Both public and private schools are trying to increase revenues while also making it easier for families to pay fees and/or tuition. Increasing costs, especially for personnel, have prompted more schools to increase tuition or impose fees on students who enroll in certain classes and almost any extracurricular activities.
Offering a variety of payment options with greater security increases the probability that your school will be paid on time, and utilizing a smart process for outsourcing is a no-brainer so that you can stay focused on leading your school.
Outsourcing
When you shift your leadership thinking to, "How can we deliver a world-class education to your students," utilizing strategic partners to handle non-core activities (like collecting payments) makes more sense. Outsourcing the collection of tuition/fees enables the business office to focus on more strategic, higher-value activities. Your school is part of an ecosystem that is comprised of organizations and businesses with resources that can help you innovate while also reducing expenses. Companies like Smart Tuition Management, for example, have the expertise and technology to handle the collection of payments at zero cost to the school.
How can your school leverage its ecosystem to more effectively innovate and improve?
Convenience
Technology is providing greater convenience when it comes to payment processing. Intuit, Apple and Visa have introduced payment options that are now becoming common practice for your parents. Visa, for example, recently developed a virtual wallet service called Visa Checkout, and they are promoting it to consumers as an easy, convenient payment method. With Visa Checkout, payers are encouraged to store credit card numbers and billing addresses for not just Visa, but for any of the major credit cards. This payment information can all be accessed through Visa Checkout with just a username and password.
How can your school leverage new technologies to improve the experience for families?
Security
Gaps in the secure processing of cash, check, and credit card payments are putting more schools at risk. Theft of funds and identities aren't just happening at Target or the US government. In more subtle attacks, people are finding ways to steal from non-profits and schools, and the legal implications are significant. Having an audit firm, such as HA&W, that can identify the risks and help you find more secure practices and processes is a huge asset.
How can your school offer better options while also protecting your assets?
Families want more payment options when it comes to tuition and fees, but schools need to find ways to be more efficient and secure to truly improve. Tapping into the right ecosystem of business partners is an advantage that is changing the way schools build relationships.
