The leading experts in campus-wide payment solutions to independent schools.
Special thanks to contributor Jessica Wallis, Product Manager
Independent school business officers wear many hats, and sometimes there aren’t enough hours in a day to accomplish all that needs to be done. Here are some suggestions that can have a big effect on productivity while reducing your workload.
1. Encourage Parents to Go Green and Pay Electronically
Paper checks are a hassle. It takes time to record individual checks and get them deposited whether you scan them one by one or physically go to the bank. The green angle is a positive way to encourage parents to make payments online and discourage the inefficiency of paper checks. Many schools have also added a paper check “bookkeeping fee” to encourage online payments. The fee is usually just slightly more than the average service fee for online payments.
2. Implement Automatic Payment Plans
Your parents are busy people and can occasionally forget a payment. If you set payment plans to allow automatic payments, parents won’t have to login and input their information every month. You’ll save them time and ensure you don’t miss payments due to forgetfulness. Automatic payment plans reduce the number of late payments and allow you to focus on helping parents that miss a payment because of financial needs, not oversight.
3. Have Your Payment Portal Accessible On Campus
Parents want to make payments when it’s convenient for them, and sometimes that’s when they’re at your school. Provide a tablet or computer accessible to them with a webpage defaulted to your school’s payment portal. Parents will appreciate the convenience, the portal will deter paper checks, and it will save you the time and responsibility of having to input payment information into a gateway’s virtual terminal.
4. Leverage Your Payment Portal for More Than Just Tuition
Don’t limit the use of your payment portal to tuition. If parents need to make payments for other incidental fees on campus – enrichment, AP tests, athletics, books, etc. – have them pay through your payment portal! Leverage the functionality of your portal and capture what each transaction is for through a simple “Payment Type” dropdown. Parents can choose what their payment is for when completing their transaction.
For more suggestions on methods to increase productivity in your business office, contact a Diamond Mind payment specialist today!