Discover Credit Card Changes

CHANGES TO DISCOVER CREDIT CARD DEPOSITS

Beginning April 1, 2013, the Discover credit card settlement will be combined with the Visa and Mastercard settlement, to make one deposit to the bank. You will need to combine the Discover settlement total with the Visa and Mastercard settlement total, to make one total amount to book your deposit.

Our bank will now provide all merchant services for the Discover credit card, the same as they do for Visa and Mastercard, due to changes with Discover. Discover has made the decision to discontinue offering merchant services, and only have a credit card service. The bank will be funding our credit card deposits, rather than Discover. These funds will be combined with the Visa and Mastercard deposit, to make one deposit. The bank will also be our point of contact for any issue with a Discover transaction.

DEPARTMENTS USING THE ON-LINE DEPARTMENTAL DEPOSIT FORM

ALL March credit card deposits must be prepared and turned in to Income Accounting and Student Loan Services no later than Tuesday, April 2, 2013, at 5:00pm. Departments will need to hold ALL April credit card deposits, and not prepare theses deposits until after 1:00pm on Thursday, April 4, 2013.

Access to the use the departmental deposit form will be unavailable from 8:00am to 1:00pm, Thursday, April 4, 2013, to allow the required set-up changes to be made to the form. After that point in time you may begin processing deposits for your April credit card settlements, by only booking two credit card deposits, one deposit for Visa/Mastercard/Discover, and one deposit for American Express.

Once you begin processing April credit card deposits, the recap section of the departmental deposit form, will only allow two options for credit card deposits, one deposit for Visa/Mastercard/Discover, and one deposit for American Express. If for some reason, you still have some March credit card settlements, that have not been booked by Tuesday, April 2, 2013, please contact our office immediately.

Ask UsIf you have any questions or concerns, please contact Lisa Zaelit, or Kim Stringham from Income Accounting & Student Loan Services.

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