County Extension Credit Receipts Penn State Cooperative Extension

County Extension Credit Receipts Penn State Cooperative Extension

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

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

PSU e-Pay Demo Aaron Hofelt, ahh 111@psu. edu, (814)777 -0201 Steve Shala, sas 127@psu. edu, (814)863 -2532

Payment Processing Denise Miller, dls 3@psu. edu, (814)865 -6647 Lynn Colyer, bac 3@psu. edu, (814)865 -6636

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

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

Regulations Pam Hollobaugh, psh 3@psu. edu, (814)865 -6638 Roger Martell, ram 8@psu. edu, (814)865 -6629

Regulations n n n 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 Telephone sales discouraged since card holder signature can’t be obtained or information verified Walk-in sales, check card expiration date and verify signature No cash refunds, use e-Pay refund process

Regulations (continued) n Card holder complaint records – – – n 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 – Keep it locked up – Obliterate card number after use

Accounting Pam Hollobaugh, psh 3@psu. edu, (814)865 -6638 Roger Martell, ram 8@psu. edu, (814)865 -6629

Accounting n PSCE program account primary depository n Administrative fee – Separate accounting of receipts by account and sub-account – Income disbursement to other office accounts via check – 2% plus. 25 cents (slide scale being developed to ease administration for both educator and bookkeeper) n $0 - $50 = $1. 00 per participant $51 - $100 = $2. 00 per participant And so on…. . n Put with cost recovery shipping and handling fees n n – Variable cost section of Cost Recovery Worksheet – Separate accounting of fees collected – Use to support Extension work

Accounting – Taking Control of Your Finances Example Program Income $1, 875. 00 75 Attendees $25. 00 each Admin Fees 75 attendees $75. 00 $ 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 50 attendees Cash/check 25 attendees e-Pay Monthly e-Pay Fees Sub account Balance Admin Fees $ 1. 00 each $50. 00 Program Fee $25. 00 each $1, 250. 00 $25. 00 $625. 00 ($18. 00) $ 0. 00 $57. 00 $1, 875. 00

Thank You! Questions, door prizes, etc.