Steps to Becoming a Credit Card Merchant
For a department or unit that would like to accept credit cards, it is expected all enclosed information is read, options are evaluated, and a request is submitted for the option that best fits the situation. Below outlines the process for requesting and setting up an new merchant account.
Step 1: Departments or units should evaluate their business plan, revenue, and merchant fees when determining which option best meets their needs. Departments or units may want to have a discussion with the PCI Compliance Officer to review all aspects of credit card acceptance.
Step 2: Requesting Department will submit a request for a new Merchant Account via a ServiceNow Request Form. During the submission, the department/unit will describe their objectives, select which type of application they wish to accept credit card payments with, provide contact information for associated individuals, provide Banner index accounts for revenue and merchant fee, etc.
Step 3: The request will go through an approval workflow review including the department head, the financial officer, the Controller's Office, the PCI Compliance Officer and the Card Office.
Step 4: The Merchant Account will be requested and set up.
Step 5: Any hardware and software will be ordered, if applicable.
Step 6: Application and hardware set up and configuration details will be worked out with supporting personnel.
Step 7: A Business Service representative will provide cash handling procedures, including cash handling roles and reconciliation procedures for the new Merchant Account to Treasury Services.
Step 8: Each new Merchant Account will be tested before going live. Tests include: a cash register roles check, network security testing and verifying accurate money flow.
Step 9: Department should submit updated Cash Handling Procedures to Treasury Services to that include the new merchant information, methods for collecting payments from customers, procedures for refunds and reconciling. The procedures should also identify the Primary Contact and the Business Services representative for PCI.
Step 10: Begin accepting credit card payments from customers.