Let’s take about bills. Do your invoices get paid, or do you struggle with late payments and delinquent accounts? While you can’t change the financial habits of your students and their families, you can build a better invoice to encourage on-time payments.
3.) Provide options to Pay – Is mailing a check or stopping by the administrative office the only way to pay? That can quickly put you invoice on the bottom of a student’s “to-do” list. Offer the option to link a bank account for payment with debit – or a rewards credit card! – and the added convenience takes away once excuse for late payment. If you school offers payment plans, many students will take advantage of spreading out smaller, manageable payments, or scheduling their payments online ahead of time.
2.) Presentation – First and foremost, your tuition invoice should be straightforward and easy to read. Classes and fees should be listed with the clear tuition total at the bottom. The due date should be clear and visible. Ensure that there is enough white space to make the bill readable by removing any unnecessary information that would clutter up the invoice. Some other important information might include: student ID or account number for easy reference, phone number for your billing office, payment methods, website address to pay bill online, convenience or late fees, and/or available payment plan options.
3.) Delivery – Paper invoice or email invoice? The growth of e-invoicing has provided many benefits to administrators. If you do not currently offer paperless/email invoices, it is something to consider! You can quickly follow up with a second invoice as a friendly reminder that the “due date” is nearing. Plus, you can offer a direct link to “Pay Now” on your website.
By using these tips, you can boost your cash flow and on-time payments. Do you have any other invoicing practices to add? Feel free to add them in the comments!