Refund Policy

Kern Finans ve Danismanlik Hizmetleri accepts credit cards as payment from external parties for certain goods, services, or gifts. Kern Finance mandates that all credit card-accepting local units, called “merchants,” do the following:
Customer: An individual or other external entity that makes a payment to the Corporation for transactions and services
Merchant: A local unit that accepts credit and/or debit cards as a method of payment for transactions and services.
For one-time deposit, use the Kern Finance's approved credit card processing vendor.
For ongoing deposits, request set up through the central Cash Management office and comply with the credit card industry standards, Kern Finance guidelines and annual certifications
Reason for Policy
Credit card data is high risk confidential information that is protected by state and federal law and Kern Finance has a legal obligation to protect it. Credit card associations require all merchants to follow protocols titled Payment Card Industry Data Security Standards (“PCI DSS”), designed to prevent cardholder fraud and identity theft. All merchants must comply with PCI DSS before accepting credit cards and must also certify their compliance annually. The risks of non-compliance include substantial fines and penalties imposed on the Kern Finance by the card associations, Kern Finance liability for all financial losses incurred as a result of a security failure, and damage to the Kern Finance's reputation.
Who Must Comply
All our clients, Affiliate Institutions, Allied Institutions and Initiatives that process, store or transmit cardholder data or plan to outsource the process, storage or transmission of cardholder data.
Determine the scope of credit card needs. While accepting credit cards is a convenience for customers, it also entails legal/financial risk for merchants and requires substantial compliance activities. Local units should consider the risks and responsibilities associated with accepting credit cards, as well as credit card payment alternatives, before requesting a merchant account.

One-time events: Local units that want to accept credit cards for one-time events (such as a conference or seminar offered to the general public) must use the Kern Finance approved vendor for credit card processing service. This service provides units the convenience of accepting credit card payments without the extensive set up required and ongoing merchant account maintenance. Contact our Customer Service at for details.
Contact the CMO at
The CMO will provide additional guidance to units considering merchant set up. CMO can also offer alternative payment suggestions to units for whom merchant set up and maintenance is not suitable.
Plan for appropriate use.
Acceptable cards: Kern Finance merchants may accept major cards such as VISA, MasterCard, Discover and American Express.
Annually, review existing merchant accounts and close unnecessary ones.
Responsibilities and Contacts
Financial deans or equivalent tub financial officers are responsible for ensuring that local units abide by this policy and the accompanying procedures.
Cash Management Office (CMO) within the Office of Treasury Management, is responsible for maintaining this policy answering related questions, and managing and reporting the Kern Finance compliance status. Contact:
Risk Management & Audit Services (RMAS) performs periodic merchant audits and evaluates the security levels of credit card server locations. Contact: Risk Management & Audit Services from :