Published on February 28, 2014
New VISA Opportunity for Cost-Neutral Tuition Acceptance Copyright © Diamond Mind 2014 All Rights Reserved. No part of this document may be reproduced or distributed without Diamond Mind’s express consent. The settlement rules are subject to change. This was last updated February 28, 2014.
Current cost-neutral options for accepting tuition payments by credit card What’s new for 2014—an in-depth look at the new rules and how they impact schools Tools and resources to decide which approach works best for your school
Check-Out / Surcharge Fee Program Discount for Cash Program Convenience / Service Fee Program * Check with legal counsel if you are in California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, Texas
Percentage fee on all credit cards No % may be charged on debit No restrictions on type of payment 3rd party cannot collect for schools Must be done in one single transaction The % fee is capped at 4% 30 day notification of intent to surcharge
Explicitly permitted in Merchant Service Agreement Proper labeling is essential Allowed in all 50 states* http://usa.visa.com/personal/get-help/checkout-fees.jsp * Check with legal counsel if you are in California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, Texas
Wonderful Day School Full Amount Discounted Amount $20,550 $20,000 * 2.75% Effective Rate
MasterCard, Discover and American Express Charge % on both credit cards AND debit cards No VISA Tuition, board and related fees 3rd party can collect for schools Schools only* * Applicable to Government, Utilities and Higher Education
Effective January 15, 2014 Schools can now either choose to collect the fees themselves, or they can have a 3rd party collect the fee for them Fee is applicable to credit AND debit cards for tuition, board and related services 45 day notice given to VISA Payment and fee must occur as two separate transactions using two separate merchant accounts Must be clearly labeled: ―School Name*Service Fee‖ - Formatted to 5, 7 or 11 characters
Discount for Cash • Several schools in the 10 states* previously mentioned have used DFC because their legal advisors have determined that it is the best option available for cost-neutral tuition acceptance. Surcharge Fees • Many schools used SF for cost-neutral tuition acceptance because they wanted to accept all types of credit cards – including VISA. In the past, VISA did not allow percentage-based convenience fees; SFs enabled schools to accept ALL credit cards in a cost-neutral way. Convenience Fees • Many schools choose this option because they want to simplify their reconciliation process by outsourcing fee collection. This option can only be used with MC, Discover and AMEX. Service Fees • We anticipate schools will choose this option because they want to simplify their reconciliation process by outsourcing fee collection. This option can now be used with all credit card types -- MC, Discover, AMEX and VISA. * California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, Texas
Service Fee If You Want to: (formerly convenience fee) Surcharge Discount for Cash Make credit card acceptance costneutral Accept all credit card brands Limited to tuition, board and related fees Accept debit and prepaid cards No Have a third party collect the fee No No Apply fee to all types of purchases, beyond tuition and board (Not recommended for donations) Know the requirements to implement (New as of 1/15/14) • Limited to tuition, board and related fees • 45 day notice to VISA & MC • 30 day notice to VISA & MC • 4% max charge • Single transaction Properly label invoices and published pricing Check with your legal Check with your legal Operate in one of the 10 states* Check with your legal counsel counsel counsel * California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, Texas
Access this valuable tool at www.diamondmindinc.com
Available Online New VISA Opportunity for Tuition: http://www.diamondmindinc.com/new-visa-opportunity-for-tuition/ Fee Assessment Worksheet: http://info.diamondmindinc.com/fee-assessment Questions? Send an email to email@example.com Give us a call: (888) 566-0945
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