Students can no longer complain about bad cafeteria food. The university recently extended its dining services to local off-campus merchants with the new Express Cash system.
Express Cash is a stored value amount on the student’s account card. Students use the “cash” in a credit card form that is either billed home or deducted from their account balance after each transaction.
In Sept. 2002, SMU created a pilot program testing Express Cash in local stores surrounding campus.
SMU teamed up with Student Advantage Inc. to help develop the Express Cash system off school grounds. The company provides contracts between schools and local venders as well as the technology for the program.
The program began with four merchants: New York Subs, La Madeleine, Roly Poly, and Schlotzsky’s Deli. Students responded eagerly, spending their Express Cash at rapid rates.
“We were pleasantly surprised by the new program. Students seem to love the new addition to the dining choices we offer with Express Cash,” Julie Wiksten, director of auxiliary services at SMU said.
The program worked so well that SMU officials contemplated adding four more stores to the off-campus market the following semester. Student surveys were passed around campus. The overwhelming response led officials to consider the students requests.
The board decided to add favorites CC’s Coffee, Jason’s Deli, Swiss Cleaners, and Smoothie King. If all goes well with the spring addition, SMU plans to add four more stores for the Fall 2003 semester.
Smoothie King has seen a major increase in sales since the system was added to their store. According to the store manager, the shop would have gone out of business without the Express Cash program. Their profits have since doubled and the business is now back on its feet.
A couple of technical problems have been reported since the Express Cash crossed over Hillcrest and Mockingbird last fall. However, the more notable troubles with the new program have been on the university’s own terrain.
Since the off-campus program was implemented, SMU has seen a decrease in on-campus student spending. SMU receives a small margin of profits from off-campus stores compared to the large profits they make from on-campus venders.
Proceeds from off-campus sales feed back into the Express Cash system according to auxiliary services. Advertisements, technology research and program maintenance are some of the upkeep expenses earnings help to fund.
SMU hopes to see an increase of deposits in students’ accounts to boost the university’s profit margin. Presently, there has been no significant swell in student account balances to offset the decreased profits.
“Currently, we are introducing new ways for students and parents to add money to their accounts,” Wiksten said.
Individuals can now add money through the mail, phone, fax and Internet. A simple click can add additional funds to a student account from a parent’s credit card without consent.
Express Cash is a monetary movement that is affecting everyone from the Blimpie sandwich guy to the poor college students roaming the SMU campus. The jury is still out on the long-term effects of the new program as well as its questionable longevity. For now, students are taking full advantage of mom and dad paying for the chicken Caesar salad at La Madeleine.
