advertisement

New visa opportunity for cost-neutral tuition acceptance

50 %
50 %
advertisement
Information about New visa opportunity for cost-neutral tuition acceptance
Finance

Published on February 28, 2014

Author: Diamond_Mind

Source: slideshare.net

Description

In January 2014, Visa expanded and changed the name of their Government and Education Payment Program. The latest changes create new opportunities for K-12 schools to use cost-neutral options for accepting credit and debit cards.
advertisement

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 info@diamondmindinc.com  Give us a call: (888) 566-0945

Add a comment

Related presentations

Les changements sur le marché du distressed aux Etats-Unis et en Europe

Main Sections of the Report 1) Nifty Technical View 2) 4 Large Cap Trade Ide...

This presentation consits the yearly results of Kinepolis Group

Related pages

Visa Now Allows K-12 Schools to Charge Service Fees for ...

Understanding New Visa Opportunities for Cost-Neutral Tuition ... your independent school has a new opportunity for cost-neutral tuition acceptance.
Read more

Digging into Cost-Neutral Opportunities for Tuition ...

Digging into Cost-Neutral Opportunities for ... fees for cost-neutral tuition acceptance because they want ... these cost-neutral opportunities, ...
Read more

Study in Canada: Visas, Work and Immigration for ...

Study in Canada: Visas, Work and Immigration for International Students. ... it will send you a letter of acceptance.
Read more

Apply online for jobs at Visa

Explore jobs at Visa including Client ... Those who are entrepreneurial and interested in seizing opportunities for growth and personal challenge ...
Read more

Guides for international students at CBS | CBS ...

As a new student at CBS, ... Your letter of acceptance, ... International Opportunities ; International Students; Opportunities while at CBS;
Read more

International Students | Berkeley College

Acceptance decisions are based on more ... Berkeley College has locations in New ... To learn more about opportunities for international students at ...
Read more

International Admissions - University at Buffalo

Pay your tuition deposit now to reserve ... and myriad opportunities for ... most comprehensive campus in the State University of New ...
Read more