Penn State Cooperative Extension County Extension Credit Receipts

Why Credit Card Receipts? Stimulus Stimulus – Extension Cost Recovery efforts Benefits Benefits –Attract more customers –Keep pace with competitors –Gain credibility

Why PSU e-Pay? Web-based application not requiring additional special equipment or costs Web-based application not requiring additional special equipment or costs Most competitive discount and transaction fees (2% &.20 cents) Most competitive discount and transaction fees (2% &.20 cents) Available central support if problems occur Available central support if problems occur Positioning for future e-Commerce applications Positioning for future e-Commerce applications

PSU e-Pay Demo Aaron Hofelt, Steve Shala, (814)

Payment Processing Denise Miller, (814) Lynn Colyer, (814)

Payment Processing County Offices County Offices –Use PSU e-Pay system to process credit receipts –Visa and Master Card only –County name in “Product Field” Credit receipt for another county Credit receipt for another county –Print receipt for records

Payment Processing (continued) Regional Staff Assistant Regional Staff Assistant –Receive summary & detail reports from e- Pay system to prepare Report of Cash Receipts (ROCR) –Budget income received to regional general fund budget

Payment Processing (continued) Administrative Services Administrative Services –Receive and approve ROCRs –Receive and process income budget requests –Receive monthly credit card fees –Distribute monthly credit card fees to each regional budget via journal voucher

Payment Processing (continued) Regional Staff Assistant Regional Staff Assistant –Receive monthly credit card fees charged against regional budget –Distribute monthly credit card fees to each county according to their payments processed for that month –Process Special Request for Check (SFRC) to send income (less fees) to each county for that month

Payment Processing (continued) County Offices County Offices –Receive payments (less fees) from Regional Office. –Verify amounts against receipt copies on file –Deposit check and post income to appropriate accounts and sub accounts

Regulations Pam Hollobaugh, (814) Roger Martell, (814)

Regulations No special charges for credit purchases. Office must absorb bank fees. No special charges for credit purchases. Office must absorb bank fees. Mail-order sales, obtain card customers signature, address, telephone number, and card number and expiration date Mail-order sales, obtain card customers signature, address, telephone number, and card number and expiration date Telephone sales discouraged since card holder signature can’t be obtained or information verified Telephone sales discouraged since card holder signature can’t be obtained or information verified Walk-in sales, check card expiration date and verify signature Walk-in sales, check card expiration date and verify signature No cash refunds, use e-Pay refund process No cash refunds, use e-Pay refund process

Regulations (continued) Card holder complaint records Card holder complaint records –Name –Account number –Date and time of complaint –Nature of complaint –Summary of action you took to resolve complaint Safeguarding and discarding card holder information Safeguarding and discarding card holder information –Keep it locked up –Obliterate card number after use

Accounting Pam Hollobaugh, (814) Roger Martell, (814)

Accounting PSCE program account primary depository PSCE program account primary depository –Separate accounting of receipts by account and sub-account –Income disbursement to other office accounts via check Administrative fee Administrative fee –2% plus.25 cents (slide scale being developed to ease administration for both educator and bookkeeper) $0 - $50 = $1.00 per participant $0 - $50 = $1.00 per participant $51 - $100 = $2.00 per participant $51 - $100 = $2.00 per participant And so on….. And so on….. –Variable cost section of Cost Recovery Worksheet –Separate accounting of fees collected Put with cost recovery shipping and handling fees Put with cost recovery shipping and handling fees –Use to support Extension work

Accounting – Taking Control of Your Finances Example Program Income $1, Attendees $25.00 each AdminFees$ attendees $ 1.00 each Post cash receipts as they are received. Spilt program and admin fees income. Post credit receipts to program and admin fees accounts when check from regional office arrives. Post bank fees to admin fees account when check from regional office arrives. (Average 2% plus.17 cents)

Taking Control of Your Finances - Ledger Example Description Admin Fees $ 1.00 each $ 1.00 each Program Fee $25.00 each 50 attendees Cash/check$50.00$1, attendees e-Pay$25.00$ Monthly e-Pay Fees($18.00) $ 0.00 Sub account Balance$57.00$1,875.00

Thank You! Questions, door prizes, etc.