What does campus-wide payment integration mean to you? For some, it triggers traumatic remembrances of complexity, vulnerability, and associated time and costs. For others, the definition is still unclear. In essence, payment integrations connect a university’s treasury department with third-party service providers (TPSPs). Although such integrations seem like intricate mazes of payment systems, they result in enormous benefits for all involved stakeholders when implemented effectively. The real-time, accurate reporting of reconciliation and risk enabled by payment integrations can be leveraged to improve student satisfaction, financial oversight, security/ compliance, and cost savings at a university. Let’s find out how:
No way to an easy A
Accepting payments for a university event is as easy as setting up an account on Eventbrite, right? Wrong. When payment integration is not present, each event creator must pay registration and credit card gateway fees separately. If that isn’t bad enough, such accounts are easily compromised by opportunistic hackers, turning evites into formal invitations to steal valuable personal and payment data from a university.
However, when all payments are seamlessly integrated, it’s as easy as the bursar’s or treasurer’s office validating the third-party provider, signing a master service agreement to reduce liability, and holding an encrypted key to a set of user accounts that are monitored and managed. Now that deserves an A+.
Report cards are in
The many merits of university payment integration can be organized into two general categories: reconciliation and risk. Affording synchronized and instantaneous transaction reporting is invaluable for any university, as it delivers a fresh, accurate “report card” to the treasury department’s doorstep by the minute. Reflect back to the professor who waits till the end of the semester to put grades in, versus the one who updates them biweekly. Which way was better? The implications for a payments infrastructure on campus are even more robust and all-encompassing. Just a few that make the top of the list include streamlined PCI compliance, reduced electronic payment processing costs, and fraud mitigation.
Counting down the days until summer
Whether your institution is looking to eliminate paperwork, simplify electronic billing, reduce administrative burdens, or offer your students payment speed and flexibility, Arrow Payments has you covered. We build and manage the series of bridges between your university and any TSPSs with integrations that are P2PE secure and PCI compliant. In other words, we’re ready to serve the future of payments.
Are you? Click here to find out how we partnered with a world-renown university to facilitate a comprehensive payment systems integration without any disruption.