Transact - Achievement in Product Innovation
Company: Transact Campus Inc, Phoenix, AZ
Company Description: Transact is your go-to for mobile-centric campus technology for integrated campus payments, campus ID, and campus commerce solutions. Based on Phoenix, Arizona, Transact has specialized in the higher education market since 1984, serving 12 million students, across more than 1,300 institutions, and facilitating more than $45 billion in transactions.
Nomination Category: Achievement Categories
Nomination Sub Category: Achievement in Product Innovation
Nomination Title: Transact
Transact is the leader in innovative payment solutions for a connected campus. Its highly configurable, mobile-centric campus technology ecosystem simplifies the student experience across the full spectrum of student life. Transact’s offerings include integrated solutions for tuition and other student expense payments, multi-purpose campus IDs, and campus commerce. With a long-standing reputation of serving the higher education community since 1984, Transact serves 12 million students and faculty across more than 1,300 institutions, facilitating more than $45 billion in tuition and non-tuition financial transactions annually and 43 million mobile credential transactions since its launch.
In May of 2021, Transact introduced CampusPay for Cashiering, a service that enables higher education institutions to securely process online and in-person payments with PCI validated processes and Point-to-Point Encryption (P2PE). It provides colleges and universities the engine they need to process tuition and non-tuition payments on mobile devices and online. Integration with the Transact suite of payment solutions empowers your campus with a PCI DSS compliant platform supporting diverse payment requirements and innovative payment technologies.
Unlike bank processors which could take months to integrate, Transact’s CampusPay immediately begins processing with Payment Merchant Services, thereby creating instant back-office efficiencies at a much lower cost than other processors or banks. This establishes one place for the hassle-free processing with pricing better than that of competitors.
In addition to providing a contactless method of payment during a time when limited contact is recommended, CampusPay provides an alternative for universities that do not wish to pass the convenience fee to their consumers.
Ways CampusPay helps organizations:
- Enables institutions to schools receive competitive rates without adding additional costs to payers.
- Streamlines reconciliation of accounts and saves time coordinating with multiple banks and services
- Provides regulatory compliant tools to ensure your institution meets established standards and regulations
- Eliminates the need for managing fee reconciliation from ACH and card payments
- Quick distribution of funds
- Toll-free customer service for students and their authorized payers
- Centralized reporting across revenue centers for higher visibility of activity
- Supports web payment processing for eMarket, Cashiering, and Payment Plan modules
The launch of CampusPay specifically stands out as the first-to-market for this service.
Reference any attachments of supporting materials
Press Release-Transact Introduces New CampusPay for Cashiering (transactcampus.com) https://www.transactcampus.com/resources/news-press/pressrelease?id=857304c8-d616-479b-bdeb-deb72e67c353