ÍÃ×ÓÏÈÉú

eMarkets is an online "store" on ÍÃ×ÓÏÈÉú's website, accepting all major credit cards as well as eCheck deduction from checking accounts.

eMarkets is "touchless" (no signing and checking out credit card readers, accepting cash, then going to the bank, or submitting a Formstack Deposit Confirmation Report).

Deposits paid in the current week will settle in the bank the following Friday and will then be recognized in the HUB/Banner that following Monday.

Setting up eMarkets:

• Please complete the
• Contact the Bursar with questions: Email: bur_ecommerce@miamioh.edu Phone: 513-529-5821

It is pertinent to know:

• You CANNOT use a different online credit card processor (for example, a Paypal link added to your website to collect funds), other than the one used with ÍÃ×ÓÏÈÉú's eMarkets. Online payments for goods/services MUST go through ÍÃ×ÓÏÈÉú's eMarkets.
• The use of a "square" or any other non-ÍÃ×ÓÏÈÉú credit card swipe device continues to be prohibited.
• If an organization is accepting GIFTS (i.e. not selling anything, just accepting donations), the Office of University Advancement MUST be notified and their portal used. eMarkets should NOT be used for gift campaigns at this time. (Consult Alumni Records for further information on gift campaigns.)
• Some goods and services are subject to sales tax and should be taken into consideration when pricing certain goods/services. (Consult Tax Compliance with questions.)
  .

Your department or student organization can accept credit card payment for sales made in person, by telephone, by postal mail, or through an internet application that is secure and compliant with the . These transactions may be completed through credit card readers, wireless readers, registers, and various online software (as pre-approved by the University). To accept credit card payments, you must follow the next three guidelines below.

Please note: All departments and student organizations transacting credit card business will have card fees recorded as an expense to their appropriate ledger accounts. Our office typically processes these fees monthly. Fees are typically 2–3% of gross credit card sales, based on University contracts.

Regardless of which form of credit card transaction you use, it is of paramount importance that the University protects credit card customer's privacy and data and maintains compliance with ÍÃ×ÓÏÈÉú's . Everyone storing, processing, or transmitting cardholder information is required to follow this policy, which ensures compliance with Payment Card Industry Data Security Standards (PCI-DSS). These are twelve basic requirements grouped into six categories for establishing and maintaining a reliable and secure payment processing environment. A merchant's total VISA transaction volume over a one-year period determines their "level," which in turn determines the necessary requirements for actual formal compliance validation. Because the University could face penalties for failing to comply with these standards, you must follow the standards at all times. If you fail to do so, we may ask your department to discontinue credit card transactions. Any exception to this policy requires the approval of the Chief Investment Treasury Officer and the Information Security Officer, who review such requests on a case-by-case basis.

To further ensure the security of customers' credit cards, you can do the following:

• Hold all credit card receipts you receive in a secure manner (e.g., in a locked location) until they are deposited. Restrict access to secure location(s) using keys or combinations and limit who is authorized to access them.
• Refuse to accept credit card information via email (or send such information to another department via email).
• Refrain from storing full credit card information in a customer database or electronic spreadsheet.
  • If you distribute customer card number receipts or information outside of your department, it must show only the last four digits of the credit card number. The rest of the credit card number should be redacted (i.e., sufficiently marked out so it is not readable when held to a light).
  • If you securely store paper records containing credit card numbers, all but the last four digits should be redacted within 60 days, or as soon as refunds, chargebacks, or disputes are no longer likely (no more than 180 days).

Please note: If you feel that credit card records may have been compromised in any way, whether through malicious intent or due to a weakness in the handling and processing of credit card transactions, notify our office or University Information Security immediately.

Setting Up Credit Card Transactions

If your department wishes to transact business using credit cards, you must contact our office to set up the process.

Choosing the Right Method

Regular, Ongoing Need:

For a regular, ongoing need, you may wish to purchase a stand-alone credit card reader or mobile wireless unit (for processing with the credit card present). These range in price starting at about $400.

Alternative Option:

Contact Treasury Services to schedule a demo of eMarkets to explore how they can meet your needs without credit cards present.

Moderate, Ongoing Need:

If you have a moderate, but ongoing need to process card transactions (where the customer and card may not be physically present), you may consider an option called i-terminal.

Large Software Systems:For departments working to purchase large software systems, contact the following departments (in addition to our office): Purchasing, IT Security, General Counsel. These departments help facilitate, review, or approve of any software purchases. Once a contract is set, our office will apply for the necessary merchant IDs to facilitate credit card transactions to our bank accounts. We will also work with your departmental personnel to develop deposit transmittals to the ledger system that will reconcile to bank amounts.

Temporary Credit Card Acceptance

Loaner Card Readers:

If you have a temporary need for the ability to accept credit cards (e.g., specific events), departments can contact us ahead of time to inquire about reserving a loaner card reader. Student organizations should contact the Armstrong Student Center (513-529-2266) to reserve one for up to 3 business days.

