Merchant Services for Colleges and Universities
Colleges and universities used to only have to worry about collecting money twice a year when students came back from break. The landscape of higher education has changed, however, and today colleges and universities are regularly collecting money for a wide variety of activities, services and products including books, dormitories, cafeteria meals, sporting fees, and more. While most institutes accept credit cards, many of them have agreements that cost them thousands or even millions of dollars every year in merchant account fees. Fortunately, there is a way to cut down on this expense.
When credit cards first appeared, it was pretty rare for a college student to have one. Most campus transactions were handled with cash or check. Meals were pre-purchased through a meal plan, and books and supplies were bought once a semester. Today, however, practically every student carries a credit card. For some of them, being able to charge expenses such as room fees and textbooks is their strategy for paying for college without resorting to student loans.
For a college, however, this means that students expect to use their cards to pay for everything on campus. That means that everything that accepts payments on campus, from the food court to the book store and even the washing machines in the dorms, needs to be set up to accept credit card payments. Universities that only accept credit cards in the bursar’s office and a few food court locations are quickly discovering that they are missing out on the opportunity to collect payment promptly and efficiently.
It’s important to keep in mind that more people than just students are now frequently found on college campuses. It’s not uncommon for parents to visit more frequently or for alumni to spend some time on campus. These people also expect to be able to pay for everything from coffee to t-shirts with their credit cards.
Of course, many schools are concerned with the fees associated with accepting credit cards. Most credit card processing companies charge high percentage-based markups on every transaction, which can be hugely expensive when students are paying for things like tuition or dormitory rent – transactions which are usually several thousand dollars per semesters. Payment Depot, however, offers bargain-priced flat rate processing plans starting as low as 10 cents per transaction depending on which subscription plan you choose. The monthly subscription plans themselves start as low as $20 per month, making Payment Depot one of the most affordable processing options ever.
This means that it is cost-effective to put credit card machines in places where students are making even the smallest of purchases. Try Payment Depot’s free 90 day trial at your college or university today, and see the savings for yourself.