My Money, My Choice

Choice-300x300I am a huge fan of Amazon, Pandora, Netflix, Google - or any other technology that provides convenience, entertainment or utility in a way that feels customized to my preferences. When done well, I willingly suppress any privacy concerns I may have for a more tailored experience. If I can also control the sharing of my information, all the better!

Given my (ahem) age, I am continually in awe of these types of personalized technology experiences. Your students, however, probably can’t remember a time before Amazon or Pandora; and as a result, they expect technology which is tailored to their preferences. Moreover, they are likely to be annoyed if they can’t personalize their experience!

As an institution that actively teaches students about the technologies of tomorrow, you leverage technology in the delivery of educational content and student services. You serve a diverse student population. Why, then, would it make sense to offer your students only the option of paper checks to receive their refunds? Why do they need to call your office to determine their refund status? To a student immersed in new technology, these methods of service will feel archaic and time consuming.

Offering a choice of disbursement options – and recommending electronic options- as part of your institution’s refund process is not only good customer service, it is critically essential to having an effective program that satisfies students, parents, administration and regulators.

How do you offer the right choices that satisfy student’s communication and refund processing needs in a way that reflects well on your institution? How do you create a process that is consistent with guidance provided by NACUBO1 and the US PIRG2 and ensures compliance with applicable regulations? That brings us to the new 5 Cs of Refunding eBook.

Free eBook - Five Critical Components You Need to Build a Better Refund Program

EbookThis document gives you an actionable template to guide you through a comprehensive review of your process that leverages the collective experience of TMS and its client schools. In it you will learn how to apply the 5 C’s to make your process student friendly and keep you from getting bitten! The following Best Practices (5C’s) are covered in detail:

1. Choice
2. Communication
3. Compliance
4. Controls
5. Cost

 

Download-eBook

 

1 NACUBO Offers Debit Card Best Practices, January 2013

2U.S. PIRG, The Campus Debit Card Trap – May 2012


Craig Lockwood, President, TMS

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