Stored Value Cards TREASURY OPERATIONS What Is a Stored-Value Card? It is a payment card with a pre-paid monetary value stored on the card itself: can be discarded when the balance reaches $0, or reloaded with value; not a debit or credit card; generally used for small-dollar purchases; purchase occurs offline i.e. the $ value resides on the mag stripe or chip, so no telecommunication with consumers bank is required and the merchant avoids certain bank fees; plastic stored-value cards cannot be used for online, telephone, catalog/ mail order or other card not present transactions, because the value resides on the mag stripe or the chip. Types of cards offered by Treasury Operations: Plastic Instant issue (one-time use or reloadable, no cardholder name) Plastic Personalized (bears name of cardholder, reloadable) Virtual (sent by secure email, can be used online only). 2 Why We Use Bank-Issued Plastic Cards Capability Banks Non-Banks
PNC, BAML, US Bank, Wells Fargo, etc. (Citi, Chase) Hyperwallet, Greenphire. COST TO NU Treasury can work with banks to create a program @ $0 cost to the University. High implementation fees, card fees, load fees, reload fees. We pay for functionality that we dont need. COST TO PARTICIPANTS Treasury can work with banks to create a program with lower (or $0) cost to Cardholders. Example: $0 ATM fees at PNC ATM. Use external sources to produced cards, have their
own banks in the background, and share in card fee revenue. ONLINE SYSTEM Generally have a strong online system with sufficient functionality. Online systems represent a much higher capital investment. FUNCTIONALITY Would address most requirements. Niche solutions that will not address all campus needs. 3 To Summarize, Treasury Operations provides Stored Value Cards which: 1. have no ($0) cost to departments 2. use co-brand VISA or MASTERCARD to increase acceptance 3. minimize fees to cardholders
4. have immediate value once they are loaded online (no delay) 5. can be replaced if lost or stolen 6. provide core functionality and capability 7. are centrally administered, supported and reconciled 4 What research participants receive (front of insert) Co-branded card Safety and usage guidelines to reduce fees What to do if Lost or Stolen 5 What research
participants receive (back of insert) FAQs Balance-check instructions A schedule of fees and limits Note: cash withdrawals from PNC ATMs are free. Note: Help your participants by letting them know - To register their cards in case of loss or theft; - They have access to ATM cash; - Best practice: use your entire balance at a retailer as soon as possible. 6
High-level process and workflow 1. Unloaded card stock can reside in your office, or ours; 2. Online request for plastic (instant issue vs. personalized) or virtual cards must be completed Signed by PI or administrator; Bear secondary signature/approval from VP/Dean/Senior Administrator; 3. Urgent requests can be provided same-day up to 10 AM CST; 4. Communication from Treasury that cards are loaded; 5. Once loaded, cards have immediate value can be used right away. Key Benefits Immediate value on cards; More secure than cash or checks; Visa/MC brand increases acceptance; Recipients like them! 7 Payment Policies and Procedures
The Human Subject Payments Policy should be consulted for details on the recommended payment methods: http:// www.northwestern.edu/financial-operations/policies-pro cedures/policies/HumanSubjectPayments.pdf Under no circumstances should investigators personal funds be used to pay human subjects! 8 Payment Policies and Procedures For payments of $100 and less (in aggregate -per person per calendar year) disbursements should be made via: Stored Value Cards Petty cash (cash or checks) Non-travel advances Gift card* (vendor purchase)
* Off the shelf gift cards very often contain restrictions and limits designed to generate fees and reduce the actual amount loaded to the card at the cash register. 9 Payment Policies and Procedures Exceptions For payments greater than $100 (in aggregate per person per calendar year) disbursements should be made via: Checks through Northwesterns Accounts Payable procedures Payment thresholds are set to ensure appropriate reporting of taxable payments to an individual totaling $600 or more in a calendar year; our system of record is Accounts Payable (W-9 is obtained with recipient tax information, taxable payments are automatically accumulated for each individual across all chartstrings/ units; tax forms and filings are automatically generated by the system) 10 Payment Policies and Procedures Expense Account Codes: Research Subject Fees account code 78660 should be used for human subject payments.
Sundry Payments account code 78666 should be used for human subject travel related expenses* * Travel expense are not taxable and can be combined with subject fees on the request form as long as the JV separates the amount using above account codes, travel expenses are reasonable, and travel receipts are available. 11 Payment Policies and Procedures Paymentsexceeding $100 Principal Investigators or research personnel must apply for an exception to provide payments that exceed $100. Limited exceptions may be granted by Accounting Services for Research and Sponsored Programs (ASRSP) depending on facts and circumstances. Requests should be sent to Karen Spina. Process for an exception: The requestor may submit an exception request by email addressing the following: The reason for the exception and the rationale for the payment exceeding $100 The number of participants in the study who will receive payments in excess of $100 The dates of the study Please attach copy of approval with the stored value card request and reconciliation.
12 Summary: Research Subject Payment Options Human Subject Payment Methods for Research (a) Description Payment limits, per Type of funding payment or total per (Sponsored/nonsponsor Travel reimbursements calendar year (b) ed) limits (c) Special Notes on Method Familiar standard process, utilizes system automation and workflow, no limits on payments. Nonresident checks are processed through Payroll system (system of record for 1042 reporting.) Employee payments by check are also processed through Payroll. Check
Requested through Accounts Payable online process; human subject is required to provide personal identifiable information (W-9) in order to be added to the vendor table. For confidentiality, the research studys title is not linked to the payment. NONE Stored Value Card Requested through Treasury Services, variable denominations declining balance cards, controlled activation, acts like cash. Virtual cards also availalble. $100 maximum per individual card or cumulative transactions total per calendar year Both; charged to Facilitates small payments to both nonsponsored residents and nonresidents, and chartstring at original
Less than $100; no employees; released in a purchase and if Visitor Travel and controlled series with variable sponsored, moved to Expense Report required denominations; cards do not have sponsored chartstring values until activated. when disbursed Cash Petty cash funds requested through Accounting Services/replenished through Treasury Services, controlled activation, acts like cash. Total funds on hand normally limited to $300. Alternatively, Non-travel advances $100 maximum per individual transaction or cumulative total per calendar year Facilitates small payments to both Less than $100; no residents and nonresidents, and
Visitor Travel and employees; controls over cash and Expense Report required reconcilations should be in place. Purchased from vendor, acts like cash. $100 maximum per individual card or cumulative transactions total per calendar year Giftcard Both Both NONE; Visitor Travel and Expense Report required Both; charged to nonsponsored Facilitates small payments to both chartstring at original Less than $100; no
residents and nonresidents, and purchase and if Visitor Travel and employees; controls over sponsored, moved to Expense Report required purchase, disbursement and sponsored chartstring reconcilations should be in place. when disbursed 13 Questions About Stored Value Cards? Thank you! Richard Emrich, Director of Treasury Operations, [email protected], 7-0422. Cindy Regner, Treasury Operations Supervisor, [email protected], 3-8525 14
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