Tuition payments are at the heart of your school’s operations. Without a solid approach to tuition management, managing school fees can be a time consuming and error-prone process. Tuition payments solutions like FACTS support your school to streamline the way you handle finances by simplifying tuition fee payment tracking and management.
With tuition fees remitted on your preferred dates, both your administrative team and school families will save considerable time and effort compared with a manual approach.
Here are five of the most significant benefits of automating tuition fee payments:
- Less administration, fewer errors and better security
Automatic payments mean that the bulk of school fees will arrive on time and in full – without any work from your administrative team. A digital approach means all payments are automatically matched to the correct family account, meaning no data entry, manual reconciliation or record-keeping is needed. FACTS offers the highest data security standards in the industry, providing peace of mind that all transactions are encrypted and secure.
- Set-and-forget for families
Life is busy. Between work, running a home and managing children’s schooling and extra-curricular activities, there’s a lot for parents to stay on top of. Automated tuition fee payments take one big thing off the to-do list for busy families, giving them peace of mind that school fees are taken care of without anything for them to do.
- Fewer late payments and comprehensive arrears management
A tuition management solution that provides families with automatic reminders that fees are due to be debited will dramatically reduce the number of late payments your school receives. However, there will always be occasions where payments are declined due to a lack of funds. When this happens, your tuition system should provide families with automatic notifications of failed payments and overdue reminders, ensuring a streamlined process with no manual intervention from school staff required.
- Predictable cashflow
Automatic payments provide your school with consistent and predictable income each month. Your administrative team will always have a clear view of your current and expected school fee income, taking the guesswork out of budgeting and managing cash flow.
- Greater transparency
Automated tuition fees provide better transparency for all school stakeholders. The administrative team, school principal and families have a real-time view of payment status and account balances, with one source of truth meaning no missing payments or payment disputes. External stakeholders can be given access to view your school’s financial position and expected income at a glance.
FACTS lets you monitor important financial metrics and create custom reports for your school, and schedule daily, weekly or monthly notifications to be sent to key people.
Automated fee payments allow staff and families to spend less time and effort managing tuition and more time focusing on students. Automatic billing will support your school to take a more structured approach to financial management while providing better convenience and transparency for families.
FACTS is a powerful tuition management solution that supports a best practice approach to tuition fees. It expands payment options for families and simplifies billing, budgeting, cash flow management and financial reporting, empowering school staff to spend more time on the things that matter.
