Online payment facilities are de rigueur in today’s world offering students the ability to make their payments without standing in long queues. However for any University, this option of providing improved service level comes with a cost.

Universities and Colleges can save on fixed costs like hardware and software and set up fee by using CASHNet’s hosted third party payment processor. CASHNet offers this service to allow schools to accept credit cards without incurring a merchant fee. The fee would be assessed to the student for using this online payment facility. Just to illustrate: Let us assume that 10% of all the money collected in a University will be from online payments. Based on tuition of $ 25,000 for 2500 students with a transaction fee of 2% this would result in a estimated $ 125,000 cash outflow to the credit card company.

In addition Universities and Colleges with online payment applications will have a lot of sensitive data in-house. To ensure compliance Universities and Colleges will have to spend annually on security audits. CASHNet is compliant with a number of security and privacy standards. Some of these standards like VISA CISP, MasterCard SDP, NACHA, FERPA and GLBA have audits and certifications while others like American Express DSOP and Discover Card do not have a formal certification component.

You can offload all your actual and associated credit card costs to CASHNet! We will process all electronic payments on behalf of the University taking over the hassles of online transactions and the infrastructure investments.