Bringing efficiencies, cost savings to colleges and universities in growing segment of payments
Transact Campus, Inc., “Transact,” the award-winning leader in innovative campus technology and payment solutions, today announced the launch of Transact Sponsor Payments, a business-to-business payment portal for third-party payors to easily make bulk payments towards student tuition and fees to Higher Education Finance Offices. Transact Sponsor Payments is implementing integrations across a variety of Student Information Systems, opening it up to a wide array of universities.
As employers continue to recognize the value of offering tuition reimbursement benefits, sponsored payments are expected to grow quickly in the coming years. In 2022, nearly half (48%) of employers offered undergraduate or graduate tuition assistance as a benefit.
In addition to expected rising sponsored tuition payments, younger generations of students increasingly seek modern payments capabilities as part of their college experience. Recent research shows 74% of Gen Z students think their college should make ease of payments on campus and online a priority to create a better student experience.
“Historically, university payment systems for third-party sponsor payments have been manual and time-consuming, adding complexity to collecting and reconciling tuition payments in a timely fashion,” said Laura Newell-McLaughlin, EVP, Integrated Payments and Campus Commerce at Transact. “With Transact Sponsor Payments, we’re bringing universities, sponsors and students a tool that simplifies the billing and payment process for all.”
Transact Sponsor Payments automates sponsor payment processes in a streamlined portal that’s seamlessly integrated into existing payment solutions. In one platform, university administration team members have real-time visibility into every stage of the sponsor payment process, and the sponsor can self-serve, view payments due, and make payments.
Transact Sponsor Payments brings value to universities, sponsors, and sponsored students:
- Drives cost savings. Drive efficiencies and reduce errors for Student Financial Services Offices
- Provides real-time, complete visibility. Updated visibility on students, sponsors, payments and balances
- Unlocks resources. University staff regain time to allocate to priority projects
- Improves relationships with sponsors. Sponsors are more likely to want to deepen their relationship with your university through additional sponsored students
- Enables sponsors to self-serve. Portal for Sponsor Payors provides visibility on current balances and ability to make bulk payments
“Without the burden of manually managing sponsored payments, universities will save time in tracking, managing and reconciliation and create a comprehensive digital experience,” continued Newell-McLaughlin.
To learn more about Transact Sponsor Payments, visit our website.
About Transact Campus
Transact Campus is the leader in innovative payment, campus ID and commerce solutions for a connected campus. Transact’s highly configurable, mobile-centric campus technology ecosystem simplifies the student experience across the full spectrum of student life. Transact’s offerings include integrated solutions for tuition and other student expense payments, multi-purpose campus IDs, and campus commerce. With a long-standing reputation in the education community, Transact proudly serves over 12 million students across more than 1,850 client institutions. Since inception, Transact has facilitated more than $53 billion in payments annually, has provisioned over 1.5 million mobile credentials and has enabled hundreds of millions of contactless mobile wallet transactions and purchases. For more information, visit www.transactcampus.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240305909604/en/
Contacts
The Fletcher Group for Transact
Geoff Renstrom
geoff@fletchergroupllc.com
208-871-9280
