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MSU Implements Fee Increase & PCI Training

Michigan State University has implemented a significant change in its administrative fee structure, increasing the rate from 2% to 3% effective July 1, 2024, due to rising central services costs. This change aims to guarantee the university's expenses are adequately covered. Additionally, the university has mandated PCI training for individuals with payment card data access to secure compliance with payment security standards. This training, required at hire and annually, is essential for maintaining PCI compliance. Further details on the fee increase, PCI training, and relevant resources are available to facilitate a thorough understanding of these important updates.

Key Takeaways

• Michigan State University is increasing its Administrative Fee from 2% to 3% effective July 1, 2024, due to rising central service costs.
• The fee increase aims to encourage departments to develop rates covering direct and indirect costs, following a decade-long 2% rate.
• PCI training is mandatory for individuals with payment card data access, required at hire and annually, and accessible through elevateU in EBS.
• The training ensures PCI compliance, with PCI Stewards responsible for ensuring staff receive required training to meet compliance standards.
• Resources, including the Office of the Controller and Merchant SAQ Portal, aid in compliance monitoring and payment security.

Fee Increase and Rate History

Michigan State University's Administrative Fee, which has remained unchanged at 2% since fiscal year 2010-11, will increase to 3% effective July 1, 2024. This adjustment is necessary to reflect the rising costs of central services. A thorough cost analysis has revealed that the current rate is no longer sufficient to cover the expenses incurred by the university.

The Administrative Fee is assessed to encourage departments to develop recharge rates that include direct and indirect costs. A review of the rate history indicates that the 2% rate has been in place for over a decade, necessitating this incremental increase.

The new rate will be effective as of July 1, 2024, and future administrative fee rates will be announced during budget planning for each fiscal year.

PCI Training and Compliance

As part of our ongoing efforts to safeguard the security of payment card data, all individuals with access to such data or systems are required to complete mandatory PCI training. This training is an essential component of maintaining PCI compliance, a critical requirement for institutions that handle payment card information.

The training requirements are straightforward: all personnel with access to payment card data or systems must complete the training at the point of hire and annually thereafter. The training is easily accessible through the elevateU icon in EBS and takes approximately 20-30 minutes to complete, including quiz questions.

PCI Stewards are responsible for ensuring that their staff receive the necessary training to meet PCI compliance standards.

Access to essential resources and important links is provided to facilitate compliance and streamline payment card-related processes. These online resources are designed to enhance training effectiveness, ensuring that staff and PCI Stewards have the necessary tools to maintain payment security and compliance.

The Office of the Controller, Transact Payments Production Environment, and Merchant SAQ Portal are just a few of the valuable resources available. Additionally, the Glossary of eCommerce Terms and MSUPayment System provide essential information for compliance monitoring and payment security.

Frequently Asked Questions

What Happens if I Fail the PCI Training Quiz?

If you fail the PCI training quiz, do not worry; it's a normal part of the learning process. Addressing PCI concerns and alleviating training anxiety, you can retake the quiz to demonstrate mastery of payment card data security protocols.

Can I Take PCI Training on a Mobile Device?

"As we navigate the digital landscape, it's only natural to wonder: can I take PCI training on a mobile device? The answer is yes, the PCI training is accessible via mobile devices, ensuring mobile learning and training accessibility for all."

How Will the Administrative Fee Increase Affect My Department?

The administrative fee increase from 2% to 3% will directly impact departmental funding, influencing budget planning and allocation. This change will require careful review of recharge rates to guarantee accurate cost recovery and efficient use of resources.

Are There Consequences for Not Completing PCI Training?

'When it rains, it pours,' and failing to complete PCI training can lead to a deluge of compliance risks and financial penalties, underscoring the critical nature of timely training to mitigate these consequences and maintain a secure payment card environment.

Will the Administrative Fee Rate Increase Annually?

The administrative fee rate increase is not necessarily an annual occurrence; rather, future rates will be announced during budget planning for each fiscal year, ensuring a thoughtful approach to the fee structure and its budget impact.

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