If you have ever put a student through college, then you have probably gotten the phone call that starts with “Mom/Dad, I need money for laundry!” … or for coffee, or printing, or books-the list is endless, really. However, the way we get money to our students has changed recently, as more and more campuses have gone virtually cashless. Instead of giving your student a roll of quarters for the vending or laundry machine, or cash to spend at the bookstore, chances are that you now use an online portal to load funds to a card, or to an online account of some kind.
There are multiple cashless ways to pay on campus- campus cards, mobile solutions, spending accounts and more. As a parent, I do find it much easier to fund my student’s needs by simply and securely loading funds to a card via a 24/7 website; but, what is the benefit to the school, and why are they making the switch?
- Security, for one- the less cash a student is carrying around, the less likely they are to be a victim of crime, or to lose it.
- Ease of use; think of a long line in the cafeteria, and students ruffling through pockets and wallets to find their money- most students have to have their campus card on them at all times in an accessible place to access building entrance- so a simple swipe of their card and their cafeteria purchase is done, and on to the next student!
- With easier, faster payments, productivity increases as does customer satisfaction. Increased productivity leads to reduced costs and improved service levels.
- Financial value to the institution: mobile payments alone generated $235 million dollars in transactions in 2013 (Gartner).
Want to learn more about a cashless environment and payment acceptance on campus? Take a look at our new, free eBook: Less Cash, More Ways to Pay: The Growth of Cashless Payments on College Campuses and learn more about the shift to a cashless, and sometimes cardless, campus.
This eBook offers three case studies, relevant research and statics and valuable insight into WHY campuses go the cashless route, the benefits they have reaped, and the lessons they have learned along the way. In addition, you can review a Tool You Can Use: 5 Questions to Ask When Developing Your School’s Cashless Strategy.