Let’s face it. From the 1980’s to now, payments technology has evolved rapidly enough to make heads spin. Gone are the days where you could count campus merchants on your hand, and point-of-sale was the only form of payment. Enter the matrix of complex structures, new expectations, globalization, and innovation, driving strong implications for security and compliance. The universe of payments will never stay the same. Follow the Arrow team as we explain how legacy payment systems may be weighing your university down, and what can be done to fix the problem.
Failing to plan is planning to fail
Inherent to the nature of the term “legacy system” is the notion that technology has rapidly surpassed the old, or outdated way of doing things. In the past, we’ve seen universities attempt to “tack on” new payment platforms in an effort to stay current. However, even when such systems are individually sound, they result in a patchwork of payment silos that do not meet the secure, real-time, scalable or mobile processing demands of today.
A nation of consolidation
To the keen-eyed observer, just a quick stroll around a college or university campus reveals the intricate payment systems needed to support it. The bursar’s office, dining halls, research facilities, fundraising, alumni associations, event venues, just to name a few, represent revenue opportunities involving a much broader (and even international) set of payment users. For a treasurer, this translates into the addition of more processes to layer over an existing payments ecosystem. This in turn breeds redundancy, duplication and room for error. Another major implication includes the inability to analyze and reconcile integrated financial data across departments, which can significantly impact decision-making at a higher level. If you work with Arrow Payments, you receive the benefit of consulting and analytics for your donation and fundraising efforts from a group with deep expertise. That’s what we mean when we say, “We’re the team on your team!”
At the drop of a hat
It’s no secret that the regulatory landscape is continuously responding to threats from hackers and technology. In a world where data breaches are commonplace, institutions should create impact reduction plans “based on the assumption that they will be breached”. Campus-wide PCI-validated P2PE implementation is the best solution to the problem, yet adoption is slow. And understandably so. Payment systems and security are complicated, and no single solution can address all of the complex needs across diverse departments. The ultimate motivating factor is costs and time incurred during annual audits that could be avoided altogether through robust payment system management and integration. Today’s world prioritizes the data security of students, employees, and other stakeholders.
The permanent solution
Ready to transform the payments infrastructure at your university? Look no further. Chat with our team to learn more and get started!
