Campus credential and commerce solution provider, TouchNet, recently outlined a host of reasons universities should pay mind to their declining balance accounts on campus. In the company's "10 Ways Declining Balance Accounts Can Benefit Your Campus," there seems to be a common thread between campuses that have fared well through the last couple years, and healthy declining balance offerings.
More specifically, the institutions who are leading the pack are those that have reimagined the campus experience, eliminated outdated systems and processes, and implemented student-centric solutions. Among the measures campuses have taken, TouchNet says, is a maximizing of declining balance opportunities using the campus card, with the goal of connecting students to more services and resources through their student ID.
TouchNet's benefits of a robust declining balance offering include:
TouchNet sees a clear link between institutions that are doing the campus card right and those that have healthy declining balance options in their cash management infrastructure.
Using the campus card as a closed-loop payment option, which functions like a credit card but without the fees, can make purchasing goods and services easy for students. For parents, this functionality gives them a convenient means to add funds and monitor spending while administrators have complete visibility and oversight of payments campus wide.
For more on declining balance and the campus card, read TouchNet's full write up.