Financial Services and Reporting
Fill out the
Create New Merchant Sites Request Form.
After filling out and submitting the Merchant Site Request Form, Payroll & Travel Services will complete the necessary paperwork to obtain a merchant number. It will take approximately
10-15 business days to acquire a merchant number.
An order will also be placed with CMU's credit card processor for a terminal. A new terminal costs approximately $600.00 and will be charged on your first monthly statement.
After receiving the merchant numbers and terminal, please follow the instructions you were provided to setup the terminal. For additional help with setup, please call 1-800-430-7161.
It is important that all individuals involved in accepting credit cards read and fully understand the
CMU Merchant Sites Security Guidelines. The
Merchant Services Operating Procedures Guide must also be read. This guide provides information on how to handle refunds and exchanges, avoid chargeback fees and information on credit card acceptance and sales slips. There is also additional documentation on the Merchant Services Website
Discount and Adjustment Fees
The University is charged a discount rate or fee on all credit card transactions by the Credit Card Processor. The amount of the fee is determined by the type of credit card, the number of transactions and the dollar value of the credit card sale. Each department is responsible for their own fees. Departments are required to provide Payroll & Travel Services a cost center to charge the fees on the request form.
You must submit sales data (settle batches) on or before the next business day after the date of the transaction. Late submission of sales data results in higher fees and possible chargebacks.
Acquiring your Funds - Journal Entries
It is the responsibility of the department accepting credit card payments to provide Accounting Services with the appropriate information in a timely manner to create a journal entry to obtain their funds. Write down the batch number and total sales dollars, along with the cost centers you would like the revenue to go to. Send this information and all credit card receipts to the Admin Clerk in Accounting Services, WA 304. It is recommended you do this on a weekly basis.
A chargeback is a reversal of a previous sale transaction resulting when a cardholder or card issuer disputes a charge posted to their account. In the event of a chargeback, it is the responsibility of the department to respond back to the chargeback by the date provided on the report sent to you. You are required to provide information regarding the sale and any other supporting documentation to substantiate the claim. You should retain a copy of all correspondence for your files. It is also the responsibility of the department to process a journal entry to the corresponding account if the chargeback is settled in the cardholder's favor.