Veracross Checkout presently supports two payment methods: Credit cards and ACH (US domestic bank transfer). Accepted payment methods can be configured for each type of transaction. For example, it would be possible to use only ACH bank transfer for tuition and enrollment, but use both ACH and credit card payments for application fees.
ACH, or Automated Clearing House, is the name of the network used in the United States for bank-to-bank transfers. This is sometimes called Electronic Fund Transfer (EFT). However, this term is imprecise because there are myriad forms of electronic fund transfers. ACH refers specifically to electronic bank transfers within the United States.
Supported Payment Providers
As of 2018, Veracross Checkout supports the following payment providers.
- BlueSnap is the preferred provider
- Bluesnap may be used as simply a payment processor (like Authorize.Net or Network merchants – see below)
- However, in addition to being available for use as simply a payment processor, Bluesnap is the only payment processor option for schools to take advantage of the“VC Pay” module (which offers features such as convenience fee capture, automated accounting reconciliation, and more).
- Authorize.Net (used by many US schools)
- Network Merchants (used by many US schools)
- Diamond Mind (integrates with Authorize.Net and Network Merchants; if your school uses Diamond Mind, check with your Diamond Mind representative to find out which payment provider is being used to process your transactions)
In order to set up a payment integration, talk to your Account Manager. Learn more about integrating Veracross with the Payment Providers.
Currency conversion estimation
When a payer clicks on the amount shown on the screen, they’ll see the amount converted into myriad currencies. These estimations help foreign payers estimate the amount in their home currency. The amounts are shown only for informational purposes. The amount ultimately charged to the payer will depend on their bank’s currency exchange rate and fee policies. Exchange rates are sourced from the European Central Bank and are accurate to within 48 hours.
Routing number verification
To help reduce failed ACH transactions because of mistyped bank routing numbers, Checkout validates routing numbers against the Federal Reserve ACH Directory and confirms the bank name with the payer. Bank account numbers however can’t be verified.
To help track payments, schools can use the Checkout Payments query located on the System homepage. This query contains information regarding the payer, the amount charged, the processing date and other pertinent information regarding the transaction. The query will also indicate the payment status so that schools are able to track whether payments have been processed successfully.
Schools using BlueSnap have access to a whole homepage offering a unique reporting feature set.
Q: Can different payment methods be enabled or disabled for different types of transactions? For example, could we accept only ACH for tuition payments to avoid credit card fees, and accept only credit cards for application fees to ensure instant approval?
A: Yes, this is fully supported.
Q: Can accepted credit card types be configured on a per transaction basis? For example, can we accept MasterCard for application fees but accept American Express, Visa, and MasterCard for everything else?
A: No. You can decide which card types you want to accept, but it will apply to all types of transactions. If you are setting up Veracross Checkout for the first time, clarify with your Account Manager which credit cards your provider is able to accept.
Q: Does Checkout support convenience fees or passing transaction fees on to the payer?
A: Passing transaction fees to the payer is limited to the VCPay module. The amount shown to the user is pre-determined by code. However, the credit card industry has rules regarding this sort of activity and it’s important to understand them completely before making a decision on convenience fees. The Merchant Council has a good report on this topic. In addition to industry rules, ten US states and some European countries legally prohibit credit card surcharges.
Q: What happens if a payment is rejected?
A: It depends on the payment method. With credit cards, the transaction is processed in real time and a response is received in a matter of seconds. When a payment fails, the payer will be told that their payment failed and they’ll be given the opportunity to enter new card data and try again. With ACH, it takes 3 to 5 business days for the payment to process, so a result won’t be known until then. Failed payments will require action on the part of the school.
Q: Can credit card or other billing data be saved to use in future payments, or must this information be entered every time a payment is made?
A: Payment data must be entered every time a payment is made. Storing payment data will be a future feature, depending on the payment provider. Veracross does not store credit card information.