PRINCETON, NJ--(Marketwire - Aug 15, 2012) - Fresh off eliminating three separate fees from its Acceluraid™ electronic financial aid disbursement solution, Heartland Payment Systems (NYSE: HPY) Campus Solutions division has been awarded contracts by four colleges, totaling seven campuses, to manage financial aid disbursement and refund management with Acceluraid.
The deals with Davidson Community College (N.C.), Cowley College (KS), Faulkner State Community College's (AL) three campuses in Bay Minette, Gulf Shores and Fairhope, and Pratt Institute's (N.Y.) campuses in Brooklyn and Manhattan include nearly 18,000 enrolled students and more than $46 million in annual financial aid refunds.
"These higher education institutions were seeking student-friendly, state-of-the-art electronic financial aid disbursement services and an efficient transition from paper checks and higher cost refund services," said Ron Farmer, executive director of campus solutions and micropayments for Heartland Payment Systems, one of the nation's largest payments processors. "For students, Acceluraid enhances the overall campus experience while enabling them to more efficiently manage their financial aid refunds."
Available as a standalone solution or integrated with Heartland's complete Campus OneCard™ System, 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. Benefits for students 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.
Students also receive a school-branded Discover® prepaid debit card that is automatically loaded with their financial aid funds once they activate the card. They can then use their funds anywhere Discover is accepted, including many attended or unattended services on campus such as dining, vending, printing, bookstore, online bill pay, and free withdrawals from Heartland ATMs placed on campuses.
The students at these higher education institutions will also receive customer support that covers everything from forgotten pin numbers and passcodes to lost cards and questionable transactions. For campus administrators, Heartland's customer support professionals will help quickly verify if funds were correctly distributed, if their students are using their Discover Card, and if they transferred their funds to another financial account.
"Heartland's goal is to provide higher education institutions with cost-effective financial disbursement solutions that are student-friendly with an economical fee structure," added Farmer. "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 Discover Card without incurring fees. We know our customers, higher education institution administrators, are feeling pressure about student expenses, so earlier this year Heartland further decreased the potential financial burden on students by eliminating several fees from the Discover Card fee structure."
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, school solutions, loyalty marketing services, campus solutions, payroll and related business solutions and services to more than 250,000 business and education locations nationwide. A FORTUNE 1000 company, Heartland is the founding supporter of The Merchant Bill of Rights, (www.merchantbillofrights.org), 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.