Transition to a Cashless Campus for Easier Transactions Across Your Institution

These days, cashless payment is the norm. From tap-to-pay with credit cards to Apple and Google Pay right on your cellphone, cash is no longer king, and you need to be able to handle more ways to take transactions on campus.

Adapting to a digital financial environment is crucial to maximize efficiency and keep transactions safe for everyone.

For most people, cash isn’t the first option. According to Pew Research Center, in 2022, the number of Americans who typically use cash to make their purchase throughout the week has drastically decreased. 41% of Americans never use cash, while 44% use it for only some of their usual transactions.

With time, more people and institutions have made the switch to digital transactions. The pandemic made going cashless challenging but necessary for schools like North Carolina State and others, but it also has been the catalyst into a brighter, more efficient future for transactions across campus.

Of course, going cashless has plenty of benefits that push more and more institutions toward making the change. Gone are the days of managing large amounts of cash and constantly checking to ensure money is handled safely in the many stores around campus or when transported. Plus, by implementing more digital options for transactions on campus, you can expect better operational efficiency and security.

Eliminating cash processes and focusing on digital transactions can lead your institution toward significant cost reductions. Without needing to allocate resources toward collecting, managing, and transporting cash, you can reduce overhead costs and give your team the time to focus on more productive tasks.

On top of reducing institutional costs, going digital can streamline transaction processes, maximizing efficiency. Concerns of things like miscounting cash or theft can be eliminated, relieving stress on your staff, and with the simplified processes you can experience efficiency like never before at your campus.

Another benefit of going cashless is enhanced security. Without needing to manage cash or transport it you can significantly decrease the risk of financial loss. Eliminate the need for things like armored cars or special bank accounts. By going cashless, you can experience secure transactions from start to finish, giving everyone on your campus peace of mind.

Making the change from cash to digital payments is not easy, but with a phased implementation process, it can be done without being too overwhelming for your institution.

Communicate with leadership and stakeholders and work down, compiling the information the institution will need to run a smooth transition in phase one and start the process of changing from cash-first to offering more digital payment options. Choose departments where the change makes the most sense and would be simpler to implement before moving on to more departments.

Throughout the implementation process, keep everyone involved on campus aware of the changes, so no one feels out of the loop. Take advantage of every communication method to keep the community informed, including signs, newsletters, and even word of mouth between students and staff.

Over time, digital payment options will become the norm, and more of the people at your institution will both expect cashless payments and look forward to them.

Conclusion: Going cashless can be the perfect solution for your campus to make transactions safer, more convenient, and more efficient for everyone. With Nelnet Campus Commerce, you can make the change to a more digitally forward campus.

Visit our website to learn more about the benefits of going cashless at your institution or how you can start implementing a cashless process on your campus.