A steady flow of people have enjoyed playing The Money Game at our EDUCAUSE booth in Philadelphia. It's a fun way to highlight ways that colleges and universities can save, make, and manage money better. Here are some of the topics I've discussed with them:
Bank Bashing
People are upset about new banking fees (caused, say the banks, by last year’s Durbin Amendment). As a consumer, these fees can be frustrating. As a merchant, Durbin can mean savings. Make sure your campus is benefitting from the October 1st debit fee reductions. However, beware the unintended consequences of recent debit reform.
Cut to the Bone
Some believe that budget cuts have reached a practical limit. One CIO said it well: "You can only cut the bottom line so deep. At some point, you have to start adding to the top line." It's time for a shift in thinking from expense reduction to revenue generation. Leverage your Business Office systems to generate additional income. We call it the Billable Moment. Amazon calls it suggestive selling. It’s all about increasing revenue.
New PCI Acronym
The new versions of PCI data security standards have brought clarity to topics that many people considered gray areas. For example, some thought "virtual terminals," cashiering PCs using web browsers connected to a hosted payment application, might be exempt from PCI guidelines. Not so. Under PCI 2.0, any PC touching cardholder data, even just to pass it on, is in your PCI scope. There is even a new SAQ form, C-VT, for that.
Mobile Mandate
People are talking a lot about mobile systems. Most schools get the idea that by 2015, a campus without mobile systems will be like a campus today without a website. There is much yet to be determined about the directions mobile technology will take. Nonetheless, you can provide students with mobile payments right now, today, built on your current payment infrastructure. Don’t wait until it's 2014 ½ to start mobilizing.
Well, it's time to get back in the aisles. So much to learn – so little time!