Reference: FSM Policy 8.14 - Merchant Acceptance
All merchants have complete access to the details of the transactions via online reporting through the acquirer bank (Bank of America) and American Express accounting dashboards.
Each online reporting application offers details regarding the transactions from sale to funding to the University depository account. Merchants can set up reports to be automatically emailed on a schedule of their choice. Contact us for details on setting this up, or contact Bank of America support services Client Managed Services Team at 1-800-430-7161 or SupportSpecialist@bankofamericamerchant.com.
Reporting portals are as follows:
Reviewing Monthly Statements
Monthly statements are provided to the merchant detailing the previous month's activity and expenses, including breakdowns for daily activity, credit card interchange rates, authorization rates, and equipment/services charges. It is the Merchant's responsibility to review monthly statements for accuracy. If a charge is incorrect, the merchant must contact Bank of America within 60 days of the statement date in order for Bank of America to correct the charges. If needed, contact Banking & Merchant Services at FNSV-Banking-And-Merchant-Services@arizona.edu for further assistance.
Reconciling UAccess Financials to Account Activity
Point-of-sale (POS) machines, dial pay merchants, and e-commerce systems must be settled daily. Funds are deposited electronically into the University depository account.
- All credit amounts will auto-book to the revenue account and object code designated by the department merchant.
- All debit amounts will auto-book to the fees account and object code chosen by the department merchant.
Departments should reconcile their UAccess Financials accounts at least monthly to verify that receipts, refunds, and transfers have been posted correctly. Please be aware of the timing of deposits. UAccess Financials deposits occur generally at least 48-60 hours from transaction date.
- Departments may transfer funds to another UAccess Financials account by completing a Distribution of Income and Expense (DI).
- If a debit (such as chargeback or an adjustment) is auto-booked, the department will need to process a DI to move the adjustment or chargeback to properly offset the revenue account.
From time to time a customer may dispute a credit card payment, which is referred to as a chargeback. Departments are notified via Bank of America - Business Track Reporting for Visa/Mastercard and Discover, while those with American Express will receive an email to review the chargeback online. Any notifications received by Financial Services Treasury will be forwarded to the department.
Bank of America, upon notification of a chargeback from the customer's bank, will debit the transaction until determination of the chargeback. Merchants must respond directly to the acquiring bank by the "respond by" date provided in the chargeback notification, and provide the requested information/documentation to prove the legitimacy and proper processing of the original transaction. The acquiring bank has sole authority to decide if the chargeback will be reviewed and the cash receipts returned to the merchant. If the chargeback is found to be in merchant's favor, the transaction will be credited back to the merchant account.
Please note, if the merchant does not respond by the response date, the transaction still is debited and the credit card company may monetarily penalize the department merchant account.
If you have any questions or need aid, contact Bank of America Dispute Manager at 1-800-430-7161. Have your merchant ID and dispute notification available, or email SupportSpecialist@bankofamericamerchant.com.