A University Business Web Seminar Digest * Originally Presented on April 26, 2012
Every college strives to maximize electronic payments, but there will always be a need for departments to take in-person payments via check, cash, credit and debit card. Schools that handle these payments and the resulting departmental deposits the way they did 10 years ago, with paper forms and manual data entry, may be missing opportunities for efficiencies and savings. This web seminar looked at the benefits realized by the University of Illinois after implementation of the Nelnet cashiering solution.
Product Manager, Cashiering
Nelnet Business Solutions
Colleges and universities must deal every day with cash transactions. Campus departments might receive payments for academic transcripts, parking or other business. Professors may be reimbursed for travel when they are guest lecturers or speakers. Campus events such as art exhibits or lectures may take payments at the door from non-students and other visitors.
Cashiering applications offer reduced cash handling, double-custody control, reduced costs for armored courier service and facilitate getting money to thew bank more quickly. Reduction in data entry also reduces errors. Customized forms reduce paper usage and automating deposits minimizes opportunities for errors such as math mistakes and incorrect accounts.
Changes in other technologies are often an impetus for colleges to move toward a cashiering solution as a replacement for cash transactions. Decentralization is another reason for cashiering automation.
The University of Illinois had five main objectives:
* Improve efficiencies for central and remote business offices
* Leverage expertise
* Involve multiple stakeholders including auditors
* Utilize existing tools and resources
* Identify and communicate the benefits
By using Nelnet's Cashiering transaction designer, institutions are able to tailor transactions to the needs of the campus. Transactions are easily configurable. Redundant data entry is eliminated. Departments are able to enter their own data, balance their work and directly deposit the money to the bank. The University of Illinois refers to this as self-service cashiering.
Compliance is managed because the easy to configure forms enable restrictions or business rules to be embedded in forms.
Nelnet Cashiering creates a detailed audit trail and is easy to query, and reporting is readily available to authorized staff for review and analysis.
Director, Customer Service and Cashier Operations
University of Illinois
We are a Banner site and we implemented Nelnet Cashiering in March 2011.
We have three main campuses with more than 77,000 students and 400 cash-handling business offices. There is a cashier office on each main campus and all use Nelnet Cashiering. We process more than 1,500 transactions per week that range from students paying a bill, department deposits, staff voucher payouts and petty cash administration.
We are just getting started with self-service cashiering in various stages of deployment at four of our business offices. One has been up and running since January.
The objectives were:
* Improve efficiencies
* Reduce data entry errors
* Reduce form handling and cash counting
* Enforce compliance and ensure audit procedures
* Keep it simple! …