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CC Processing Presentation

The document provides an overview of the credit card processing system at the University of Montana, detailing the importance of reconciling the 50287 account and the available payment processing options. It outlines the roles of Merchant IDs, detail codes, and the necessity of daily settlement reports for departments handling credit card transactions. Additionally, it emphasizes the need for monthly reconciliations, fiscal year-end procedures, and the responsibilities of departments regarding chargebacks and equipment updates.

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12 views20 pages

CC Processing Presentation

The document provides an overview of the credit card processing system at the University of Montana, detailing the importance of reconciling the 50287 account and the available payment processing options. It outlines the roles of Merchant IDs, detail codes, and the necessity of daily settlement reports for departments handling credit card transactions. Additionally, it emphasizes the need for monthly reconciliations, fiscal year-end procedures, and the responsibilities of departments regarding chargebacks and equipment updates.

Uploaded by

suntharan4321
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Credit Card Processing

AN OVERVIEW
Agenda

Why are we doing this presentation?


 To educate departments on how the CC process works at UM.
 To let departments know their 50287 account needs to be reconciled.
 To make departments aware that we want to update equipment across
campus if necessary.
Payment Processing Options

 Physical Chip/Swipe Card readers

 Transaction Express
 Transaction Express through Transaction Central
 Transaction Express as a web integration
Merchant IDs

 Merchant Identification numbers (MID’s) are used by GlobalPay to


differentiate between departments.
Merchant ID DBA Detail Code

41399800882760 UM COLLEGE OF FORESTRY CCFO

41399800883644 U OF MONTANA CCBL

41399800885490 GRIZ CARD CENTER CCGW

 UM’s MID’s start with 413998….


 This number is tied to your equipment or Transaction Express
processing and is included in the Banking information when
the payment comes in.
Detail Codes

 A detail code is a shortcut for an accounting string.

 Every MID is assigned a detail code that begins with “CC”

 The accounting associated with the detail code will be a department


index and account code 50287 – the credit card clearing account code
Example: CCFO – Forestry CrCd Clearing.
The accounting where the payment will post when it comes into the
Bank is a credit to MFR823 50287
A Credit Card Payment is taken
Settlement Report

 A Settlement Report should be run at the end of every day if you


collect $500 or more in payments.

 If you do not collect $500, you should run a Settlement Report at least
once a week.
Deposit

 If your department takes credit card payments, you must make a


credit card deposit in Treasury.

 The Settlement Report is used as the back-up documentation to


support your deposit amount.

 Using the detail code associated with your MID in the bottom portion of
the deposit card will post a debit to your 50287 credit card clearing
account.
Deposit Card Example
Payment>Bank>Banner

 Daily Singlepoint Report from US Bank shows transactions entering the bank.

 An automated process builds a file from a Portfolio Report downloaded from


Global Pay to post the payment as a credit to the corresponding accounting
associated with the detail code in Banner.
Bank to Banner Reconciliation

 Business Services does a reconciliation to make sure that payments in


the Bank match the postings in Banner.
Reconciliation of 50287 Account

 Someone in the department should be completing a reconciliation of


the 50287 account code monthly. This is a clearing account and should
have equal debits and credits and should net to 0.

 Reconciling your 50287 account will be easier if you settle every day
because the payments from Global Pay will match your deposit as most
of the MID’s auto-close at the end of the day.
Reconciling Using UMDW

 Transaction Tab with the index and account code 50287


as the Chart Elements Report #2 This can also export as
an Excel spreadsheet.
 Debits should equal credits except for timing differences
Reconciling Using Banner

 FGIBDST Screen with the index and account code 50287 as parameters
 Go
 Related – Transaction Detail Information [FGITRND]
 Tools – Export – this will give you an Excel spreadsheet you
can manipulate if you like Excel and Banner
 Debits should equal Credits except for timing differences
Fiscal Year End

 The 50287 account code must be zeroed out at fiscal year end.
 Departments should make a final credit card deposit at Treasury before
it closes for the fiscal year. Treasury’s hours are usually advertised on
the Campus Cut-off Schedule. The deposit will ensure that the
information at FYE is as up-to-date as possible.
 If the debits and credits do not zero out, Business Services will make
an entry to force the clearing of 50287. The entry will be reversed in
the new fiscal year so department processes remain constant.
Fees

 7 cents per transaction, regardless of how payment was processed.

 $2 Monthly minimum
Chargebacks

 Departments are responsible for responding to any chargebacks - if


possible. Business Services does not take care of this task.

 Departments with outdated machines are more likely to be liable for


chargebacks if they do not have a chip reader.
Merchant Services Help #

 Merchant Services Help phone number is:


800 – 654
– 9256

 This number can also likely be found next to the Merchant ID on your
credit card machine.
Credit Card Machines

Consider replacing New – works with contactless pay

Vx570 Vx680 Vx520 V400c Vital POS


Questions

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