Higher ed finance executives recently shared how they used prepaid cards to reduce risk, increase transparency and advanced their institutions’ financial goals. Below are insights from our higher education payments webinar.
BOSTON COLLEGE SIMPLIFIES RECONCILIATION
Reconciliation was a key motivator for implementing Boston College's prepaid card program. In addition to managing a large payment volume, the college faced administrative burdens when unspent funds flowed back into the finance office. A pilot program for three athletic teams in 2015 succeeded in simplifying reconciliation and provided the added benefit of lowering costs and enhancing security. Customizing the card with the Boston College logo helped to win over other teams. The college has since rolled out 800 cards to coaches and athletes to expand the program to other departments.
Cash Management & Financial Applications
CLEMSON REDUCES RISK
Faced with high-volume, large-dollar disbursements for its athletic teams, the Clemson University Athletic Department wanted to reduce the risk, cost and effort involved in managing checks and distributing cash. It piloted a prepaid card program during the spring 2016 baseball season. When the team needed additional funds after advancing to the ACC Tournament Championship Game, Clemson simply reloaded the cards. Lost or stolen cards were easy to replace. With encouraging results, Clemson decided to expand its card program to all 19 sports. Cardholders currently include student-athletes, coaches, trainers, managers, academic counselors, and other administrators.
Assistant Athletics Director for Business Operations
YALE STREAMLINES RESEARCH PAYMENTS
Yale sought a secure disbursement tool for a broad range of recipients that included one-time and recurring research participants, employees and students studying abroad, and athletes and coaches in traveling sports programs. Implementing prepaid cards offered security for researchers working where cash is easily lost or stolen. Prepaid cards also provided a reliable backup for instructors overseeing student travelers. Cardholders also responded to the ease of withdrawing funds from ATMs.
TAILORING SOLUTIONS FOR HIGHER ED
Carefully tailored for the academic world, prepaid cards are replacing paper-based payments as a faster, easier and more secure disbursement tool. Recipients can quickly access funds at ATMs or merchants that accept Visa or MasterCard. Uses range from travel payments and financial-aid disbursements to federal grant allocations and employee payroll.