Credit Card Payment Frequently Asked Questions (FAQ)
Q: Why did Regent University decide to outsource the processing of credit card payments?
A: Due to the cost of accepting credit and debit card payments (Regent has incurred almost $200,000 per year in credit card fees), many colleges do not accept credit and debit card payments at all. Because we cannot continue to justify paying these processing fees, Regent has considered dropping this payment option. However, we recognize that many students and families appreciate the convenience of using a credit card, and we have sought out alternatives for payment of Tuition and Student Accounts Receivable charges.
Q: What credit cards will be accepted for payment of tuition and fees?
A: Genisys will link to the credit card vendor, Touchnet, to process American Express, Discover Card, or MasterCard (credit and debit) payments. If you use a credit or debit card to pay your bill, you will be assessed a service charge by Touchnet of 2.75 percent of the payment amount each time you make a payment.
Q: How was the 2.75% ($3 min) service charge determined?
A: The rate was determined by our vendor. The University is not directly accepting credit or debit card payments for Tuition and Student Accounts Receivable payments; they are being accepted by our vendor who is charging a service charge for the service. The service charge is not paid to Regent and is not refundable, even if the related payment to Regent is refunded.
Q: Is the service charge refundable?
A: The 2.75 percent service charge is non-refundable. Any service charge disputes must be taken directly to your credit card company.
Q: Why is VISA no longer accepted?
A: VISA's association rules will not permit a company/vendor to charge a percentage service charge.
Q: Are other colleges and universities making similar changes?
A: Colleges and universities all over the country have made similar credit card payment and convenience fee policy changes including Virginia Tech, Virginia Wesleyan, UVA, James Madison, University of Richmond, Duke, American University, Georgetown University, Radford and NC State.
Q: Can I still use my VISA card to make purchases at the bookstore?
A: Yes. The bookstore and Regent Ordinary will continue accepting VISA. No convenience fee will be assessed for these payments. Only Tuition and Student Accounts Receivable payments are subject to the service charge.
The Business Office seeks to provide professional and Christ-like service to the University student body, faculty and staff through courteous and accurate service in the receipting, disbursing, recording, and reporting of all financial resources. We provide reports of financial activity and account balances, process vendor invoices and employee expense documents, deposit and record student and interdepartmental cash receipts, and administer the payroll system.