In the academic world, there are two sides to an easier life, students on one side and the institution on the other and what works for one doesn’t necessarily tick the other side’s boxes. However, there is one place where it can be a complete win win for everyone.
Drum roll for …… cashless payment solutions. By removing the reliance on cash both students and the institution benefit and enjoy an easier life, and when this is based round using one identifier (an ID card or mobile app for example) there are even greater benefits to be seen.
Let’s start with students, who are increasingly seeing themselves as customers and who are now starting to expect better services and academic experiences to justify the high tuition fees they are paying. For them being at a cashless university or college makes life easier because:
- They don’t need to remember to have cash on them.
- They are early adopters of new technologies and appreciate organisations that are too
- They’ll spend less time queuing
- They’ll spend more time on campus
- They’ll engage more in campus life as a result of 4
- They’ll be safer
- Their parents can add funds to their account
- They won’t need to worry about minimum spend, so they can still buy that £1.50 sandwich
- They’ll have one ID for everything on campus
- They won’t lose money if they lose or have their card stolen
And all this from one solution…. which gives students one account from which they can manage all their on campus spend such as catering, printing, laundry, PC bookings sports membership for example, no need to have different accounts in different systems anymore.
Now, what about the university or college? Well they are under pressure to reduce costs, improve recruitment of students and then retain these students, keep them engaged and progressing towards a good degree. Of course, academic success is paramount but universities and colleges also have to take a much more business-like approach to students to meet or exceed their expectations, so for them going cashless makes life easier because:
- Cash handling is minimised
- Merchant fees and transactions costs are reduced
- Service times are quicker, 3 secs for a cashless transaction verses 40 secs for a cash one
- On campus spend will likely increase by up to 20%
- Student engagement improves as more time is spent on campus
- Staff safety and security gets better as less cash is handled and held
- Overall service delivery improves
- Canteen hygiene improves (after all cash is pretty dirty and germ ridden)
- A cashless campus contributes to student safeguarding strategies
- Best of all, organisations have a centralised view of all on campus transactions
And all this from one solution…. which gives universities and colleges a closed loop system with no transaction costs at their points of sale, the savings made on transaction costs and reduced cash handling can now be re-invested into better services and facilities or given back to students by way of promotions and incentives.
If you want to take the first step towards an easier and cashless life then please call us on 01494 565666 or browse round our website www. monitorit.co.uk