Transaction Services
TouchNet Transaction Services are designed and optimized for how money moves on campus. We coordinate account set up with your business office, optimize your solutions for cost-effectiveness, and work with schools enrolled in PCI-EZ to ensure compliance.
What's New in U.Commerce 8
Our complete platform solution introduces new validation functionality, Dynamic Currency Conversion, and new devices to make payments safer and more versatile:
- Newly available real-time ACH validation complies with existing requirements for checking routing numbers and meets Nacha’s 2021 web debit requirement for checking account numbers. Available in Bill+Payment and Marketplace, this solution requires an addendum, fee, and project to implement.
- With Dynamic Currency Conversion (DCC), schools can now accept payments that are then converted to the students’ local currency when the charge appears on their account. While a markup is factored into the currency conversion, some card processors will share a portion of that revenue, resulting in a new revenue stream for the school. Available in Bill+Payment for UK customers processing with Global Payments eCommerce.
- New devices — one with USB connectivity for countertop transactions and one with a keypad to manually enter data for telephone transactions — broaden schools’ ability to accept payments.
Visit the U.Commerce 8 page to learn how our fully integrated platform solution simplifies operations and helps ensure student success outside the classroom.
Payment Processing
TouchNet Payment Processing enables you to accept and manage all of your transactions — whether online, mobile, or POS — in one comprehensive commerce system from one vendor.
Through our Global Payments and Heartland processing platform, we offer solutions for:
- Credit and debit card acceptance
- PayPath
- ACH
- Bank wires
PayPath
PayPath offers students and parents the ability to pay tuition by credit card at no cost to your institution. By replacing credit card merchant fees with a supplemental student service or convenience fee, PayPath enables schools to offer the convenience of credit card payments and still receive 100 percent of tuition dollars. This and all TouchNet programs comply with card brand and association rules and connects payments to student information systems via real-time account updates.
ACH
Automated Clearing House (ACH) transactions such as direct deposit and direct payment are processed through NACHA, the National Automated Clearing House Association. TouchNet offers schools ACH as a deposit and payment method through our Transaction Services processing platform.
For all Heartland ACH customers, TouchNet validates bank routing and account numbers to ensure the ACH is connected to an existing, open bank account. This helps prevent payers from submitting a payment with an incorrect routing/account number or from closed accounts. This solution also offers ACH return reversal functionality for Colleague, Banner, and PeopleSoft users, and General Ledger Integration for Colleague and Banner users.
International Payments
TouchNet and TransferMate have partnered to help create an international payments ecosystem for schools and students that simplifies the sending and receiving of funds. With this solution, you can offer international students the option to make secure, compliant tuition and fee payments using their local currency or by domestic bank transfer. With no fees or set-up costs, you and your students will save both time and money.
If you’re looking for a wire transfer option, TouchNet Transaction Services enable you to integrate wire transfers into your payment flow and leverage real-time U.Commerce integration with your student information systems.
RECON 1
RECON 1, our reconciliation software designed for higher education business offices, unifies data from three key sources: your campus student information systems, our payment processing service, and TouchNet U.Commerce. It brings them all into one easy-to-use data reconciliation and reconnaissance center allowing you to:
- Streamline reconciliation
- View all payment data from one dashboard in U.Commerce Central
- Easily analyze gross transaction amounts, net deposits, and associated processing fees
- View ACH returns information and update the SIS
- Automate the posting of actual discount fees to your G/L accounts.
PCI-EZ
PCI-EZ offers a sensible approach to protecting sensitive data and managing the complexities of PCI compliance. Enrolled schools enjoy reduced overhead, less paperwork, and the peace of mind that comes from having a secure, end-to-end solution compliance in place.
Schools that meet the requirements of point-of-sale brand exemption programs can eliminate time-consuming Self-Assessment Questionnaires completely, saving time and freeing staff to offer students more personalized help and assistance.
CASE STUDIES
READY TO GET STARTED?
Get a clearer picture of how TouchNet is making higher education smarter today.
