Helpful Hints for university departments that accept debit/credit cards (5/30/12)

Departments that accept credit/debit cards are known as merchants and are assessed fees by the card networks, issuers and processors. These fees are a function of various external and internal factors, many of which are outside the control of the merchant. However, there are a few things that merchants can control that will result in the best possible interchange rates and lowest possible fees. These include the following:

1) Swipe card transactions whenever possible.
2) Close and transmit batches daily.
3) Only one authorization per transaction
4) Authorized transaction amount must match settled amount.
5) Transmit AVS (Address Verification Service) information for CNP (card not present) transactions.

 

 

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