What is the UM Central Marketplace?
The UM Central Marketplace is an e-commerce tool that provides UM departments and organizations the ability to manage and operate online storefronts and compliant payment systems for campus-developed web applications. With the UM Central Marketplace, your campus department or organization can accept online payments and process payment refunds.
There are several incentives to using the UM Central Marketplace. A few of these include:
- When you use the UM Central Marketplace, there is no longer a need to write out physical receipts.
- When a customer pays through the system, an email receipt is automatically generated and emailed to both your administrative contact as well as the customer.
- There are no funds that need to be taken to the Bursar on a daily basis. The funds are transferred into your UM account.
- There are minimal setup and administrative needs. There isn’t a need for an IT person in your department to manage your items. Your reports are generated and sent to you as funds are disbursed. Final reports are pulled and sent to you at the close of your event cycle.
- Departments must be sensitive to the issues surrounding accepting credit card numbers for payment. Credit card information should not be written on paper or sent by email. Using the UM Central Marketplace allows for the customer to go online and purchase items/register for events themselves. This eliminates the potential for departments and the university to be held liable for improper usage or storage of credit card numbers.