Should small schools use online tuition software? With a smaller volume of students, schools may wonder if it is worth the investment. Here are some benefits of an online tuition payment system schools should keep in mind when considering adopting a new system.
Fewer front office office resources.
Consider the cost savings of a slimmer, more efficient front office. More tasks are automated which reduces admin drain. Your Tuition payment software can run reports that would previously need to be pulled manually or in Excel. Schools who use Compuwerx online tuition are additionally provided free marketing materials for their students.
Students are in control of their payments and payment information. This means less phone calls to your staff to answer questions, manually enter payments, or look up payment records. With an online payment portal, students can log in to pay their invoice or set up a scheduled payment. If bank or credit card information changes, the students can also update this information themselves. Payment records, upcoming payments, and year-end tax documents can be viewed from the student payment portal as well.
More predictable cash flow.
With the option of setting up payment plans with autopayments, tuition payments come in reliably throughout the year, not bunched together before – or after – payment deadlines! Schools do not need to worry about lost or misplaced checks or trips to the bank. Compuwerx provides 12-hour funding directly to your school’s bank account! With additional tools such as payment plans, payment by debit or credit card 24/7 from any device, and reliable invoicing, many schools see a drastic reduction in late/delinquent payments after making the switch.
Make sure to choose a tuition processing company with reliable security. PCI-DSS stands for The Payment Card Industry Data Security Standard. PCI compliance is required for all companies that store and process credit card transactions. The official standards set by PCI are designed to protect payment transactions and reduce fraud, identity theft, and cyber attacks.Compuwerx is proud to offer 100% PCI compliance.
The majority of students prefer to make payments online. Thus, a modern, online tuition option is a tool for student retention. Students have the convenience to pay from any device, 24/7.
Small schools should absolutely consider upgrading to an online payment processing solution. The time and money savings are well worth the cost of a low-fee online tuition system!