Cashless Campus Initiative
Finance and Administration Division is currently evaluating a cashless transaction initiative. As a small university, we find ourselves struggling with small budgets and reduced resources; therefore, we are always looking to do more with less and still be more efficient with our time and resources.
In today’s world, making purchases with credit/debit cards has become the norm, and they are our most widely used form of payment. Gone are the cash and checks of yesterday. To this end, we are exploring options to take our campus cashless by implementing a campus-wide payment solution that provides many benefits for faculty, staff, parents and students alike. We have already accomplished some of this by expanding online payments, as well as through the addition of Touchnet uStores and uPay sites. uStores provide a familiar, e-commerce experience for students, parents, and alumni and allow them to shop online, register for events, or make donations, while uPay sites offer a secure means to integrate existing web applications into a centralized, certified payment system. Both options will give the university maximum flexibility in achieving our goal of a cashless campus.
Over the past couple of years, the university has expanded electronic payments across the campus. Because of our efforts, the university cash transactions have declined tremendously over the past three years.
The plan to move toward a cashless campus will be carried out in phases to ensure that there is sufficient adjustment time for everyone, and to assist those who are not familiar with other payment methods on campus such as One Card. We do recognize that some may not have access to debit or credit cards and we are pleased to inform you that you will be able to make cashless payments using your One Card. Please refer to One Card Uses website and One Card eAccounts website for additional information.
This initiative does not affect campus stores or dining such as the P.O.D. Market, Pickle Jar and Library Café, which are operated by Aramark. It will include mail center, One Card office, and other receipting cash areas on campus.
Reasons to be a Cashless Campus
Cash is a burden for businesses and is actually more expensive to insure, count, store and generally manage. Going cashless will help Finance and Administration use its resources more effectively as well as reduce the risk of fraud and human error. In addition, a single cash transaction requires getting the money out of a wallet/pocket, counting it, handing it over, waiting while the sum offered is checked, receiving any change, checking the change, and putting it away. Compare this to an integrated contactless payment, which takes 1-2 seconds. So why do we take cash again?
Here are the top five reasons why we should take our campus cashless:
- Accountability, control & visibility - Accepting credit/debit card payments online and on-campus improves financial management with system integration and robust reporting for easier reconciliation.
- Increase revenue - Increases payment frequency, while encouraging higher payment amounts. Provides auto-payment features and low balance notifications. Saves resources and assists in maintaining positive cash flow.
- Minimize Risk - Reduces cash handling and provides the highest security standards with PCI and CISP. Eliminates the need for students to carry cash or checks to campus.
- Ease administrative responsibility - Provides key systems integration with student finance systems, reduces time spent counting cash and checks.
- Convenience and security for parents – Parents, students, or staff can easily make secure online payments 24/7 from their computer or mobile device and provides peace of mind knowing payments are received by the school.
If you require further clarification or have any feedback contact Wendy Emerson, Associate Vice Chancellor for Finance or Dana Dupree, University Controller. We value your feedback so that we can better address your concerns if any.