Colleges and universities face increasing pressure to modernize their payments systems and processes — and higher ed payment assessments can help. These comprehensive assessments of payment systems can help higher education institutions stay ahead of the curve as technology and requirements change.
These assessments provide valuable insights into the number of systems in place, how departments are managing them, and the overall cost involved. In this article, we will explore why higher ed payments assessments are important and how they contribute to the critical step of modernizing payments in higher education.
1. Gaining a Comprehensive View
Higher ed payments assessments offer institutions a complete picture of their payment landscape. They also provide insights into the various systems and platforms being utilized across departments and campuses. Assessments help identify any redundancies, inefficiencies, or potential risks within the existing payment ecosystem. By understanding the full scope of payment systems in use, institutions can develop a holistic strategy to streamline processes and enhance overall efficiency.
2. Evaluating Payments By Departments
Payments assessments enable colleges and universities to evaluate how departments are managing their payment systems. Each department may have its own unique requirements and processes, leading to fragmentation. Assessments help identify areas where standardization and centralization can be implemented, reducing administrative burden and ensuring a consistent user experience. By assessing each department’s payments setup, institutions can align their payments systems with best practices and optimize resource allocation.
3. Understanding Total Cost
One of the key benefits of higher ed payments assessments is understanding the total cost of payment systems. Consider that issuing a paper check costs around $10 – then extrapolate the potential costs for additional manual processes that many institutions are still using. Analyzing payments processes provides visibility into direct and indirect costs associated with different payment platforms, hardware, maintenance, and support. Institutions can identify opportunities to consolidate systems, negotiate better contracts, or explore cost-effective alternatives. By gaining a comprehensive view of payment costs, higher education institutions can optimize their budgets and allocate resources more efficiently.
4. Modernizing Payments in Higher Ed
Modernizing payments is crucial in the digital era to meet the evolving needs of students, faculty, and staff. Higher ed payments assessments serve as a critical step toward this modernization. They help identify areas where outdated systems or manual processes hinder the user experience and operational efficiency. By evaluating the current state of payments, institutions can leverage technological advancements to offer seamless, secure, and convenient payment options.
5. Enhancing User Experience
A key aspect of modernizing payments in higher ed is enhancing the user experience. Students and parents expect streamlined, intuitive, and user-friendly payment processes. Assessments highlight pain points, such as long wait times, cumbersome manual processes, or limited payment options. Today’s students expect digital-first experiences. By evaluating what they offer and identifying any issues, institutions can offer more user-centric payment solutions. These solutions might include online portals, mobile apps, and digital wallets. Improving the user experience not only boosts satisfaction but also contributes to higher retention rates.
6. Strengthening Security and Compliance
Payments assessments help identify potential security risks and compliance gaps in the payment systems used by colleges and universities. With the increasing prevalence of data breaches and cyber threats, protecting sensitive financial information is of utmost importance. Assessments allow institutions to implement robust security measures, including tokenization, encryption, and multifactor authentication. Compliance with industry regulations, such as PCI-DSS, can also be ensured, mitigating the risk of penalties and reputational damage.
Straight As in Payments
Higher ed payments assessments play a pivotal role in modernizing payments systems within colleges and universities. By conducting thorough assessments, institutions gain a comprehensive understanding of their payment landscape, evaluate departmental management, and assess the total cost of payment systems. This knowledge enables them to develop strategies that streamline processes, enhance the user experience, and optimize resource allocation.
For more information about how Arrow Payments can conduct a payments assessment and enable solutions discovery, contact us today.