Refund Disbursement Myth #239 The cost of managing our own Direct Deposit (ACH) program is small because it is available with our software. The ability to use this functionality may seem cost effective, but many schools find that implementing a softwarebased Direct Deposit (ACH) solution actually INCREASES the costs associated with refund distribution. This is not surprising when you consider all that is involved in managing a Direct Deposit (ACH) program: Marketing to students, parents and staff on an ongoing basis Collecting and safeguarding student banking information Exception handling (bounced ACH deposits) Compliance (Department of Education and data security) Customer support Reconciliation Paper checks (not all students will choose electronic, leaving the school to support two distribution methods) Higher One is the leader in Refund Management. The service we provide helps colleges and universities save money and improve service by eliminating paper checks and providing students with electronic choices for faster, more secure ways of receiving their financial aid refunds. www.HigherOne.com Want to experience the cost savings? Call us now: 1.866.444.4379 ext. 138 or E-mail: rreach@HigherOne.com
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Table of Contents for the Digital Edition of University Business - August 2008