University Business May 2018 - 31

SPONSORED WEB SEMINAR DIGEST

KELLY LAGANA
Product Manager
Blackboard Transact

just starting out, we recommend that you keep it as
simple as possible, and then grow and learn from your
students. Most software tools have a lot of flexibility
built in and they allow you to change as you go, so
you can respond to what works. You also need to think
about the number of plans you want to offer, the balance types, open and close dates, when you are expecting your students to start these plans, when to
start giving your money, and when you want to have
your money back in. All schools do this differently.
Marketing is very key. It's important to get the word
out, and to get it out early enough so students can take
advantage of it. If you can market those plans, you will
see an increase in enrollment, and down the line it will
relieve a big headache for the resources in your office,
especially at those peak times of year when payments
are due.
Denise Burt: We handle our plans internally, but be
very careful about starting off that way. The reason we
chose to do it internally was because I wanted to learn
the system. It was a good way for me to understand
the Cashnet setup. But the first year was very painful,
and without the help of Cashnet support we probably
wouldn't have gotten through it. Now, in our fourth
year, it's become much more seamless and we know
what we're doing.
When we signed up with Cashnet, we wanted to
make sure that we retained the features from our old
system, but with an online capability with real-time
connection. Having our payment plans pull in realtime account activity is incredible.
We know that the data reporting is accurate, and
our controller's office loves that. If students add or
drop classes, or get additional financial aid, there's

DENISE K. BURT
Bursar
Santa Clara University

"When we asked students about payment
plans, very few were even aware that
was an option. But those who have used
a payment plan had a positive experience.
They like the options and the selectability
that payment plans provide."
something called a rebalancing that will pick that up
and adjust the payment requirements. No more budgeting out of crisis-whatever the computer says is
owed, that's what gets pulled into the payment plan.
We are not waiting around for a check. If a student
wants to be on a payment plan, they have to put in
their bank account information. A huge plus is the
ability for authorized users to also enroll in a plan-
parents like that they can enroll in the plan on their
student's behalf. And students and parents can review
the plan data at any time.
We charge $40 per term to be on the plan. One reason we have taken it in-house is because we're always
looking to generate revenue. We have about 900 families on this plan, so we are getting $90,000 to $100,000
in revenue every year. We're putting this revenue back
into our new institutional loan program, so we'll have
money to give back to the community.
We are definitely more efficient. When you take the
human aspect out of anything, it's always better. When
you're doing manual payment plans, you open yourself up to error. Having this all systematic is quick and
is easy.

To watch this web seminar in its entirety, visit universitybusiness.com/ws030818


http://www.universitybusiness.com/ws030818

Table of Contents for the Digital Edition of University Business May 2018

University Business May 2018 - Cover1
University Business May 2018 - Cover2
University Business May 2018 - 1
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