The pandemic is quickly turning our society into a cashless one. It's a hassle for schools to keep track of cash and check payments in such large amounts, and it's stressful for parents to transfer money, dig around for checks, or make sure their school has received their payment. Schools can avoid this by switching to app tuition payments.
What schools might not realize is that their current system can actually cost them time and money. The lost payments, lack of security and the liability of large cash amounts make it worth adopting a modern app payment system. Beyond the ease of use for everyone involved, there's a number of reasons schools should consider transitioning to app tuition payments.
For school administrators, every second counts. An app payment system means less time organizing deposit slips and record-keeping. Transaction history is stored digitally, so schools know the details behind every payment.
Running tax reports becomes a lot easier for accountants and bookkeepers when payment history is digitally documented. Some systems even offer integration with Quickbooks for seamless transaction documentation.
Large amounts of cash can become a liability for a school. Cash is easy to lose and difficult to transport, as admins have to physically go and deposit the sums into a bank account.
With an app-based tuition payment system, all records are collected and organized digitally. No more lost checks in the mail or arguing over whether a payment has been made. There's a clear chain of confirmation that ensures everyone is on the same page.
Being able to pay your student's field trip fees or tuition through a mobile app means that you don't have to spend the time acquiring a money order from the bank or withdrawing large amounts of cash.
With a mobile app, parents can stay up-to-date with payments and avoid late fees. Notifications and email confirmations make it easy for parents to track transaction history and submit reports to their personal accountants whenever needed. Not to mention, tuition and fees can be processed outside of business hours. This way, even last-minute payments can be made and parents can avoid late fees.
Tracking payments, viewing user information and even running tax reports can be made simpler with a tuition app payment system. Physical records can be easily lost and are more prone to human error, while a digital system keeps everything organized in one place for schools to reference.
Most systems should use a payment processor that is secure and PCI compliant. Even though a processor is PCI compliant, make sure which level and the value for your organization .
The average credit card holder has at least 2.7 cards, and it's important to have several payment methods to offer your customers. Whether they want to use their bank or debit card, a digital system offers more versatility when it comes to payment options. Some offer multi-user payment options for families that want to choose who pays what. ACH is better for larger amounts because it reduces fees. Modern platforms and systems like Plaid make it even easier for customers to use ACH to help reduce fees.
In addition to providing more transparency and reliability, an app payment system can provide structure in an oftentimes chaotic environment. School admins can focus on what they do best, while benefitting from a system that simplifies budgeting, reporting, and cash flow management. Putting the responsibility on an app system rather than one or two people prevents errors and improves the payment process for all.
It’s time to make payments simple. TuitionEP features a user-friendly mobile app for parents and a fully integrated dashboard for school admins to better make payments, track payments, and improve this exchange that occurs so frequently. TuitionEP saves schools time and money, gives parents peace of mind, and simplifies the process for everyone involved.