According to eMarketer, 96 million people (or 40.4% of all mobile phone users) used Peer-to-Peer (P2P) payment services, like PayPal or Venmo, this year, up from an expected 82.5 million the previous year.
Many schools, families, and students use P2P payment applications for paying and processing funds for different events like pizza parties, school field trips, band supplies, and others. TP2P payment applications enable the transfer of monies between two parties via online or mobile app, utilizing their respective banking accounts or credit cards.
P2P payment services also offer only limited customer support. Oftentimes it is hard or nearly impossible to contact outside P2P payment providers. Schools also need to be proactive regarding the increase in cyberattacks, higher compliance needs for audits, and savvier tech parents, schools need to consider the risks vs. benefits of using a dedicated payment solution instead of a P2P payment solution.
The benefits of using a dedicated payment solution, like MySchoolWallet, include faster fund disbursement, superior automation of payment tracking and reporting, cost-neutrality, and ACH/check payment processing as well. If there is a fraudulent payment or security breach, schools can access immediate tech support through MySchoolWallet.
With a dedicated payment solution like MySchoolWalllet, schools can have an app customized and branded for school use, seamless integration, and ensure automatic updates to the software. Families make quick, secure payments and donations to your school with only a few taps on their smartphone.
The free MySchoolWallet mobile app gives families the ability to make these payments 24/7 at a time that is most convenient to them. They can also track all payments they have made without a call to the school office. Onboarding schools is easy and can happen in as little as 48 hours with a gateway set up for the school.
Schools can also use a customized template through MySchoolWallet to help families utilize and easily understand the app. There is no cost to families or schools and the only fee schools pay is a processing rate. Everything is automatic and deposits and reporting are in real-time and give schools the ability to look at payments at any time.
We have also seen schools grow their fundraising dollars by making it easier for parents to give via the MySchoolWallet mobile app rather than writing a check or paying cash. Giving is automated for families through the app.
MySchoolWallet offers the same payment processing as all the P2P applications, but does it more securely, efficiently, with more features, and, at times, can be more affordable (if cost-neutral payments are used).