Many schools and universities have not kept up with the advances in technology and rely on old payment tech (or worse yet, paper-based systems). Outdated payment practices can not only be extremely inconvenient, they can also be outright unsafe for parents paying their fees. To make school fee payments easier and safer for your parents, follow these three simple steps:
Offer a Variety of Secure Credit Card Options
If you do not currently offer the option to pay by credit card, this should be one of the first steps you take. Often, the easiest way to accept credit cards online is to partner with a payment facilitator to help you process transactions. Payment facilitators negotiate deals with card schemes like Visa, MasterCard and American Express on your behalf.
That way you don’t have to worry about the reams of legal jargon and regulations that come with processing and storing sensitive financial data. Once you’ve settled on a payment facilitator you like, make sure you check the payment options available. Ideally your new partner will allow you to take payment using all the major credit cards, so you don’t miss out on any potential revenue.
Start Accepting Direct Debit Payments
Direct debit offers distinct advantages to many schools, as it takes the hassle out of the payment process for both parties. It’s a safe, convenient and cost-effective option for parents, but it also saves schools time and money on administration. They can make a one-time payment on their child’s account without the hassle of paying in person or waiting for a cheque to clear. Direct debit can also be used to structure payments so that the same amount can be billed each month or session. It can also be used to pay variable amounts for fees, tuition or other education-related expenses.
Schools benefit from direct debit options by reducing paperwork. These payments can be automated. Additionally, direct debit ensures that parents can make payments on time, reducing the need to send late notices and employ collection efforts.
Set Up a Branded and Secure Payment Portal
A payment portal is an online payment gateway. It processes credit card payments to complete online and in-person credit transactions. A payment gateway helps to facilitate payment transactions by transferring important information between payment portals like websites and web-enabled mobile devices and the school that is processing the transaction.
A branded payment portal is customized to the needs of your business. Customers can log onto a secure website to pay their bill. This portal allows payments to be quickly processed, sometimes in only a few minutes. The portal is usually available 24 hours a day, seven days a week, providing greater convenience to make payments. Parents can set up recurring payments through your portal or complete one-time payments.
Contact IntegraPay to Simplify Parent Payments Today
IntegraPay offers a variety of payment choices to accept parent payments. We also provide seamless integration and robust security. Contact us to get started on implementing your secure payment portal.