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Debit & Credit Card Deposits

Apart from student tuition payments, TMU accepts debit card, Visa and MasterCard payments via point-of-sale terminals, manual imprints or online avenues. American Express is also accepted at select locations on campus.

To facilitate reconciliation, departments are required to record deposit information on the Financial Information System (FIS or Oracle) (opens in new window)   on the same day as the bank deposit. In general, daily bank deposits and posting to the TMU financial system is encouraged.

Setting up debit and credit card programs

If your department generates revenue and wishes to accept debit, Visa, MasterCard or American Express payments from customers, there are a few options for doing so:

Merchant terminals

Merchant terminals can be supplied to individual departments. These terminals:

  • provide automated credit and/or debit card authorizations, which can reduce chargebacks and improve customer service

  • have the capability to process both credit card and debit card transactions

Treasury and Revenue Services will coordinate with providers the payment type your department prefers. Full training on using merchant terminals is arranged once a department’s new merchant number is created and the terminals are installed.

In terms of cost, departments should budget for:

  • monthly rental charges for each permanent terminal
  • the credit card company's merchant fees which are based on a percentage of sales
  • a one-time phone line installation charge
  • monthly telecom phone rental charges

Manual imprinter

A manual imprinter can be available to departments offering credit card payments on a temporary basis for purposes such as conferences. Rental charges will apply.