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What has changed? |
As of December 30, 2005:
- University of Missouri Cashier’s Offices discontinued accepting
Visa-branded credit cards for payments to the student account.
- If you choose to make payments on the student account using MasterCard
or Discover cards, the third-party vendor will add a service charge of
2.75% to the transaction.
- Credit card payments are only accepted via the Internet. We have provided
computer workstations for the convenience of our walk-up customers. Of course,
any Internet-connected computer may also be used. The service charge will
still be applied.
- To avoid the service charge, students and parents are able to make
payments directly from any checking or savings account by using the
Tiger Tracks
payment option (Electronic Funds Transfer). Simply enter the bank/financial
institution routing and account number information at the time of online payment.
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Why were these changes made? |
While credit card payments offer a convenient way for students and parents
to make payments on the student account, the cost to the University for providing
this convenience has grown to approximately $2,000,000 annually. In our current budget
situation, the University must examine all the charges we pay. Therefore, the
University has decided to require those who use this convenience to cover its cost.
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How much is the service charge? |
2.75% of the amount charged will be added to each payment on the
student account made by credit card.
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How did the University arrive at the 2.75% service charge amount? |
This amount was set by our third-party vendor.
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Why eliminate VISA-branded cards? |
Unlike MasterCard and Discover, Visa will not allow a service
charge that varies with the amount of the transaction (a percentage-based fee).
The University was unable to negotiate an acceptable method of assessing a
appropriate service charge for Visa payments on the student account.
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Have other colleges and universities made similar changes? |
Many colleges and universities have made similar changes to their
credit card payment policies. The University of Missouri has attempted over the
past year to negotiate changes in its arrangements with its credit card providers
to avoid having to make these policy changes. However, those negotiations have
been unsuccessful.
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How can I avoid paying the 2.75% service charge? |
Other payment options we offer include:
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Why can't I use a credit card at the Cashier’s window? |
Credit card rules say that service charges must be charged for all
payment types for a given payment location. If we allowed credit card payments
at the Cashier's window, then we would also have to add the service charge to check
and cash transactions. Therefore, we had to move all credit card payment processing
to a third-party credit card processor. The University of Missouri - Columbia
has provided computer workstations near the Cashier's office for use by our walk-up
customers who choose to make an on-line bill payment with a MasterCard or Discover
card.
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Can I use my VISA elsewhere on campus? |
These changes only apply to payments on the student account. Other
payments are not affected by this policy.
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How can I avoid using my credit card to finance my education? |
The University of Missouri offers an installment plan. You can find
more information about this at our
payment options webpage.
You may also want to investigate an Alternative Loan
at:
http://sfa.missouri.edu/altloanlender.php.
Paying for your education by credit card can become very expensive. The
University of Missouri wants to help students use credit wisely. For more
information on this important topic, go to:
Managing Credit as a College Student.
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How do I access the third party vendor to make credit card payments
on my student account? |
Access to the third party vendor is through
Tiger Tracks. Parents or others who will be paying charges
on the student account must be added to the system as "Authorized Users".
Only the student can add an Authorized User to his/her account by logging
into Tiger Tracks.
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Who can I talk to about these changes? |
Questions may be directed to the Cashier’s Office:
- Phone: (573)882-3097
- E-mail:
4cash@missouri.edu
- Mailing address: 15 Jesse Hall, Columbia, MO 65211
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