Beginning November 1:

• A 2% convenience fee will be added to all credit cards payments (MasterCard, Discover, or American Express)
• VISA will no longer be accepted
• A new payment option will be available in StormFront to pay by electronic check/ACH with no convenience fee

 

Over the past several years, the use of credit cards to pay student accounts and other amounts owed to Simpson College has expanded exponentially.  With this increase, the amount of fees that Simpson has incurred related to the acceptance of the credit cards has also increased.  In fact, Simpson incurred more than $50,000 in fees during this past year.  In the yearly review of budgeted expenditures, the President’s Cabinet questioned this budget line.  They asked the Business Office to research whether other options were available that would allow the College to better allocate these funds to budgetary needs that better serve the College’s mission.  To that end, the Cabinet has approved making the following changes to the College’s credit card acceptance policies and reallocating the budget for credit card fees to other budgetary needs.  These changes will become effective beginning Thursday, November 1, 2007.

 

While many colleges and universities do not accept credit cards at all, the Cabinet felt it appropriate to continue accepting credit cards at Simpson College.  However, in order to recover the costs of accepting credit cards, a convenience fee of 2% will be added to all credit card payments.  This convenience fee approximates the fee that Simpson is charged by our credit card merchant provider.  In addition, due to credit card regulations related to convenience fees, VISA will no longer be accepted by the College.  The College will continue to accept MasterCard, Discover and American Express.

 

Payments can continue to be made at the Business Office in Indianola, at the West Des Moines campus, over the phone and through StormFront.  The 2% convenience fee on credit cards will apply in each setting.  No convenience fees will be charged for payments in cash or check.  Purchases from the Simpson College Bookstore may continue to be paid by credit card (VISA, MasterCard, Discover and American Express) without a convenience fee.

 

In an attempt to mitigate the effects of the credit card acceptance policies, a new payment option will be available in StormFront.  In addition to payments by credit card (with the 2% convenience fee), users will also be able to make payments by electronic check/ACH by entering bank account and routing number information.  There will be no convenience fee for accepting ACH transactions.

 

We realize these changes may present a hardship to some students.  If that is the case, please contact the Business Office and we can provide assistance with other payment arrangements.  Please feel free to contact Adam Voigts, Assistant Vice President for Business Services/Controller, if you have questions regarding the new policies (515-961-1579 or adam.voigts@simpson.edu).