Why is Cashless Catering now more important than ever in Colleges?
We’ve mentioned in previous posts the many benefits of cashless catering in colleges, losing the stigma or free meals, better reporting, reconciliation and stock management but one we haven’t mentioned is how it can be used to increase the income that catering generates for the college.
With government funding for colleges being put under ever more pressure, it is important that colleges look to create strong revenue streams wherever they can. Reports from those educational organisations who have gone cashless, show having value on a student’s ID card increases on campus spending by around 20%. Using value on card means students are less likely to wander into the local city centre to spend their money, in local coffee shops or cafes, they’ll look to spend it on campus because it’s easier and of course this ensures their money is kept, within the college, securing the college revenue they might have otherwise lost.
Let’s put some figures on that, if a college had 5000 students enrolled, and they all spent £100 per month from their ID card, over the year, that could be an additional £100,000 worth of revenue. Oher activities you might consider for additional revenue streams can include ‘pop-up’ shops. Some colleges have thought about having students run ‘pop-up’ shops, this can give them a great work experience in running a shop with little supervision required. MontiorIT accounts for all transactions, no physical cash needs to change hands, as purchases are made using the student’s ID card, leaving little room for error with things like incorrect change or other administrative mistakes.
MonitorIT can even integrate with your vending machines, to create a fully cashless environment that further promotes spending on campus.
As the MonitorIT solution is a closed loop, there are no fees to pay on transactions (other than when a student tops up their account using a debit/credit card) all purchases made using their ID card do not attract further transaction fees – thing how those savings will add up in your organisation.
Best of all, this additional revenue can be put towards creating an enhanced student experience, more students will want to attend the college, creating a better reputation and the chance for more funding and growth.
If you would like to know how MonitorIT’s transaction management solution can make your environment cashless please get in touch with us. Email firstname.lastname@example.org
or call us on 01494 565066