The holiday season is supposed to be a time of joy and good will to all. Yet, for the business office, the reality is more about the hustle and bustle of closing another year and preparing for a long list of new initiatives. So, hit the pause button for a minute and reflect on the progress you’ve already made in your campus commerce systems. In the spirit of Charles Dickens’ A Christmas Carol, let’s visit campus commerce past, present, and future:
First, the spirit of Commerce Past could show that, not long ago, schools dealt with stacks of paper checks, mailed paper statements monthly, and managed lines of students paying fees or getting refunds. They collected credit card numbers by phone, sometimes writing the numbers on Post-it notes for later authorization. Payments stopped at 5:00 sharp in order to close the business day.
The spirit of Commerce Present would show a much different story. Today, schools have eliminated paper statements and convert paper checks into electronic transactions. More student transactions are processed with fewer staff. Schools have improved payment card security to achieve PCI compliance. Some even watch online payments pass through a central commerce dashboard instead of watching students pass by in lines. All the while, the business office is open for payments 24x7.
Finally, the spirit of Commerce Future will show that technology continues to play an increasing role in daily operations, especially in harnessing the power of mobile computing. Schools will realize more and more value from unified commerce systems, including easier PCI compliance. “Around the clock” and “around the world” will be the new reality as the distance between here and there disappears.
Higher education is building the foundation for those future commerce systems right now. Next month (make that next year!), we’ll talk about accelerating your campus commerce projects by identifying areas that can deliver the biggest impact. So instead of focusing on all the “Bah Humbug” year-end tasks, take some time to appreciate what you’ve already accomplished.
"...there is nothing in the world so irresistibly contagious as laughter and good-humour."
– A Christmas Carol, Charles Dickens