Tennessee Board of Regents System Selects Heartland Payment Systems® for Electronic Financial Aid Disbursement Services

Published on Wednesday, 08 February 2012 09:26 Written by TradersHuddle Staff

PRINCETON, N.J.-( Business Wire )-

Heartland Payment Systems (NYSE: HPY) Campus Solutions division has been awarded a contract by the Tennessee Board of Regents System to manage financial aid disbursement and refund management with Heartland’s Acceluraid™ electronic financial aid disbursement product. Consisting of six universities, 13 community colleges and 27 technology centers, the Tennessee Board of Regents System has more than 200,000 enrolled students and over $600 million in annual financial aid refunds.

“The Tennessee Board of Regents was seeking state-of-the-art electronic financial aid disbursement services and an efficient transition away 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. “This agreement for our Acceluraid product will benefit both students and the Board of Regents’ institutions that partner with us.”

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 issued by Oklahoma-based Central National Bank. Upon activation, students’ financial aid funds are automatically deposited to the card and 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, as well as free withdrawals from Heartland ATMs placed on campuses.

The students at Tennessee Board of Regents partner institutions will also receive customer support that covers everything from forgotten pin numbers and pass codes 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.

About Heartland Payment Systems

Heartland Payment Systems, Inc. (NYSE: HPY), the fifth largest payments processor in the United States, delivers credit/debit/prepaid card processing, gift marketing and loyalty programs, 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 HeartlandPaymentSystems.com or follow the company on Twitter @HeartlandHPY and Facebook at facebook.com/HeartlandHPY.

Heartland Payment SystemsMichael J. LaCosta, 888-798-3131, ex. 2245Director of Public Relationsmichael.lacosta@e-hps.comorVault CommunicationsLeanne Scott Brown, This e-mail address is being protected from spambots. You need JavaScript enabled to view it.