Student Financials enables your institution to receive payments for charges by eCheck or credit card through application centers, through cashiering, and over the web using self-service functionality. The rules your institution defines for accepting, verifying, and authorizing transactions are established when you set up your SF merchant and SF institution set.

 

After a credit card transaction takes place, the following steps occur during the completion of a transaction:

 

1. Through realtime or batch authorization, your system transfers the credit card number and payment request to the credit card processor through SCMP (Simple Commerce Messaging Protocol).

2. The credit card processor routes the transaction to the merchant bank and then to the credit card company.

3. The credit card company routes the payment request to the bank that issued the card, if applicable.

4. The issuing bank or credit card company authorizes or declines the transaction, transfers the result back to the credit card processor, then transfers the result back to you.

5. Your system generates a settlement request in realtime or in batch. It routes the settlement request to the issuing bank and the bank approves the money to be routed to the merchant account.

 

When the student submits an electronic check payment:

1. The transaction is transmitted to the school's third party vendor.

2. The third party vendor forwards the bank account number and routing number to the corresponding payment processor.

3. The payment processor validates the transaction and transmits the result back to the third party vendor.

4. The third party vendor forwards the results back to the PeopleSoft system.

5. The results of the transaction are presented back to the student.

6. The check is subsequently submitted by the third party vendor for settlement to the ACH (Automated Clearing House) System.

 

Upon completion of this lesson, you will be able to:

• Process submitted credit card transactions.

• Process submitted eCheck transactions.

• Review and cancel self service ePayment transactions.

• Process refunds for ePayments.


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