Credit Card Processing Fee Policy Statement:
Threshold for Credit Card Processing Fee:
A credit card processing fee will be applied to transactions that exceed $5,000 in value. Transactions below this threshold are exempt from the processing fee. The credit card processing fee will be set at a rate of 3% of the transaction amount.
Onsite Visit Expense Reimbursement:
When reimbursing KMC University for onsite visit expenses via credit card, a processing fee of 3% will be applied to the total reimbursement amount.
Communication of Processing Fee:
Prior to initiating transactions subject to the credit card processing fee, affected parties will be informed of the fee and its applicability. This information will be communicated clearly through invoices, agreements, or other relevant documents.
Payment Options:
Alternative payment methods such as checks or Automated Clearing House (ACH) transfers may be suggested for transactions subject to the processing fee. Clients will be encouraged to choose payment methods that best suit their preferences and financial needs.
Consistency and Fairness:
The credit card processing fee will be applied consistently across all transactions meeting the established criteria. No exceptions or preferential treatment will be granted.
Review and Adjustment:
The credit card processing fee rate and threshold for application will be periodically reviewed to ensure alignment with prevailing market conditions and associated processing costs. Adjustments to the fee structure may be made as deemed necessary by the responsible authority.
Compliance:
This policy complies with applicable laws, regulations, and industry standards governing financial transactions and credit card processing fees.
Responsibility:
The Administrative Department is responsible for implementing and enforcing this policy. Any questions or concerns regarding the credit card processing fee should be directed to the Administrative Department for clarification and resolution.
Effective Date:
This policy is effective as of April 1, 2024. All transactions conducted after this date will be subject to the provisions outlined herein.
Summary:
This policy establishes clear guidelines for charging a credit card processing fee for transactions exceeding $5,000 and for onsite visit expense reimbursements paid via credit card. Adherence to this policy ensures transparency, fairness, and consistency in financial transactions while covering associated processing costs.
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