Financial and Business

Payment Card Policy

Section:	Financial & Business Policies
Policy Name:	Payment Card Policy (Interim)
Policy Owner:	Senior Vice President & CFO
Responsible University Office:	Office of the Vice President for Finance and Treasurer
Origination Date:	February 2000
Revisions:	July 2005; April 10, 2025 (Interim)
Legacy Policy Number:	3-26

1. PURPOSETo outline policies for the acceptance of payment cards (credit or debit) as a method for receiving funds. The policy dealing with the recording and handling of payment card receipts is covered in the Cash Receipts Policy.
2. POLICY
   1. Departments must obtain approval from Treasury Services prior to initiating or engaging in any activity where payment cards are used in connection with accepting revenue. Only University approved equipment, payment gateways, processes, technologies, and supplier/vendors may be used.
   2. The University has negotiated a favorable rate for payment card processing. Departments may not negotiate a separate payment card processing contract.
   3. Departments must follow the current version of the Payment Card Industry Data Security Standard (PCI DSS) which can be found at PCI DSS.
   4. Departments must follow the current version of the University Payment Card Program which can be found under Resources on the Treasury Services website at Payment Card/PCI.
   5. Electronic transmission, processing, or storage of a customer’s cardholder data on University systems or equipment is prohibited.
   6. Costs for payment card processing are charged to the department/unit initiating the charge.
   7. Failure by a department to maintain compliance with this policy and the Payment Card Industry Data Security Standard (PCI DSS) may result in revocation of approval to accept payment cards.
   8. Payment card receipts are to be supported by other records. It is the department’s responsibility to reconcile the payment card receipts to the appropriate general ledger purpose/account and other records as needed.