Toughey Talks
And Then There Was One!
December 15, 2009
This month I planned to send you a clever follow-up to November's "Turducken" message. However, there has been a significant change in our industry and I feel compelled to comment on it.
Higher One recently acquired CASHNet. More accurately, Higher One, Inc. of New Haven, Conn., recently announced that it purchased Informed Decisions Corporation (d/b/a CASHNet) from California Software Company Limited (Calsoft) of Chennai, India, through its wholly owned U.S. subsidiary, CSWL, which owned 51 percent of CASHNet. Also announced as part of the sale was that Calsoft's offshore development team would continue to support the IDC/CASHNet suite for Higher One.
With this deal, TouchNet now stands alone as the only major campus commerce provider that has not been bought, sold, merged, or otherwise amalgamated. This has caused me to sit back and reflect on what that means for us and why it matters to colleges and universities.
Beyond the best solution fit, what does an institution find important when choosing a commerce technology partner? The list is long, but here are the top three attributes that we routinely hear mentioned:
Stability. You want a business relationship that is consistent, reliable and long lasting. We believe the best way to deliver on that promise is to run an independent, profitable, and debt-free business. TouchNet can make decisions based upon long-term customer relationships and not on short-term investor needs.
Security. You want your commerce partner to embrace industry security standards quickly and without hesitation. TouchNet was the first to be fully certified; all of our software and operations are independently reviewed for PCI DSS (Level-1), PA-DSS, and SAS 70 (Type 2) compliance. Unfortunately, today, some providers force colleges and universities to dig deep in order to understand what is certified and what is not, and what limitations are placed on their compliance claims.
Safety. Perhaps most important, you want a partner that does not misuse your data, your money, or your student relationships. We understand this and limit our role to providing you with the technology tools needed to manage your business better. Plain and simple, your students are your customers, not ours.
Why do these matter and why should you care? At the end of the day, it's all about your students. You depend on their satisfaction while they're on campus and their continued support once they leave campus life. If there were ever a customer relationship that demanded the long view, this is it!
We take the same approach with our customers. We believe continuity and transparency matter in any organization, especially in Higher Education and the companies that serve it.
Thanks for reading and happy holidays.
Dan Toughey
dan2e@touchnet.com
Toughey Talks
And Then There Was One!
December 15, 2009
This month I planned to send you a clever follow-up to November's "Turducken" message. However, there has been a significant change in our industry and I feel compelled to comment on it.
Higher One recently acquired CASHNet. More accurately, Higher One, Inc. of New Haven, Conn., recently announced that it purchased Informed Decisions Corporation (d/b/a CASHNet) from California Software Company Limited (Calsoft) of Chennai, India, through its wholly owned U.S. subsidiary, CSWL, which owned 51 percent of CASHNet. Also announced as part of the sale was that Calsoft's offshore development team would continue to support the IDC/CASHNet suite for Higher One.
With this deal, TouchNet now stands alone as the only major campus commerce provider that has not been bought, sold, merged, or otherwise amalgamated. This has caused me to sit back and reflect on what that means for us and why it matters to colleges and universities.
Beyond the best solution fit, what does an institution find important when choosing a commerce technology partner? The list is long, but here are the top three attributes that we routinely hear mentioned:
Stability. You want a business relationship that is consistent, reliable and long lasting. We believe the best way to deliver on that promise is to run an independent, profitable, and debt-free business. TouchNet can make decisions based upon long-term customer relationships and not on short-term investor needs.
Security. You want your commerce partner to embrace industry security standards quickly and without hesitation. TouchNet was the first to be fully certified; all of our software and operations are independently reviewed for PCI DSS (Level-1), PA-DSS, and SAS 70 (Type 2) compliance. Unfortunately, today, some providers force colleges and universities to dig deep in order to understand what is certified and what is not, and what limitations are placed on their compliance claims.
Safety. Perhaps most important, you want a partner that does not misuse your data, your money, or your student relationships. We understand this and limit our role to providing you with the technology tools needed to manage your business better. Plain and simple, your students are your customers, not ours.
Why do these matter and why should you care? At the end of the day, it's all about your students. You depend on their satisfaction while they're on campus and their continued support once they leave campus life. If there were ever a customer relationship that demanded the long view, this is it!
We take the same approach with our customers. We believe continuity and transparency matter in any organization, especially in Higher Education and the companies that serve it.
Thanks for reading and happy holidays.
Dan Toughey
dan2e@touchnet.com