Staff efficiency, in the context of payment acceptance, refers to the internal cost of the time/effort staff put into the payment process. Universities and colleges are now often complex businesses with many varied income streams, and should be striving to operate as efficiently as possible.
Why is Staff Efficiency Important?
Having a clear appreciation of how staff time and effort contributes to the overall cost of different payment methods and payment channels is vital. Especially as institutions often overlook internal costs and focus on more readily identifiable external costs, which can provide a skewed view of the comparative full transaction costs.
What Can Impact Staff Efficiency?
We commissioned KPMG to conduct two separate pieces of research to better understand universities' current payment processes and identify and quantify key areas of inefficiency.
KPMG identified three main sources of inefficiency:
That lots of payment options require different payment processes, creating complications and requiring additional manual intervention and staff time.
That payments made in person are taking large amounts of time and effort that could be avoided by moving these online.
And that bank transfers cause issues for staff and significant amounts of additional work and effort.
Their work also evidenced that institutions could see annual recurring savings of £10-£15 where some or all of the payment process is moved online.
How Can We Help You Address Staff Efficiency?
By understanding your institution’s key metrics, both in terms of number and value of transactions, you will be able to demonstrate the relative risk and cost of the different payment types. This will uncover hidden inefficiencies enabling you to evidence the cost savings that can be achieved by changing the channel and/or method of payment. Our Consultants work with institutions to contextualise their current income streams and payment methods, giving a clear picture of their payment landscape and enabling them to analyse and benchmark how they are currently accepting payments and make confident decisions about how they will plan to accept payments in the future.