Colleges and universities take in cash at multiple locations on campus. Popular locales such as the student union, bookstore, basketball arena, football stadium, and on-campus restaurants, including many popular quick service restaurant brands, conduct many of their transactions in cash, and this trend is likely to continue far into the future. Indeed, 80% of college students carry cash, and as universities compete to attract students, amenities and attractions are added every year.
For colleges and universities, this daily influx of cash can present many challenges without the implementation of automated, secure, and scalable processes supported by the right technology and program.
Colleges and Universities face common challenges:
- Misappropriation of labor assigned to manual cash handling duties
- Multiple points on campus that accept cash – which leads to substantial labor assigned to daily reconciliation activity
- Lack of cash visibility
- High third-party fees – including banking and CIT fees
- Difficulty in scaling cash handling processes when required – particularly for popular on-campus sporting events
To address these requirements, Tidel offers a complete lineup of cash automation systems, including smart safes and cash recyclers, that help universities secure and automate daily cash processes. Our systems enable universities to easily scale their cash processes, while fostering an environment based on increased cash security, accountability, and transparency.
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