Credit Card Service Fee FAQs
Credit Card Acceptance and Service Fee Information
As credit and debit card payment processing has become increasingly expensive due to the fees charged by credit card companies and the costs associated with securing cardholder data, beginning August 11, 2016, the University of New Mexico outsourced all credit and debit card processing to TouchNet Information Systems Inc.
As a result of this transition, a 2.85% service fee (minimum $3.00 fee) will be assessed on all credit and debit card payments processed by TouchNet via their PayPath service.
Frequently Asked Questions
Who is TouchNet?
TouchNet Information Systems Inc. is a leader and provider of payment processing technology for Colleges and Universities. Additionally, TouchNet is a PCI-PA-DSS (Payment Card Industry Payment Application Data Security Standard) compliant vendor who greatly assists UNM in safeguarding our community’s cardholder data.
Why is UNM charging a service fee to accept credit/debit cards as a form of payment?
This service fee is charged by TouchNet PayPath and covers the cost of processing credit/debit card payments. The University of New Mexico does not receive any proceeds from this service fee.
How was the service fee determined?
The service fee percentage, as well as the $3.00 minimum, is established by TouchNet PayPath and aims to cover credit card processing costs.
How can I avoid the service fee?
Students, staff and retirees are able to make payments free of charge via electronic check utilizing a checking or savings account. They are also able to make cash or check payments in person and or they can mail a check to the UNM Bursar’s Office.
What credit cards does TouchNet PayPath accept?
This service accepts all major credit cards, including Visa, MasterCard, Discover and American Express.
Are other universities making a similar change?
Yes, there is an increasing number of schools who have made a similar transition. In a 2014 survey, 90% of the public institutions surveyed charge a fee for credit card payments. Some of the schools no longer accept credit cards at all.
How will this charge appear on my credit card statement?
Two separate transactions will appear on your credit card statement: One will appear as a payment to the University of New Mexico and will post to your UNM Bursar account; the other will be for the service fee assessed by TouchNet PayPath.