In light of the recent worldwide pandemic, industries are quickly changing the way payments are received and distributed. It is no longer considered safe to pay or receive pay with cash or cheques as this is perceived as another way to transfer the deadly virus. This should be especially considered in delivering University and College per diem payments to students. Our students are our future and need to be protected, but how?

Prepaid is the solution.

Students around the world receive a form of payment from their school to help with their studies, living arrangements, and more. Unfortunately, the majority of these payments are still made via cheque or cash, forcing students to endure long wait times, taking up the valuable time of campus office administration and staff and most importantly putting students at risk.  

Universities can instantly load payments, refunds, or credits onto a student’s prepaid card, which can then be used on or off campus like a debit or credit card. Prepaid cards can also be made available in virtual format, sent directly to the recipient’s email which then eliminates all touch factors.

Prepaid cards offer mobility, flexibility, security, and ease of use, making them the perfect financial vehicle for students. Not only do prepaid programs offer so many benefits for students, the financial offices would be far better served by using prepaid for payments such as scholarships, grants, and refunds. With prepaid, administrative offices can easily and effectively keep track of these payments and ensure that they are doing the best job at taking care of their students.

Keep in mind when using a prepaid card that there are various fees and limitations associated with them. Be sure to read the “fine print” to avoid unforeseen fees. Check expiration dates, this will ensure cardholders won’t lose funds and check for any fees that may be associated with various functions of the card. Keep in mind fees are there for universal acceptance and security so they are necessary but when the card is used correctly these can be minimized.

In Summary

Prepaid cards can be a great tool for students to not only receive per diem funds, but to be used as a financial tool for payments and expenses. When used as a financial tool, the cards can provide better budgeting and spending habits while offering credit card capable card acceptance worldwide.