I think we will all be able to relate to the feelings parents have when their youngsters head off to university or college for the first time. Pride in the achievements that got them to uni or college, excitement for their children’s future, and a little bit of worry about how they are going to survive without Mum to cook, clean and do their washing or make sure they have clean bedding. However, probably the most important thing parents will be thinking about is how they will manage their finances and not fritter away their money in the student union bar.
Therefore, it is important to both students and parents that their financial management is made as simple as possible. Of course, parents will possibly have instilled some good money management skills into their kids, and most HE and FE organisations will have a student finance and budgeting section on their website to offer guidance, tips and tricks for making student money go further and how to budget properly.
Those universities/colleges that offer a cashless campus to their students will be well ahead of the game when it comes to offering simple financial management to their undergraduates and reassurance for their parents. By taking the approach of using one card (typically the student ID card) with one account that can have multiple ‘purses’ or ‘jam jars’ students don’t need to carry cash, debit or credit cards. They or their parents can add funds to the student’s account generally or assign it to a particular ‘purse’ or ‘jam jar’ so in effect the funds can be ring fenced. As an example, parents might specifically add funds to a catering ‘purse’ so they know their son or daughter has sufficient money to be able to feed themselves whilst on campus or they might add funds to an equipment ‘purse’ to cover the purchase of books/art materials etc.
Not only can parents top up funds into their children’s account but they can also see what their kids have been spending their money on!
Of course, unlike parents sending cheques, depositing money on credit cards or directly into their offspring’s bank account, parents now know the money can only be used within the campus environment and not on that must have dress from Zara.
It’s not only the parents who have peace of mind, the organisation removes significant amount of cash from the campus and all the associated costs and security risks attached to the holding of large sums of cash onsite. In addition, as a cashless campus solution works on a closed loop system the university or college benefits from increased interest on cash held at the bank. Another benefit is that bursaries can be paid by the university into the students cashless account, ensuring bursary money is spent on campus. Most significantly, research suggests on campus spend increases by up to 20% which surely has to be the real winner as universities/colleges are under pressure to run more as businesses.
If you would like to know more about how your organisation can start their cashless journey please contact us on 01494 565066 or email firstname.lastname@example.org. Alternatively, why not watch our video on the cashless campus – click here