Digital tools to give college parents peace-of-mind
One of the joys of parenting are the new concerns that come with each stage. From finding an XL twin sheet set at Target to worrying about virtual learning, today’s college parents have a lot on their minds. As an issuer, you might not be able to take care of the never-ending pile of laundry sure to stack up, but you can give parents peace-of-mind when it comes to teen spending.
Sending a child off to school means that the household now has an entire category of new expenses. Parents are often happy to foot the bill for the textbooks and groceries, but might want to draw the line at excessive Uber Eats deliveries. Here are 5 ways you can support parents to help keep their family and their finances safe.
Like most other things in college, tracking spending is new for the student. Inevitably there will be purchases that they don’t recall making. Having enriched transaction data will make it easier to remember that $8 cup of java that was necessary to get through finals week. Cardholders can catch up on sleep without concerns over fraud – and maybe recommend an in-dorm Keurig to alleviate those high study costs!
Give them control
Card controls – including geographic regions, merchant types, and spend limits – give parents the confidence to hand over a card to junior and know it will be used in the manner intended.
Keep it handy
While there may be plenty of masks on campuses today, you won’t see many wallets. Carrying cash and physical cards is a thing of yesteryear – especially for this generation. Gen Z relies heavily on their phones and digital wallets are going to be the most intuitive way for them to shop. Make it easy for your cardholders to push new cards to their Apple and Google wallets and you’ll save both parents and teens the grief of manual entry and identity confirmation.
Keep them in the loop
Card alerts are a great way to keep the ‘rents in the know. Giving them the option to be notified if the card is used for specific transaction amounts or merchants means that they can keep an eye on their child and their money – from anywhere.
Provide new cards instantly
It is a given that eventually – and eventually may come sooner than expected – students will lose that backup card or inadvertently share the data with an untrusted merchant. When this happens, turn the stressful situation into a moment of relief by enabling the ability to report the card lost or stolen right in your app and issue them a new, digital card instantly.
Sending a child off to college may never be emotionally easy, but as an issuer you can certainly lessen the financial stress of the journey.
Interested in providing these tools and others to your account holders? Click here to download the Ultimate Guide to Card Modernization.