Traveling for sporting events and games is an enriching part of being a student-athlete. It’s also a busy, hectic time for the coaches and administrators traveling with them, so the last thing everyone needs is the added stress of worrying about rationing out cash per diems (for event-related travel expenses) to every student and team member, every day.
Not only that, but keeping track of cash is difficult, cumbersome, and the risk of making errors puts strain on the staff in charge. Plus, there are more people involved than just the student-athletes, trainers, cheer, band, and more. And for finance office staff, having to plan, prepare, and obtain the cash for per diems before game-related travel is both time-consuming and costly.
The game has changed–how will you make the payment plays to get you a win-win?
Our prepaid cards can smooth the administrative process, speed payments, and deliver a more secure way for them to manage their funds and expenses. Flexible, safer, and THE modern way to manage athlete per diems.
Prepaid Card Benefits for Colleges and University Athletic Departments
Replacing cash per diems with digital prepaid cards offers a whole host of benefits for colleges and universities.
Cost and time savings
Using a paperless system for per diems saves departmental money on printing and staff expenses. Having large amounts of cash to deal with also comes with plenty of paperwork, and it’s often a headache for finance office staff to make sure the process is fully compliant. Prepaid card solutions cover all the bases, with seamless technology that makes the process easier (and quicker!) for staff, and drastically reducing costs like printing and labor.
Dealing with cash also comes with a much greater risk of theft. Whether it’s the college or university administrative office storing the money prior to game-related travel, or the coaches and administrators carrying it to be handed out to student-athletes, prepaid card solutions drastically reduce the risk of lost or stolen cash.
If a prepaid digital card is lost or stolen, it can be deactivated immediately and a new one issued instantly, and you can move money in real time. You can also set and manage restrictions, access, and funding limits to retain control over spending.
The entire process is managed online, and can be seamlessly integrated into your existing financial and payment reporting systems. We also accommodate rights-driven access to managing your card portfolio. You can even choose to design your own prepaid debit card, branding the cards to your college or university.
The old cash per diem model had you guessing at the variables to make sure the exact cash was taken. Who was traveling, how long would they be on the road, how do we plan for a successful tournament run? The new way, digital prepaid cards, will allow you to plan for flexibility, loading cards in real time with transparent accounts to the penny.
Teams have to adhere to NCAA regulations for per diems given when traveling. The ambiguity and potential for risk that comes with cash per diems can make sticking to these regulations trickier. Prepaid cards are easier to track and manage, and there’s much greater transparency around who received what and when, meaning it’s easier to stay compliant.
Benefits for Student-Athletes
Prepaid card solutions also come with benefits for the teams using them, and, of course, the easier you make things for them, the happier they’re going to be with your institution.
Preferable to cash
Even before the pandemic, cash was falling out of favor as a preferred currency. Digital prepaid cards on the other hand are convenient and easy to use and may even be provisioned to a mobile wallet.
With a big game on their mind, the last thing they’ll need is the stress of making sure their daily cash per diems are safe. If cash is lost or stolen, then it’s gone and cannot be replaced, whereas a card can be deactivated and reissued.
Rather than lining up to receive their envelope of cash for that day, they can use the same card every day and have the freedom to use it when they need to make a payment. Freedom only up to the daily per diem limit, of course!
Greater Flexibility and Efficiency for Per Diem Payments
Using prepaid card solutions in place of risky, awkward cash and athlete per diems will let your teams and coaches focus on the winning games, not scrounging for receipts and racking your brain about food purchases on the road.
And with greater budgetary control, flexibility, and compliance, you’ll be wondering why you didn’t switch to a digital process sooner.
If you’re interested in learning more about our University Per Diem solution, contact a per diem payments expert at [email protected] today.