Credit Card Payment Changes
State funding for higher education in New Jersey has been substantially reduced in recent years. This change in the funding equation has made it necessary for Rutgers University to closely examine all of our business processes, including the way we collect student accounts and the expenses we incur in processing these payments.
As part of our ongoing effort to provide excellence in education, Rutgers University has focused on our costs to process credit card payments. These costs are approximately $2,000,000.00 per year; therefore, we have decided that the Cashiers’ Offices will no longer accept in person credit card payments on student accounts/semester term bills. A third-party processor will process Master Card and Discover card payments online.What has changed?
While credit card payments offer a convenient way for students and parents to make payments on the student account, the cost to the University for providing this convenience has grown to approximately $2,000,000.00 annually. In our current budget situation, the University must examine all the charges we pay. Therefore, the University has decided to require those who use this convenience to cover its cost.How much is the service charge?
2.2% of the amount charged will be added to each payment on the student account made by credit card.How did the University arrive at the 2.2% service charge amount?
This amount was set by our third-party vendor.Why eliminate VISA-branded cards?
Unlike MasterCard and Discover, Visa will not allow a service charge that varies with the amount of the transaction (a percentage-based fee). The University was unable to negotiate an acceptable method of assessing an appropriate service charge for Visa payments on the student account.Have other colleges and universities made similar changes?
Many colleges and universities have made similar changes to their credit card payment policies. Rutgers University has attempted over the past year to negotiate changes in its arrangements with its credit card providers to avoid having to make these policy changes, however, those negotiations have been unsuccessful.How can I avoid paying the 2.2% service charge?
Other payment options we offer include:
Credit card rules say that service charges must be charged for all payment types for a given payment location. If we allowed credit card payments at the Cashier's window, then we would also have to add the service charge to check and cash transactions. Therefore, we had to move all credit card payment processing to a third-party credit card processor only available online. Rutgers University, Newark Business Services Office, will provide computer workstations near the Cashier's office on the 3rd floor of Blumenthal Hall for use by our walk-up customers who choose to make an on-line bill payment with a MasterCard or Discover card plus the 2.2% convenience fee.Can I use my VISA elsewhere on campus?
These changes only apply to payments on the student account for Fall and Spring and Third Term semesters for tuition, fees, room, board and other billed items. Other payments are not affected by this policy.How can I avoid using my credit card to finance my education?
Rutgers University offers an alternative partial payment budget plan (RUTPP) and partial payment plan(RUPPP) options. You can find more information about these at our web site, http://www.newarkbusinessoffice.rutgers.edu . You may also want to investigate sources of financial aid and alternative loans at: http://finaid.newark.rutgers.edu.
Paying for your education by credit card can become very expensive. Rutgers University wants to help students use credit wisely. For more information on this: Managing Credit as a College Student.How do I access the third party vendor to make credit card payments on my student account?
Access to the third party vendor is through our web site, http://newarkbusinessoffice.rutgers.edu . Parents or others who will be paying charges on the student account must be added to the system as "Authorized Users". Only the student can add an Authorized User to his/her account by logging into this site.Who can I talk to about these changes?
Questions may be directed to the Cashier’s Office:
|Technical Problems or Questions?
© 2002-2006; Rutgers, The State University of New Jersey. All rights reserved.