The True Cost of Refund Processing

Cost Effect Risk Dice

What is it going to cost me? Sooner or later this question always comes up in the buying process. Sometimes the ever pragmatic finance officers ask the question right from the get-go. Sometimes, there is patient and polite listening before the question comes. In the end, the question always comes, and with good reason. Cost is always important. When it comes to refund processing, however, the question of cost is not always so simple.

If your refund solution is free to your institution but results in fees to your students, is it truly low cost? On the other hand, if it is expensive to your institution that cost must be borne somewhere. In addition, there are costs beyond strictly financial costs that should be considered. Reputational costs, compliance costs, and workload should also figure into the equation. It is not always easy to make apple-to-apple comparisons.

Our free eBook, 5 Steps to a Better Refund Process (The 5Cs), can help serve as a guide to developing a comprehensive, student friendly, and cost-effective process.


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

 

 

Craig Lockwood, President, TMS

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