Financial Services

EFTPOS and Credit Cards Policy

Further information

For more information please contact:

The University has specific procedures in place for processing credit card and electronic funds transfer at point of sale (EFTPOS) payments.

Policy statement

  • Payments by EFTPOS and credit cards are receipted similar to cash. Financial Services processes EFTPOS and credit card payments electronically. For payment to be accepted, the card must be swiped through the credit card machine and return a response to say the card and details have been accepted. Credit card transactions will require either the client’s signature or a PIN to authorise use of the card. If the client is signing for the card, the signature must be verified. EFTPOS transactions require the client to key their PIN into the machine. Transactions must first be accepted by the EFTPOS system before being receipted as accepted for payment.
  • Any request for refund receipted through a credit card must be processed back to the originating credit card. In accordance with the Merchant's Agreement, a refund is paid back to the originating credit card.
  • For Business Units which do not have an electronic EFTPOS/credit card machine, credit card payments may be processed with the use of a manual credit card franking machine which includes the University’s details. These machines use pre-numbered forms in triplicate, with one copy going to the client, one to Financial Services (Cashier) and one for the records of the Business Unit. The client must sign the form and the signature must be checked. A receipt from the Business Unit receipt book is then prepared.
  • The credit card forms are then itemised on a Credit Card Summary form for forwarding to Financial Services (Cashier) for deposit with the bank or, if a Business Unit is doing its own banking, for deposit at the bank directly. This form should indicate if the credit card payment was made in person or over the phone.
  • However, as manual credit card franking machines incur higher bank fees, all users of credit card payments will be transferred to the electronic method. Contact Financial Services (Revenue) for further information on this transfer.

Key controls

  • Segregation of duties: responsibilities for billing (raising invoice) adequately segregated from those for collection, deposit of funds and credit issuance.
  • Reviewing and approving of credit notes as per University Financial Delegation.
  • Prompt investigation of credit issuance and disputes with billing amount.
  • Establishment of a documented Revenues and Receivables procedures and controls ensure all staff know the processes they are expected to follow.
  • Periodic review and approval by legislative bodies of rate of taxes, fines, fees, programs of tax exemption, rate schedules and the like.
  • Regular review on delinquent accounts and take prompt action to collect or consider them for write-off on a timely basis.
  • Retention of records for audit purposes.