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Cost Management for Credit Card Tuition Acceptance: What Are The Options Given Varying State Statutes?

capture cardTen states: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas all have statutes prohibiting surcharges on credit card payments.  Does this mean your independent school can’t recoup the cost of accepting credit card tuition payments?  Not necessarily!

What Are a School’s Options for Cost Management?

Today’s families expect the convenience of online payments, and ultimately it is a school’s responsibility to adhere to laws within their state, but there are options to explore.

Diamond Mind recommends consulting with your school’s legal counsel before making a decision, but in most cases, cost management is possible by implementing a two-tier payment plan.

The solution is this:  with two-tier payment plans, a payer has one tuition amount when paid with cash or paper check, and a minimally higher amount if paid electronically.  There’s no separate fee, only a different payment amount.

Diamond Mind’s TuitionPay software solution enables cost management along with in-house automated payment plans.  Our experts are always happy to share expertise. For more information,  contact us today at 888 566-0945 or www.diamondmindinc.com.