Ownership and Responsibilities:

All persons overseeing credit card sales using a loaner reader are required to sign a form as an "owner." You will complete and sign the Application Ownership form (and receive a copy of it) when you pick up the reader (from either us or the ASC). Signing the form acknowledges your responsibility for:

• Reviewing University credit card policy
• Understanding sales tax compliance, accepting credit card fees
• Confirming the index code for charging card fees
• Reviewing transactions for legitimacy and appropriateness
• Card handling
• Completing a batch settlement each end-of-day (instructions come with the unit)
• Forwarding all receipts to the student organization treasurer for 4 years' retention
• Safeguarding any equipment issued to them as owners

Reporting and Reconciliation

As owner, you are responsible for completing the procedure to reflect the cash and credit card transactions in the University ledger account system and retaining bank receipts and daily batch settlement reports. This includes completing a deposit/recording a cash sale within 1 business day of settlement. You will jeopardize your group’s claim to revenue from your event and/or your ability to obtain a loaner reader in the future if you fail to: - Promptly deposit any cash to the PNC bank - Batch out the loaner reader each end-of-day having activity - Complete the report in a timely manner

Equipment Loss and Charges

Please note: Lost, broken, or stolen equipment will be charged to the department/student organization responsible for the unit as per the signed Application Ownership form. The approximate cost is $400.

If a credit card customer disputes a charge posted to their credit card statement, the amount will be reversed and deducted from our bank account. These are called "chargebacks" and can occur for both legitimate and fraudulent reasons.

The University's bank provides our office with information and gives us a stated period of time to defend our right to the funds (if applicable) or decide in favor of the customer. We pass this information on to the responsible area to take an appropriate action, research and provide all receipts and documentation, and send the required information back to us. If we are disputing the chargeback and provide satisfactory documents, our bank will reverse the chargeback and our bank account will be credited. If not, our office will perform the appropriate cash entry to record the loss to the department or student organization.

The University has an ongoing initiative to go “cashless,” so the use of cash money should be limited. No coin is to be collected. Hold all, currency, checks, and money orders (and their receipts/reports) in a secure manner (e.g., in a locked location) until they are deposited. Restrict access to secure location(s) using keys or combinations, and limit who is authorized to access them. Section 9.38 of the Ohio Revised Code requires all deposits exceeding $1,000 must be deposited in the bank by the next business day following the day of receipt. If your total deposit does not exceed $1,000, you have up to three business days to make the deposit, if the funds are safeguarded during that time.

All checks and money orders should be made payable to ÍÃ×ÓÏÈÉú University. You should endorse the back of all checks with the following:

• "For deposit only"
• "ÍÃ×ÓÏÈÉú University"
• Your department or student organization name

Do not cash any checks or money orders, or make any expenditures from revenues you have collected. Make any expenditures or donations to outside groups through .

At the end of a business day, prepare a deposit, (which should reflect the total collected cash and void/refund documentation).

We encourage and facilitate the use of electronic deposits, such as EFT and ACH.

EFT is the electronic transfer of money from one bank account to another via computer-based systems without bank staff intervention. Various types include direct deposit, credit card, e-checks, and wire transfers (including international wires such as SWIFT).

ACH is an electronic network for processing computer-based transactions in batches between participating depository institutions. Transfers include direct deposit, payroll, and vendor payments.

To accept EFT and ACH forms of payment, you must request that our office complete the required vendor forms with banking information. We require departmental contact(s) and/or ledger account information to ensure proper recording of deposits.

A gift is an irrevocable contribution of money or property from a donor to the University. Donors are given a receipt appropriate for claiming the gift as a donation on their tax returns. Donors can designate a department or area the gift will benefit, but they cannot have any further involvement once the University accepts the gift. For example, a professor cannot make a gift to the University that supports her own research. Similarly, a donor may not give a gift to fund a particular student’s tuition.

University Advancement processes all charitable gifts or donations to ÍÃ×ÓÏÈÉú. Gift checks should not be deposited directly to the bank by a department or organization. The University Advancement Office is located at 926 Chestnut Lane and can be contacted via email at MUDevelopment@ÍÃ×ÓÏÈÉúOH.edu. Centralized depositing of charitable gifts by Advancement ensures proper receiving, recording, and acknowledgement of donations. Without an official University receipt, the donor may not be able to take an IRS tax deduction for the gift given. Donor information is recorded in a database for historical tracking of the donor's relationship to the University.

When accepting gifts/donations/sponsorships please be sure to obtain donor names and addresses. Forward this information along with the checks to the Advancement office using a securely sealed campus mail envelope.

 

Grants are funds the University receives for a specified purpose. The University Accounting staff handles the receiving, processing, and tracking of all grants (internal and external) awarded to ÍÃ×ÓÏÈÉú University departments and organizations. Any questions may be directed to grantsandcontracts@miamioh.edu.

External grant checks should not be deposited directly to the bank.

Departments may apply for grant funds through the Office for the Advancement of Research and Scholarship (OARS).