News

June 6, 2002

Starting June 3, 2002, ECSI added the ability for borrowers or students to make payments by credit card. We now have the ability to process credit card payments for loans, tuition, receivables and almost any other debt type. This new payment option is made possible by utilizing EBPP, a product of Educational Billing Services (EBS).

EBS charges ECSI a service fee for each electronic payment processed. The fee is currently 2.5% + $0.50.

You have three choices concerning the fee:

1. The school will pay the service fee. You will be billed monthly for the charges incurred by your borrowers or students.
2. The payer will be charged the service fee (cost to the school is ZERO).
3. The school does not want us to provide this service. We will inform payers that they are not eligible to participate at the school's request.

Because of the flexibility in the EBPP service from EBS, you can elect to have the school pay the service fee for tuition but have the borrower pay the fee for loans.

We will begin opening up this service on a school-by-school basis as soon as soon as we receive your decision on payment of the service fee. On June 17, we will begin offering this service to everyone. Unless told otherwise, we will assume that the payer (borrower or student) will pay the service fee.

Please email us which service fee option you would like for loans and tuition (if applicable). Forward your decision to admin@ecsi.net as soon as possible. We are excited to be able to offer this new payment vehicle and look forward to providing an additional level of service to your students and borrowers.