Credit Card Payment Policy
The purpose of this policy is to establish procedures regarding the award receipt and related fee disposition for Credit Card payments from sponsors.
Effective 05/07/2021, the Office of Research and Sponsored Projects (ORSP) and Contracts and Grants Accounting (C&G) will accept credit card payment on sponsored projects with the following limitations:
- The acceptable credit card payment is not to exceed $10,000
- The payment term with a credit card is disclosed at time of proposal submission
- The fee associated with credit card payment is pre-negotiate as to which party will cover the fee
- Credit card payment terms are accepted on an exception basis
- The limit of $10,000 is to insure UTEP provides maximum opportunities to sponsors to provide funds to get programs started, make a pre-payment for work to begin pending contracts, or for SBIR/STTR vendors to pay invoices that otherwise might not be paid.
- At time of budgeting/proposal preparation, it is important to ask for alternative payment options that are congruent with current payment methods, and accept credit card payment terms as last option.
- There are potentially three (3) options to cover the fees associated with credit card payments listed in order of preference:
- Funding source absorbs fees – RA include fees in total direct costs (est. 2.5% of payment amount)
- If credit card payment is on project subject to full indirect, the F&A revenue recovery cost center is charged the credit card fee
- The credit card fee is charged to a University Account
Any exceptions to the above require prior approval by the Vice President for Research or authorized designee (AVPR)