Cash may still be king, but online payments are more efficient, safer, and convenient. If you’re looking to future proof your tuition management system, it may be time to take a closer look at how your school is accepting payments. Here are the four reasons digital payments are the future of tuition management.
Reason 1: Set up and maintenance requires fewer business office resources.
The right tuition payment system, like TuitionPay, is designed to make things easier for your business office. When payments go online, you can expect:
- Software that is easy to set up.
- Automated payment processing.
- Simple, but detailed reporting.
- More predictable cash flow
- Ease of mind with manual tasks now automated.
Reason 2: Digital Payments are safer than other methods.
Digital tuition payments are safer for your families’ private data and for their health.
- 74% of organizations experienced check fraud in 2019.
- Paper checks expose users to fraud with all their private information easily visible.
- Digital payment portals minimize contact and limit the potential spread of COVID 19.
- TuitionPay is PCI (Payment Card Industry) compliant with card monitoring and transaction monitoring built into the payment process.
Reason 3: Families prefer digital payments.
Millennials are quickly becoming the largest demographic of school-aged parents, and they tend to stray away from checks.
- Millennials are older than you think, currently between ages 25 and 35.
- ONLY 7% of consumers 18-44 prefer to write paper checks for bills.
- 43% of consumers prefer online payments for bill payments.
Reason 4: Digital Payments are cheaper than other methods.
Paper checks especially are expensive. When you consider the employee time, material, bank fees and more, a school will spend nearly 14x’s more than if they were processing online payments.
- Online payment processing is automatic.
- TuitionPay allows schools to choose what fee structure works best for them (including a cost-neutral option).
- TuitionPay has one flat rate for processing debit and credit card payments, no surprise fees ever.
Interested in moving your school to online tuition payments? Chat with an expert at Diamond Mind today!