Post Classifieds

Users are charged credit card transaction fee

By Donald Thomas
On November 30, 2017

Director of Financial Services A.J. Fischer appears at many college events. (Photo by Vanessa Ray)

For the past five years MCCC has been paying nearly $60,000 to process all credit card transactions on campus.

More students are using credit cards, so the price keeps going up. 

“It’s a $60,000 expense for the college this year and the costs continue to rise,” director of Financial Services A.J. Fischer said.

MCCC wants to continue to offer multiple payment methods, Fischer said.

“In an effort to continue to accept credit card payments, the credit card fee is passed onto the credit card user,” he said. “It is important that we keep other ways to make payments without fees to the college or the students; that includes cash, checks, and money orders.”

This fee is charged to anyone who performs a credit card transaction on campus.

“It (the credit card convenience fee) affects everyone who makes a payment to Monroe County Community College with his or her credit or debit card,” Fischer said.

Unlike some places that require a minimum transaction to be able to make a purchase, right now MCCC doesn’t have one.

“I can’t imagine us looking at setting a minimum transaction amount right now,” Fischer said.

These past five years have seen the processing of these fees fluctuate only slightly and stay between the $50,000 and $60,000 mark.

The cost over the past five years totaled $294,667.62, according to Fischer.

“Going back the last five years, the expense has been at least $55,000 and reached the $60,000 threshold this year,” Fischer said.

The fee itself will only be around two percent of the total purchase. This is around the amount that credit card companies charge for their transaction processing fees, Fischer said.

“The two percent convenience fee doesn’t cover the total fee from the credit card company, but it helps mitigate the cost,” Fischer said. “Different credit card companies have different fees, and the two percent credit card convenience fee does not even cover the least expensive fee of processing a credit card transaction set by the credit card companies.”

Fischer said covering these costs for processing credit card transactions has been no small feat.

“It’s truly been amazing that we have been able to cover that cost for as long as we could,” Fischer said.

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