State University made changes January 2009 in the way credit card payments were accepted for bursar accounts by passing the cost of the credit card convenience fee along to those using the service.  The convenience fee of 2.75% ($3.00 minimum) charged by our third party processor, TouchNet, covers the cost of processing credit and debit card payments. OSU does not receive any part of the convenience fee.

Hope all is well!

k


Kathy Kamm Elliott
Associate Vice President and Controller
Oklahoma State University
207 Whitehurst Hall
Stillwater,  OK  74078-1041
405.744.4188
405.744.6404 (Fax)
kathy.elliott at okstate.edu<mailto:kathy.elliott at okstate.edu>

We've got two lives.  One we're given and the other one we make.
Mary Chapin Carpenter


From: cobo-bounces at lists.onenet.net [mailto:cobo-bounces at lists.onenet.net] On Behalf Of Jena Marr
Sent: Monday, July 29, 2013 4:02 PM
To: 'cobo at lists.onenet.net'
Subject: [Cobo] Credit Card Convenience Fees

Good Afternoon Business Officers,

Just sending a quick note to see what other schools are doing as far as charging back the students the credit card fees when using Visa, MasterCard, Discover, or American Express to pay their tuition and fees.

We are thinking of charging a 2.75% fee beginning this fall but wanted to see what you guys are doing first.

Thanks for any input!

Jena L Marr, MBA, CPO
Vice President for Finance and Campus Services
1300 South Country Club Road
El Reno, OK 73036
Phone: 405-422-1265
Fax:  405-422-1232
Email:  Jena.Marr at redlandscc.edu<mailto:Jena.Marr at redlandscc.edu>

[75 years]

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.onenet.net/pipermail/cobo/attachments/20130730/0f4746a9/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 27818 bytes
Desc: image001.png
URL: <http://lists.onenet.net/pipermail/cobo/attachments/20130730/0f4746a9/attachment.png>