Credit Card Standards Change for Students

Renee Ballenger

To improve the security of credit card account information of students, some Payment Card Industry Data Security Standards (PCI DSS) have been changed.

To comply with the standards, UNK has selected a third-party, PCI-certified company to process credit card payments (credit cards, debit cards and check cards) on behalf of UNK. Effective Aug. 1, 2008, all credit card payments on student accounts (tuition, room and board, or other fees) will only be processed online through WebEASI, which means UNK will no longer accept credit card payments for student account charges in person, by mail or by fax.

Another change that will come beginning in the fall relates to the fees associated with credit card transactions. A bank fee is charged on all credit card transactions, and up to this point, UNK has absorbed these fees. However, the volume of credit card transactions has increased to a level that makes it prohibitive for UNK to continue covering these fees. As a result, beginning Aug. 1, 2008, students choosing the online credit card option of payment will be charged a 2.75 percent “convenience” fee, based on the payment amount. This fee, which is nonrefundable, will be paid to the third-party service provider that processes credit card transactions for UNK.

As an extended service to students, in addition to Master Card, UNK will accept credit card payments with the Discover and American Express credit cards. However, VISA no longer will be accepted for payment on student account charges. UNK will still offer several easy payment options at no additional cost, including a new electronic check payment option to debit a checking or savings account, through WebEASI.

The mandated requirements of PCI DSS carry additional costs, but the security gained by safeguarding students’ credit card information makes it a worthy investment. For more information about the credit card standards changes, contact the UNK Finance Office.