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Bursar’s Roundtable Session 1 125% Rule 125% Rule Bank Lockbox Bank Lockbox Departmental Deposits Departmental Deposits Decentralized Invoicing Decentralized.

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Presentation on theme: "Bursar’s Roundtable Session 1 125% Rule 125% Rule Bank Lockbox Bank Lockbox Departmental Deposits Departmental Deposits Decentralized Invoicing Decentralized."— Presentation transcript:

1 Bursar’s Roundtable Session 1 125% Rule 125% Rule Bank Lockbox Bank Lockbox Departmental Deposits Departmental Deposits Decentralized Invoicing Decentralized Invoicing Returned Checks Returned Checks

2 Bursar’s Roundtable Session 1 125% Rule – Effective July 1, % Rule – Effective July 1, 2006 –In-state students who exceed by 25% the required hours for their degree, will be assessed a Surcharge (determined by SCHEV). –Surcharge can be waived for certain situations and certain courses and credit hours are excluded –Stay tuned for details…..

3 Bursar’s Roundtable Session 1 125% Rule – Effective July 1, % Rule – Effective July 1, 2006 –Registrar must track, Student Accounts must bill, Fin Aid must monitor for state grants, scholarship ineligibility –Enacted into law because of increasing enrollment and need for classroom seats –Unsure if currently enrolled students are “grandfathered” or if students initially enrolling for fall 2004 and afterward are included in calculations.

4 Bursar’s Roundtable Session 1 Bank Lockbox Bank Lockbox –On-line banking, collections, scholarships Departmental Deposits Departmental Deposits –Responsibility of your office? Decentralized Invoicing Decentralized Invoicing –How to standardize Returned Check Returned Check

5 Bursar’s Roundtable Session 2 Electronic Billing and Payments

6 What issues do you have with your current billing system? What issues do you have with your current billing system? Are you thinking about changing to electronic billing? Are you thinking about changing to electronic billing? Do you have support from senior management to change or to investigate? Do you have support from senior management to change or to investigate? Does the JMU contract with InfiNET provide what you Does the JMU contract with InfiNET provide what you need to proceed or do you want to issue your own RFP? What do you need to know about electronic billing What do you need to know about electronic billing and payment? What do you need to know from schools who What do you need to know from schools who have already implemented electronic billing and payments? Thinking about electronic billing and payments?

7 a comprehensive bill student account charges include tuition and fees, room, internet connection fee, meal plan, UDAP and housing contracts fees, fines for library, judicial, housing, athletic and parking, and residence hall long distance charges. student account charges include tuition and fees, room, internet connection fee, meal plan, UDAP and housing contracts fees, fines for library, judicial, housing, athletic and parking, and residence hall long distance charges. initial semester bill and then monthly bills for new charges or past due balances initial semester bill and then monthly bills for new charges or past due balances

8 the billing issues ACH Hold s Refunds Cash Financia l Aid Fees, Fines Credi t cards Checks Student bills 1. increasing costs 2. postal delays 3. poor means of communication 4. on-line banking payments to lockbox 5. FERPA and customer service

9 background – July to December 2004 research on available technology research on available technology e-billing committee established to investigate options e-billing committee established to investigate options request for proposals from vendors was issued on August 20, 2004 request for proposals from vendors was issued on August 20, 2004 proposals received and four vendors invited to campus to present their product – narrowed to two proposals received and four vendors invited to campus to present their product – narrowed to two site Visits to DePaul University and University of Pittsburgh site Visits to DePaul University and University of Pittsburgh

10 selling the change needed senior management support and confidence needed senior management support and confidence JMU was first in Virginia JMU was first in Virginia getting Parents Council getting Parents Council and Finance Committee and Finance Committee of Board of Visitors stamp of Board of Visitors stamp of approval of approval

11 what happened when InfiNET met Duke Dog

12 how e-bill works at JMU student account charges are sent to InfiNET to post at a web site student account charges are sent to InfiNET to post at a web site within 24 hours of receipt of JMU file, InfiNET s student and any authorized payer that charges are available to view within 24 hours of receipt of JMU file, InfiNET s student and any authorized payer that charges are available to view student accounts can be updated as often as JMU sends file to InfiNET student accounts can be updated as often as JMU sends file to InfiNET InfiNET stores up to one year of student account bills for reference InfiNET stores up to one year of student account bills for reference

13 e-bill presentment at JMU student accesses through eCampus (electronic) account student accesses through eCampus (electronic) account only student can control the account access for parents or other authorized payers only student can control the account access for parents or other authorized payers bill can easily be retrieved and printed bill can easily be retrieved and printed student and authorized payers receive notification of bills student and authorized payers receive notification of bills

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15 electronic payment gateway payment by credit card, using MasterCard, American Express or Discover, is offered with a 2.75% vendor service fee payment by credit card, using MasterCard, American Express or Discover, is offered with a 2.75% vendor service fee electronic check payment is a new payment option at no cost to payer electronic check payment is a new payment option at no cost to payer third parties can make payment to student without access to the student’s bill – just need the student’s JMU ID# third parties can make payment to student without access to the student’s bill – just need the student’s JMU ID#

16 benefits to our students and parents/payers immediate access to student account charges – no more waiting for a bill to arrive in the mail immediate access to student account charges – no more waiting for a bill to arrive in the mail student account information available 24/7 - previous months as well as current charges student account information available 24/7 - previous months as well as current charges accessible to parents as well as other authorized payers – especially valuable to divorced parents accessible to parents as well as other authorized payers – especially valuable to divorced parents

17 benefits to our students and parents/payers once parent is set up as an “authorized payer” UBO staff can openly discuss the account charges once parent is set up as an “authorized payer” UBO staff can openly discuss the account charges student or parent can make electronic payment by credit card or check for immediate account resolution student or parent can make electronic payment by credit card or check for immediate account resolution

18 benefits to JMU eliminates processing and handling of paper bills eliminates processing and handling of paper bills eliminates postal delays -especially important to international students eliminates postal delays -especially important to international students provides another communication portal with students and payers – easily customized messages on JMU web payment pages or message line on InfiNET site provides another communication portal with students and payers – easily customized messages on JMU web payment pages or message line on InfiNET site InfiNET site is easy to maneuver for UBO staff to verify payments, check authorized payers, print off bills, etc. InfiNET site is easy to maneuver for UBO staff to verify payments, check authorized payers, print off bills, etc.

19 benefits to everyone enhances compliance with FERPA and GLB enhances compliance with FERPA and GLB –student bill information readily available for parent through access granted by student instead of UBO staff but allows UBO staff to discuss financial matters with “authorized payer” –InfiNET has undergone the most rigorous validation program by the credit card industry to achieve the highest compliance certification awarded

20 the results out of 17,000+ bills processed, only 160 paper bills are being mailed out out of 17,000+ bills processed, only 160 paper bills are being mailed out receivables this year are ahead of this time last year receivables this year are ahead of this time last year “emergency” check payments can be made on-line with a “free” e-check instead of having to pay for an overnight delivery service “emergency” check payments can be made on-line with a “free” e-check instead of having to pay for an overnight delivery service many s, phone calls, comments from happy parents many s, phone calls, comments from happy parents

21 changes for next year  upgrade to “real time” charge and payment information  further restrict paper bill requests to disabilities and no computer access  change the name “QuikPAY” to “QuikBILL”

22 your questions?


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