Payment Card Newsflash 001

Effective April 1, 2012 Visa requires universities to enter a zip code for ALL key entered transactions to qualify at the best possible interchange rate. If AVS (Address Verification System) is not entered the transaction will downgrade to a more expensive interchange rate.

Going forward you need to enter the zip code on all manually keyed transaction.

Our credit card processor Elavon, Inc. provided us with this recommendation: “When the terminal prompts ‘CARD PRESENT?’ you need to ask the cardholder what zip code their cardholder statement mails to and enter that zip; if the card is not present then you can enter any zip code to qualify but it is always best to ask and enter the billing zip code when possible.