Integrated Payments 101: What You Need to Know in 2024

In today's fast-paced digital world, secure payments are essential for colleges and universities. How can we ensure that payments are safe and easy for students, whether for fees, subscriptions, or online shopping? Enter the solution that's fast becoming the answer for campuses and universities across industries: integrated payments.  

Today, where seamless interactions are the standard, integrated payments are a beacon for efficiency and security. According to a 2022 National Retail Federation survey, 63% of consumers favored integrating payment options like Apple Pay and Google Pay to complete their transactions. 

Transact Integrated Payments are equally popular with college campus administrators, offering advantages such as: 

• Giving administrators and students a simplified, streamlined transaction experience.  
• Eliminating manual payments, thereby reducing costly errors. 
• Generating data and analytics reports institutions can use to improve sales strategies and build stronger customer relationships. 

This article will provide detailed information about integrated payments for your institution. We'll discuss the benefits, emphasize security aspects, and guide you on how to begin with Integrated Payments solutions such as Transact Campus. Continue reading or schedule a demo to discover how integrated payments might be the pivotal shift your institution needs. 

What are integrated payments?  

For higher education institutions, integrated payments can be a powerful tool to help manage tuition, other fees, and donations. With integrated payments, all payment methods are securely combined into a single platform, allowing for a more efficient and cost-effective payment process. Compared to traditional payment methods, integrated payments are often faster and more secure, providing a better overall experience for students and faculty. 

Transact Campus offers combined solutions for payments, cashiering, and payment plans, including ePayment, eMarket, and Bill Presentment. 

One of the main advantages of integrated payments is their ability to simplify the payment process for all parties involved. For instance, with Transact Integrated Payments, students must enter their personal information just once. Once entered, they can use any device or platform for future purchases, avoiding problems with their preferred payment method or platform.  

For administrators and institutions, integrated payments enhance security with additional protective measures. All student payment details are gathered and kept in a single secure location. This method safeguards data and makes tracking student information easier while defending against online threats. Additionally, integrated payments provide complete and transparent records of past transactions, granting valuable insights into spending behavior. 

Overall, integrated payments are a versatile, streamlined solution that balances convenience and security equally. They are an excellent option for organizations. They seek a quick, safe, and effective way to handle payments. They also want to protect critical information from cybercriminals.  

Benefits of using integrated payments  

Integrated payments offer many benefits, making them an attractive solution for administrators and institutions such as simplifying the process of making purchases. This allows students and families to complete their purchases quickly and securely. 

Additionally, it provides the convenience of reviewing historical transactions in one place. Administrators can easily accept different payment methods, such as credit cards and online payments. They can also gain valuable information about customer buying habits, which helps institutions create better marketing plans to help drive in more revenue. 

For educational institutions in particular, partnerships with providers like Transact Campus for integrated payment solutions present unique advantages, such as:  

• Increased enrollment conversion rates by crafting an effortless online payment experience for prospective students.  
• Advanced analytics into student payment patterns and trends, which can be leveraged to inform and optimize enrollment management strategies.  
• Strong security measures for handling student financial data, following strict standards like PCI DSS.  

"With our integrated payments platform, we are committed to delivering a host of transformative benefits that will empower all stakeholders within the higher education ecosystem. Our integrated system simplifies payment collection, tuition fees, and other financial transactions, allowing university staff to focus on what truly matters – providing quality education,” said Peter Scharnell, Senior Director of Payments Product Management at Transact.  

Integrated payments security  

Ensuring the security of online transactions is essential. Integrated payment security plays a crucial role in this, focusing intently on protecting both customer and merchant data.  

How Transact Campus Enhances Security:  

1. Point-to-Point Encryption (P2PE): Transact Campus uses validated P2PE to encrypt sensitive user data. This ensures that the information remains unreadable without a specific key to decode it.  
2. Authentication: Users must verify their identity through usernames, passwords, or two-factor authentication before accessing accounts. This prevents unauthorized access.  

Industry Standards:  

Integrated payments strictly adhere to the Payment Card Industry Data Security Standard (PCI DSS). This comprehensive set of guidelines dictates the security measures that payment companies should uphold. It encompasses everything from physical precautions to software design and employee conduct.  

External Audits:  

Independent organizations regularly assess payment systems to ensure they meet PCI DSS standards and identify weaknesses.  

Two-Factor Authentication:  

Users must provide extra identity verification to make transactions or access accounts. This includes entering a code from a text message for added security.  

Fraud Protection:  

Integrated payment systems utilize sophisticated tools to detect suspicious activity. Advanced algorithms identify fraudulent patterns and alert administrators in real time about any unusual behavior.  

Through validated P2PE and other measures, integrated payment systems offer a fortified transaction environment. Customers can confidently make payments, trusting in the robust protection of their data.  

Examples of integrated payment systems  

As institutions strive to give students a safe and secure payment method, integrated payment systems have become increasingly popular. These systems enable various adjustable features.  

One of the most well-known integrated payment systems is PayPal. PayPal allows users to securely store their credit card information, making online transactions easy and fast. Additionally, it provides fraud protection measures such as two-factor authentication and data encryption to ensure customer safety.  

Higher educational institutions rely on solutions like Transact Campus for handling integrated payments. By partnering with Transact Campus, colleges and universities have seen increases in student enrollment conversions, reductions in bad debt, and access to detailed reporting on student payment activity. 

Transact allows flexible student payment options, including credit cards, ACH, and mobile wallets. Our Virtual Terminal and cashiering tools facilitate in-person and phone payments. We integrate refund processing directly with student accounts, and we can deliver tax forms like 1098T electronically via the student portal.  

Other well-known integrated payment systems include Apple Pay and Google Pay. Apple Pay lets customers buy things using their iPhones or Macs by just using their fingerprint or face.  

Google Pay is another popular payment solution. It allows users to send money quickly and securely. Users can use their Android phones or Chrome browser on any internet-connected device. This system also includes enhanced security features like encryption, authentication methods, and compliance with PCI DSS standards for data protection.  

Schools that have launched Integrated Payments systems on campuses can offer secure payment options. These systems also have quick processing times and provide detailed reports. Administrators can use these reports to track spending trends. Colleges leveraging these solutions can streamline their online checkout process while providing their students peace of mind when making payments online.  

"We put students first. Through user-friendly, mobile first interfaces and personalized payments dashboards, students gain real-time insights into their financial obligations, so they can plan ahead and manage their finances responsibly,” Scharnell said.  

Getting started with integrated payments  

Educational institutions looking to launch integrated payments should start by evaluating their system's requirements, payments volume, and desired functionality. Transact’s dedicated customer service and project management support is readily available throughout the implementation process. Our teams help institutions with assessments, SIS integrations, training, and other important parts of the onboarding process.  

Transact creates a detailed onboarding roadmap tailored to an institution's specific needs once they partner with us. The plan may involve three main steps: First, connecting with the school's system. Second, setting up payment processing. And finally, training staff to make the transition and implementation successful. 

"A unified payment platform means no more bouncing between different systems. Students, parents, and faculty can access all financial information in one place, fostering transparency and reducing confusion,” Scharnell noted.  

Schedule a demo with Transact Campus today to improve your institution's payment system with more efficiency and security.