The College of William & Mary (W&M), in Williamsburg, Virginia, is the second oldest institution of higher learning in the United States. W&M’s revenue transactions include at-the-counter cashiering, check-cashing, lockbox, EDI, and decentralized departmental deposits for the main campus, the remote Virginia Institute of Marine Science campus (VIMS) and two independent foundations. Cashiers deposit state funds, private funds and gifts for both campuses and for both foundations, and grant payments into multiple accounts at multiple banks.
The College needed a payment processing system for its Bursar’s Office in order to improve service to its students and provide accurate reporting to management and to the Commonwealth of Virginia. Students were contacting the various departments with financial questions, for which employees needed on-demand information to provide answers. Their decentralized offices collecting deposits, payments, and donor gifts had to conduct transactions expeditiously, and both students and employees needed check-cashing and payment collection services.
W&M’s existing SCT Banner system did not have the functionality needed to handle these requirements. W&M found that CORE’s payment processing applications were the only Banner-compatible solutions that served its needs…and CORE had the in-depth Banner knowledge necessary to develop the system configuration and integration.
CORE’s cashiering system was installed with a Banner interface and associated peripherals. The system, with its strong internal controls, is now W&M’s payment processing engine for performing:
- Check- and document-imaging
- Signature capture for student payments
- Departmental and other miscellaneous transactions
- Check-cashing and returned checks processing Cash transfers
- Credit-card processing
- Detail and summary reporting for departmental deposit transactions
- Point-of-sale transactions
- Decentralized self-service
- On- and off-line processing
W&M’s cashiering operations are all managed with CORE’s payment processing system. The resounding benefit is the quality of service W&M now provides its students. The staff readily responds to student inquires regarding enrollment status, financial aid, deposits, receivables and holds without the need for switching to multiple systems. The advanced functionality of CORE’s system permits:
- Identification card swiping for accurate postings
- Searches for images of checks and transaction logs
- Easy check/receipt voids
- Accurate payment posting to specific charges (Banner T-pays) with remainder posting to general balances, etc.