Education

Truly Enlightened Payment Methods

Educational institutions are known as being on the leading-edge of thought for good reason. And payment card acceptance is small but significant proof of that fact. A growing number of colleges and universities accept credit or debit card payments. Card acceptance provides students, their families, and alumni increased flexibility to pay for tuition, room and board, activity fees, books, food plans, donations, and more.

There are also several factors and trends that make MasterCard acceptance make perfect sense for educational institutions. For example, the graduate and continuing-education student enrollment is on the rise, meaning that these older students are more likely to be cardholders. Also, with less financial aid available today, parents want to use credit cards to pay tuition and expenses. There is also growing use of a "full-purpose" campus card that acts as a payment and ATM card, dorm key and student I.D. Many universities and colleges are also implementing paperless billing systems that complement payment card acceptance.

When you consider all of these factors, it's easy to see the ways that your educational institution can benefit from MasterCard acceptance:

Increased Labor and Operational Efficiencies

Card transactions are more efficient than transactions that involve processing checks.

Improved Cash Flow

Funds are deposited more quickly to earn faster.

Reduced Risk of Losses from Bad Checks

Fewer checks are returned for "nonsufficient funds," reducing redeposit fees, penalties, and collection costs.

Higher Donations

Studies show that donations increase with credit card use—enhancing the potential for higher contributions to your institution.

THE ROLE OF MASTERCARD

Here's a little education about the payment card business and what our role is within it. In addition to managing the financial settlement and authorization systems, MasterCard administers the systems' operating rules and regulations, develops programs to open new merchant segments, and creates new payment programs and services. Of course, we also promote and advertise the MasterCard Brands.

KEEP CARD ACCOUNT DATA CURRENT

If you maintain card-on-file data for your customers' automatic recurring bill payments, you face the challenge of card payments that decline due to account changes that have not been communicated to you—with each billing period. Declines compromise revenue flow and are inconvenient to customers as well. They also increase your direct and indirect expenses by forcing you to contact customers for either updated account information or alternate payment arrangements.

MasterCard Automatic Billing Updater helps to ensure uninterrupted payments for you and uninterrupted service for your customers by seamlessly updating card-on-file account information. It helps to maintains and builds customer satisfaction.

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BECOME A MASTERCARD MERCHANT

It's easy to start accepting MasterCard as payment and get all the benefits that come with it. Begin the process by contacting an acquirer.

RULES

For the rules governing the MasterCard family of brands, or when you need information about MasterCard acceptance, turn here.