Merchant Accounts

Merchant Fees - A merchant fee (sometimes referred to as a "Discount Fee") is charged to the University for each credit card transaction. The University allocates or charges the fees back to the departments based on their percentage of total monthly credit card sales. For more detailed information contact Tatiana Miller at 848-445-5481 or contact University Treasury.

Point of Sale (POS) Merchant Accounts

Generally refers to payments made with a debit or credit card either in person, by written authorization or by phone. These transactions require daily batching and must be recorded using cash journal templates. The cash journal template and a copy of the batch totals must be submitted on a timely basis.

Internet Merchant Accounts 

A department may establish an internet merchant account to accept payments via the internet through a departmental website. Through the ScholarChip system, payments are automatically forwarded for credit to the University's bank account and all transactions automatically will post to the General Ledger account designated by the department. Prior to developing a website the department should contact University Treasury to discuss the website requirements.

For departments that do not utilize the University's ScholarChip application, transactions must be batched daily and recorded using the cash journal template.