Credit Card Processing Fees
As announced at the Unit Business Administrators Meetings, US Bank doing business as Elavon, credit card processing fees will be passed through to the applicable departments.
The current banking contract with PNC, does NOT include merchant credit card processing services (“merchant services”). Those fees will now be passed on to departments who have Elavon merchant services accounts. Departments that do not have an Elavon account, but send their credit card transactions to the Bursar for processing will also incur processing fees as described below. Departments desiring to establish their own merchant account should preview Treasury Management Policy website for additional information.
For Departments with an Elavon Merchant Services Account
- Settlements to PNC from Elavon will be posted automatically by University Accounting based on the speed type and account code provided at the time a merchant services account (a.k.a. Merchant ID) is issued from Elavon. A speed type/account code must be provided for each Merchant ID. Please contact Jill Riede in the Controller’s Office with new or changes to existing information.
- Charges (discounts and transaction fees) will be posted to this speed type/account once per month. Elavon assesses fees once per month, usually on the first business day of the month for the previous month’s processing. These fees will be charged by Merchant ID. Departments will be responsible for reallocating the fees, if required.
For Departments that process credit card transactions through the Bursar
All departments that send (Campus Mail is NOT acceptable) their credit card transactions to the Bursar will be assessed a 3% fee for each transaction processed. A department submitting a credit card transaction for $100 will be credited $97 and the Bursar will keep $3 (3%) to cover their processing fees. This fee cannot be charged to the cardholder.
Transaction volumes and fees by Merchant ID are available and monthly statements can be requested by contacting Treasury Management Service Account.
Appendix A outlines current Elavon fees and charges for the University of Louisville. Please note that charges for terminal supplies as well as new equipment purchases or out-of-warranty replacements will be passed on to the departments.
Appendix A: Current Evalon Credit Card Pricing for the University of Louisville
VISA/MasterCard/Discover transaction pricing is Interchange, Dues and Assessments plus $0.12 per authorization Elavon fee. On average, the VISA/MasterCard/Discover rate for Interchange, Dues and Assessments across the University is currently 2.0%. Monthly statement fee is $2.50 plus a $10.00 monthly minimum fee.
Chargebacks are $8 per occurrence. (Note: There is no credit for the processing fees charged for the original transaction.)
Equipment pricing varies, but the most popular types of equipment at UofL are:
- VX610 (cellular wireless integrated printer/terminal) - $825 with optional accessories, $20 activation fee plus $19 monthly fee
- VX510 (integrated printer/terminal) - $350 (new with warranty)
- Virtual Merchant $325 plus $5 monthly
Ordering of the above items must be originated by Treasury Management and the cost will be charged to your merchant account at time of shipment.
Terminal supplies can be ordered directly from Elavon; however, a requisition fee is applied to each shipment from their contracted source, General Credit Forms (GCF, Inc.). Usable supplies, such as roll paper, can be obtained through UofL procurement with Corporate Express at a reduced cost.