SOURCE: Heartland Payment Systems
PRINCETON, NJ--(Marketwire - Jun 26, 2012) - In light of ever-increasing student college expenses nationwide, Heartland Payment Systems (NYSE: HPY), one of the nation's largest payments processors, has eliminated three separate fees from its Acceluraid electronic financial aid disbursement solution. Specifically being eliminated from the Acceluraid prepaid debit card fee structure are a $30 dispute fee charge, a $1 bill pay fee, and a 50 cent card-to-card transfer fee.
"Heartland provides higher education institutions with financial disbursement solutions that are student-friendly with an economical fee structure that is already substantially lower than the competition," says Bob Carr, Heartland's chairman and CEO. "But since our business model is not based on student fee income, we wanted to further decrease the potential financial burden on students by eliminating these specific fees."
Whether chosen as a standalone or integrated solution, Acceluraid simplifies a campus' refund process by eliminating paper checks, increasing operational efficiencies, and reducing the costs, delays and operational hurdles typically associated with financial aid disbursement.
Students receive school-branded Discover® prepaid debit cards issued by Oklahoma-based Central National Bank. Upon activation, students' financial aid funds are automatically deposited to the card, which can be used anywhere Discover is accepted, and for free withdrawals from Heartland ATMs placed on campuses. Student benefits include faster and more convenient access to financial aid funds without being charged pin debit and other fees, unlike many competing products in the marketplace.
"With ATMs on campus and online account information and functionality such as bill pay, balance inquiries, and text message balance alerts, Heartland makes it extremely simple for students to use their Acceluraid debit cards without incurring any fees," noted Ron Farmer, executive director of campus solutions and micropayments for Heartland Payment Systems. "We know that our customers, higher education institution administrators, are feeling pressure about student expenses, so Heartland is helping them and the student by eliminating these fees so both parties have fewer potential expenses to worry about."
For more information, visit www.HeartlandCampusSolutions.com/Acceluraid
About Heartland Payment Systems
Heartland Payment Systems, Inc. (NYSE: HPY), the sixth largest payments processor in the United States, delivers credit/debit/prepaid card processing, loyalty marketing services, payroll and related business solutions to more than 250,000 business locations nationwide. A FORTUNE 1000 company, Heartland is the founding supporter of The Merchant Bill of Rights, a public advocacy initiative that educates merchants about fair credit and debit card processing practices. The company is also a leader in the development of end-to-end encryption technology designed to protect cardholder data, rendering it useless to cybercriminals. For more detailed information, visit www.HeartlandPaymentSystems.com or follow the company on Twitter @HeartlandHPY and Facebook at facebook.com/HeartlandHPY.