Procedures for Approval of Credit Cards

The Office of Treasury Operations administers the credit card program at Rutgers University and acts as facilitator between the merchant community and the university’s credit card processor. All credit card contracts and new merchant requests are processed through Treasury Operations and require the approval of the Vice President for Finance and Associate Treasurer. The university accepts MasterCard, Visa, Discover and American Express, which is approved on a merchant by merchant basis, subject to business justification.

To be approved to accept credit card payments via a credit card terminal, computer, or the web, the department must agree to implement and be in compliance with the Payment Card Industry Data Security Standards (PCI DSS v1.2) .

To request approval, please complete the appropriate PCI DSS Self Assessment Questionnaire A, B, C or D, receive approval and sign-off from your Dean, Department Head or Director and email or fax the completed questionnaire to the Office of Treasury Operations, attention Delanie Moler. Credit cards may not be accepted as a form of payment until the merchant account is approved and activated by Treasury Operations.

Equipment requirements vary, depending on the type of business use. Equipment prices also vary (with estimated costs of equipment $600 to $ 800 per terminal.) All equipment must be certified as being in compliance with PCI DSS before purchase and implementation.

Each department is responsible for recording and reconciling its credit card activity. The department is required to close out the credit card activity daily at the end of the day, prepare a cash transmittal daily and attach the batch total report to the Cash Transmittal. The department must deliver the cash transmittals to the Cashier’s Office for processing daily. The department is responsible for reviewing the activity balancing to the general ledger.

Credit card fees are charged and recorded on a monthly basis. These fees vary, depending on the type of transaction (card present vs. card not present). Credit card fees include a discount fee, which is set by Visa, MasterCard, etc., as well as a transaction fee, charged by both the credit card association and the credit card processor. All departments accepting credit cards as a form of payment will absorb the costs. The credit card fees are assessed by volume of net sales by account number. University Accounting will charge the departmental account for all of the costs including the discount rate every month. Specific information regarding fees can be obtained by calling the Office of Treasury Operations at (732) 445-2789.

E-Commerce

Electronic commerce provides a convenient way to handle business transactions such as conference registration, donations, or the purchase of goods and/or services. However, due to the high incidence of identity theft, there are many restrictions. University departments are only allowed to contract with PCI compliant and certified vendors, after approval through the Office of Treasury Operations. For more information regarding E-Commerce procedures, please contact Delanie Moler, Vice President and Associate Treasurer, Office of Treasury Operations at (732) 445–2789.