Rice University logo
 
 
 
 

Establish a business plan

 
 
Glossary of
Credit Card
Terms
 
Doing business as a department or area of Rice University is different from starting and running a business "beyond the hedges". Still, there are some important factors that you must consider:

  1. Is it an appropriate activity for the University?
     
  2. Do you have a clear idea of why you intend to collect payments? Are you selling something, charging registration fees, or soliciting donations? The requirements for each are different.

  3. Do you know how much to collect for each transaction? Do you know the cost of items to be sold so that you can set an appropriate price? Is the sale taxable? Will you collect shipping or handling fees? Do you to allow customers to make a donation with each purchase?

  4. Is this an ongoing or short-term enterprise? Do you want to just collect payments for a specific purpose for a short time and then stop or do you want to continue to collect payments for years to come? Will payments be spread out all through the year or are there shorter periods each year when most, or all, of the payments are made?

  5. How many payments per month do you expect/hope will be made? Do you hope someone stops by each week or so? Do you expect a lot of people every week?

These are the kind of questions that you must be able to answer when you complete the application to accept credit card payments at Rice. We suggest you consider your answers before starting to complete your application.


 
 
 
Want to know more about the Payment Card Industry Data Security Standards (PCI-DSS)? Visit this site.

 

 
 
 
Looking for information about PCards? Visit this site for the manual and this site to learn about training.
 
 
 
 
 

 
 
 

 
   
 
Need a copy of the Guide to Card Acceptance and Best Practices from Global Payments?
 
The slides from the Rice PCI training class are here.
Click here to go back to previous page