WaveCrest Delivers Efficiencies and Cost Savings for Colleges and Universities when integrated with Tuition Management Systems (TMS) Student Refunds
Each year nearly 40 percent of students at colleges and universities receive some kind of tuition refund payment in the form of financial aid award, scholarships or due to dropping a course, putting an immense burden on the institution’s administrative resources and creating hassles for students.
Apart from the inconvenience of long lines at school offices, the traditional disbursement options are typically limited and do not offer bank account access or direct deposit. Additionally, cashing a check can be a costly and time-consuming.
WaveCrest’s team of highly qualified technology and payment industry experts collaborated with TMS and their customers to understand the payment requirements, resulting in the integration of a custom prepaid payments solution.
After implementing WaveCrest’s payment solution, participating colleges and universities recognized significant expense savings and efficiencies, including:
Reduced Operational Demands: On the registrar’s office and other campus resources, due to the fact that students no longer need to visit the office and wait in line to collect a refund check.
Cost Savings: Eliminating the cost of cutting checks, and managing a manual refund process.
In addition, the prepaid card offering for tuition refund disbursement provides numerous advantages to students including:
- FAST: Provides immediate access to refunds through ACH or direct deposit and avoids the added waiting time for processing and mailing checks
- SAFE: Provides added safety due to the card replacement feature if it is lost or stolen
- ACCEPTED EVERYWHERE: Card can be used for withdrawing cash at ATMs and making purchases in-store or online wherever VISA prepaid cards are accepted
- RELOADABLE: The card is reloadable and also allows funds to be deposited by family and friends. Offers a convenient way for parents to send money to their student to pay for monthly expenses
- ACCOUNT MANAGEMENT: Online account management is available through a website and mobile device, adding further convenience on the go
- MORE ACCOUNT FEATURES: Access to added account features such as quick account-to-account transfer between students, bill pay services, rewards program and more
- ACH TRANSFER: Students can send money from their card to bank accounts via ACH
- CUSTOMER SUPPORT: 24/7 IVR and customer support to handle card related inquiries
WaveCrest’s prepaid card solution is integrated at 80 different colleges providing students a fast, convenient and easy method to receive, manage and use their tuition reimbursement.