Card, mobile credential, payment and security
Colleges and universities are increasingly supplementing their core revenue sources of tuition and fees, endowments and investments, and grants and appropriations from government sources. Institutions are developing alternative revenue sources, which include a seemingly endless range of activities on campus and online. The benefits of developing alternative revenues are many and include improvements that go beyond counteracting volatile budgets.
Common examples of alternative revenue sources are auxiliary services such as dining, bookstores, housing, recreation centers, and transportation. Many other alternative revenue sources exist, too, and these often take advantage of unique attractions and assets of an institution. Examples include collecting entrance fees for an archaeology museum and selling permits to cut down firewood from a university-owned forest.
A campus ID that is integrated with other systems on campus, and is capable of making payments, is ready-made to help institutions develop alternative revenue sources. With a tap or swipe, the ID can be used to quickly and conveniently purchase goods, access services, attend events, and more activities that generate additional income for the institution. A student’s ID facilitates nearly every activity in their day to day campus life, many of which present a revenue opportunity such as:
Today’s students prefer the quick, frictionless experience of digital transactions. An integrated campus ID that can make payments satisfies those expectations and fosters engagement, as evidence shows that expanding campus ID capability increases ID usage, especially purchases of goods and services.
A further convenience of a campus ID is connecting it to a declining balance account. Using the campus ID as a closed-loop payment option makes purchasing goods and services easy for students, amongst many other benefits.
Institutions can extend their campus ID use to non-students who visit campus for a variety of reasons in all seasons, such as all-inclusive youth summer camps, visiting researchers presenting at academic conferences, and building and repair contractors working on campus. These are opportunities to drive additional revenue by allowing non-students to use their temporary campus ID for purchases across campus.
An integrated campus ID allows you to expand the array of goods and services available for purchase because the campus ID system’s open platform facilitates secure payments to campus vendors. When legacy systems reach end-of-life, or perhaps a newer solution is preferred to meet changing needs, an integrated campus ID provides the flexibility to make changes.
An integrated campus ID system will collect and generate lots of data from the thousands of transactions it facilitates. Campus ID data is highly valuable in assessing revenue streams, helping to find ways to forecast trends, reduce costs, and increase sales. Data analysis ensures that the ID system’s functions are satisfying to users and efficient and productive for the institution.
Campus IDs support a nearly endless list of activities that are alternative revenue streams. That’s because the campus ID is like a Swiss army knife—a single object with many capabilities, applicable to traditional needs as well as new, creative uses.
If your institution is interested in using your campus ID to generate alternative revenue streams, download our playbook, Empowering Alternative Revenue Streams in Higher Education, to learn more.
