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Page: 7 Pages
Source: www.cu.edu
Tags: Credit Card Payments
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Card Merchant Guide . The Treasurer’s Office of the University of Colorado is responsible, by contract and by regulation, to both its sponsoring merchant bank and to the credit card system for all card transactions accepted in payment for the sale of goods and services by all entities within the University. (Card transactions include payments by credit card, debit card, Travel & Entertainment (T & E) card, proprietary debit card, and other forms of ―plastic money‖. The cards currently recognized for acceptance are Visa, MasterCard, American Express, Discover, Diners Club / Carte Blanche, and the Buff One Gold card.) When departments/units do not live up to their responsibilities as card-accepting merchants, not only is the department / unit itself liable for any potential losses, but also the University as a whole could be at significant financial risk. These risks include higher interchange rates for card transactions, legal liability for unauthorized or fraudulent items, and possible sanctions, fines, and penalties for excessive chargebacks and/or fraudulent transactions, as well as inadequate Internet site security.

Card Merchant Guide
The Treasurer’s Office of the University of Colorado is responsible, by contract and by regulation, to both its sponsoring merchant bank and to the credit card system for all card transactions accepted in payment for the sale of goods and services by all entities within the University. (Card transactions include payments by credit card, debit card, Travel & Entertainment (T & E) card, proprietary debit card, and other forms of plastic money. The cards currently recognized for acceptance are Visa, MasterCard, American Express, Discover, Diners Club / Carte Blanche, and the Buff One Gold card.) When departments/units do not live up to their responsibilities as card-accepting merchants, not only is the department / unit itself liable for any potential losses, but also the University as a whole could be at significant financial risk. These risks include higher interchange rates for card transactions, legal liability for unauthorized or fraudulent items, and possible sanctions, fines, and penalties for excessive chargebacks and/or fraudulent transactions, as well as inadequate Internet site security. It is essential that each department or business unit that wishes to accept card payments understand their responsibilities and liabilities when accepting these types of payments. This guide is meant to be an introduction to these responsibilities and the acceptable business practices that form the foundation of meeting them. There are five main issues of which potential merchants must be aware. They are: 1. Merchants must be qualified to accept cards for purchases. That is, not just any department or business unit can accept cards

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