Benefits of a cashless account for students and FE & HE organisations
Universities and colleges are under constant pressure to improve services, save money, retain students, provide better facilities - the list is endless. By offering students’ a cashless campus, many of these boxes will be ticked. In addition, as we all know, students like an easy life. They favour those universities and colleges that have a reputation for being innovative, not only with the courses offered, but also with the facilities and services they provide. Students favour organisations that make the transition from school to further education as stress free as possible. So campuses need to put plenty of time and effort in to delivering this student friendly and stress free experience.
Easier for students
By students having access to a cashless account linked to an identifier, usually an ID card, which they top up with funds and then use to buy goods and services on campus, delivers that student friendly experience that is stress free for them to manage and offers students many benefits:
Easier for the organisation
- Enhanced personal safety – less cash is being carried
- The don’t need to remember to have cash on them
- Loading funds into their account is quick and conveniently done online 24/7 or via Kiosks on site
- Encourages better control of their finances – no need to constantly withdraw cash that may be spent on unnecessary purchases
- Less time will be spent queueing
- The can quickly and easily block lost or stolen cards – and it is much quicker to get a replacement in comparison to a debit/credit card
- Their parents can add funds to their accounts – this is a big benefit!
- They only have to remember one card for:
- Door access
- Sports membership
- Paying Library fines and fees
- Cashless catering
- Cashless vending
- Paying for tickets and events
- Course fees
- Paying for print and copying
As we mentioned earlier, organisations are under pressure in many areas, in particular saving money and managing their budgets effectively. When students use a cashless account it offers universities and colleges great opportunities to make additional savings and increase revenue from on campus spending. It also enhances student safeguarding policies.
Easier with a closed loop system
- Simpler administration – all transactions are recorded centrally giving a clear overview of transaction activity and trends.
- It offers integration with business critical systems to streamline service delivery
- Significant cost savings associated with less cash being received, counted, reconciled, insured, stored and banked
- Reduction in staff time spent dealing with high-volume, low-cost transactions
- Better staff and premises security and a reduced risk of theft or fraud
- Overall reduction in operating costs – one university estimated a 8% saving
- Increase on campus spend by up to 20%
Using a closed loop system for your cashless accounts means that account balances are held and managed by the organisation, which keeps spending on site. Funds held in a closed loop system (which could amount to hundreds of thousands at a time for large organisations) can support cash flow and earn substantial interest. It also allows the university to credit bursary payments into the student’s cashless account where it is then spent back on campus – rather than paying into their bank account where it can be spent anywhere and on things not related to their education.
If you would like to know more about the MonitorIT cashless campus solution you can watch our video ‘The cashless campus’
or call us on 01494 565066.