Credit Card Usage and Billing
Illustration of Changes
| Transaction | Payments Accepted |
|---|---|
| Student Account Payments |
check, eCheck, wire transfer
Payment through Third Party MasterCard/Discover with convenience fee |
| Food/Tigerbuck deposits |
check
MasterCard VISA |
| Bookstore |
check
MasterCard VISA |
During the 2003-04 academic year, credit card companies charged Rochester Institute of Technology more than $1.3 million in fees to process credit card transactions. These charges are projected to exceed $1.5 million in 2004-05. This expense is paid out of tuition revenues and therefore reduces the tuition dollars available for programs and services for all students. Yet, less than half of all payments on students' accounts are made via credit card. Clearly this is a substantial use of Institute resources that does not benefit the student body on an equitable basis. Due to these surcharges and other complications with credit card processing, many colleges and universities do not accept credit cards for tuition payments. Given the enormity of our rapidly increasing expense, RIT can not continue to justify paying these processing and bank discount fees charged by credit card associations and companies. Despite this affordability issue, RIT remains committed to providing flexible payment and financing options to families. We recognize that many students and their families appreciate, and indeed may rely on, the convenience of using a credit card. Accordingly, we have searched for alternatives and have contracted with an external service provider, Infinet Solutions, to accept and process credit card payments of tuition, room, board and related fees on behalf of RIT's students.
Therefore, effective July 1, 2005, although RIT will no longer accept credit card payments directly for payments on student accounts, we have arranged for Infinet Solutions to accept Discover Card and MasterCard payments on behalf of the Institute. Families can access this service from a link on the RIT site to connect to the Infinet system online. Infinet will charge a service fee of 2.55% on all credit card payments for this service. This fee will be in addition to tuition, fees, room, and board payments when you choose to pay by credit card. Infinet will retain the full fee and remit the amount paid on your student account to RIT. These payments will be posted immediately to the students' accounts. Please note: RIT will no longer accept credit card payments through the mail, in person, or over the phone. Infinet will not accept VISA credit, debit, or check cards due to limitations mandated by the VISA Association. We regret that VISA can not continue to be an acceptable payment option by RIT or Infinet; however as have many other colleges and universities, we realized this was an unavoidable outcome.
RIT has developed a new electronic eCheck process available on the RIT http://ipay.rit.edu site. This will allow families to make payments online directly from their personal bank accounts via the RIT website. These payments will be electronically drafted from the family's bank account as authorized via this eCheck system. Payment by eCheck will be offered directly by RIT at no charge to students/families.
RIT is also aware of the limitations of paper billing process for tuition and related expenses. In an effort to provide both students and parents with the most up-to-date, accurate information, RIT is adopting a total eBilling strategy. Beginning July 1, 2005, all students will be notified via their RIT email to access their account statements via the RIT Student Financial Services web site. Each time a bill is generated, students will get an email directing them to a secure billing site where the current bill, historical bills and the most recent account activity will be available.
Students will securely log in using their RIT username and password(DCE), and they can assign parents, guardians, spouses and others they wish to authorize to have such access via their own username and password. Students and their authorized users can view and pay their bills online by either credit card (Discover or MasterCard)through Infinet or eCheck through RIT.
Questions can be directed to Mary Beth Nally, Director of Student Financial Services marybeth.nally@rit.edu , 475-5305.
Sincerely,
Mary Beth Nally
Director of Student Financial Services
Frequently Asked Questions
Q. What is changing beginning July 1, 2005?
- RIT will no longer accept credit card payments for payment of tuition, fees, room and board which appear on the student billing statement.Credit card payments can only be made through a third party vendor, Infinet Solutions, accessible via a link on the Student Financial Services ipay system.
- Infinet will assess a service fee of 2.55% for this service. [As before, no fee will be charged for eCheck transactions.] Infinet retains 100% of these service fees.
- Discover Card and MasterCard (credit and debit) will be accepted when payments are made through Infinet, which can be accessed via ipay.
- VISA credit, debit or check cards will NOT be accepted for payments on students' accounts.
- Credit card payments on students' accounts can not be made by mail, phone or in person.
- The default billing for RIT will be eBilling. All billing notifications will be made electronically via the students' email address.
- eCheck payments can be made directly through RIT's ipay system with no charge for this service.
Q. How can I pay my bill?
- Online: You can pay online through ipay at http://ipay.rit.edu, using eCheck or click on the link to the Infinet site to pay by credit card [Discover Card, MasterCard]. If you use a credit card to pay your bill, you will be charged a 2.55% service fee by Infinet; this is not a RIT fee. You will not be charged a fee if you pay by RIT's eCheck process.
- In Person: You can make payments on your student account in check or cash in person at the Student Financial Services Office, George Eastman Building 1st Floor. Our current hours are Monday through Thursday 8:30 AM to 5:00 PM and Friday 8:30 AM to 4:30 PM. We do not accept credit card payments in the Student Financial Services Office.
- By Mail: You can send a check, money order or certified check made payable to the "Rochester Institute of Technology." Please include the billing reference number on the check.
Q. Why did you make the changes?
During the 2003-04 academic year, credit card companies charged RIT more than $1.3 million in fees to process credit card payments. That charge is projected to exceed $1.5 million in 2004-05. Credit card discount fees on payments for tuition, room, board and related fees represent the vast majority of this total cost. This expense is paid out of tuition revenues and therefore reduces the tuition dollars available for programs and services for all students, regardless of whether or not they use a credit card for tuition payments. Due to these surcharges and other complications with credit card processing, many colleges and universities do not accept credit card tuition payments at all. While RIT can no longer afford to accept credit card payments on students' accounts, we remain committed to providing flexible payment and financing options to families. We recognize that many students and their families appreciate, and indeed rely on, the convenience of using a credit card, we have searched for alternatives and contracted with Infinet Solutions to accept and process credit card payments on behalf of RIT.
Q. How was the 2.55% rate determined?
RIT is not accepting credit card payments directly; they are being accepted by our vendor who is charging a fee for the service. That rate was determined by our vendor, Infinet. The vendor retains 100% of this fee. RIT was able to negotiate with Infinet to offer this rate which is lower than similar rates charge to students of many other Institutions.
Q. Why is VISA no longer accepted?
VISA's Association rules will not permit the vendor to charge a percentage service fee, and would require RIT to charge the same fee for eCheck transactions.
Q. Can I pay my account using a credit card?
RIT does not accept credit card payments for payment on student's accounts. However, credit cards can be used to pay online through Infinet Solutions. Students can access the Infinet system directly from http://www.ipay.rit to pay via Discover Card or MasterCard. If you use a credit card to pay your bill, you will be charged a 2.55% service fee by the vendor. (You will not be charged a fee if you pay by eCheck)
Q. Who gets the eBilling notification?
Initially, all students will get the eBilling notification through their RIT email address. If students wish to sign up additional parents,spouses, other payers, they can accomplish this via the eBilling website.
Q. What is an eCheck?
Rather than writing a traditional check from your checking account, you can process a payment electronically to have funds drafted directly from your personal bank accounts. You can select the date the money will be debited from your personal account. This type of transaction is also referred to as an ACH.
Q. Can I pay my account by mail?
You can send a check, money order or certified check made payable to the "Rochester Institute of Technology." P.O. Box 92878-200 Rochester, NY 14692-8978 Please include the billing reference number on your check.
