Digital payments have skyrocketed over the last few years, a trend that was largely accelerated by the coronavirus pandemic.
If your school is not yet utilizing digital payments and mobile wallet technology, now is the time to make the switch. We’re breaking down five common misconceptions about digital tuition management systems and how online payments can benefit your school.
Myth #1: Digital transactions are expensive.
False! Processing a digital or mobile transaction costs the same amount as processing a debit or credit card transaction. On the contrary, not using a digital payment system could end up costing your school in the long run due to a poor user experience for parents and students.
Myth #2: Online payment platforms are not secure.
Security is a top priority for digital payment providers. The mobile nature of these platforms allows for added security measures like facial recognition, fingerprints, or multi-factor authentication codes. 66% of consumers say they are attracted to mobile wallets because of their enhanced security features. Plus, parents can make payments without worrying about their checks landing in the wrong hands.
Myth #3: Digital wallets create more work for administration.
Digital transactions are not just beneficial for your families paying tuition, they’re beneficial for your staff. Your business office can save valuable time and money with automated reminders, digital invoices, and online records of past payments. These new workflows will help your team eliminate manual tasks, become more efficient, and receive more on-time payments from parents.
Myth #4: Online payment platforms are not accessible to everyone.
Data from January 2022 shows that 84% of the global population uses a smartphone. Digital wallets are available anytime, anywhere. Customers can make payments on-the-go via their mobile device, making it easy for busy parents to send their payment on time from wherever they are.
Myth #5: Parents have to create another log in.
Today’s parents expect a digital payment option. If your tuition and payments management solution is integrated with SIS and enrollment software, your families will get the added benefit of streamlined finances. They can use the same digital wallet for everything at your school: tuition, incidentals, field trips, donations, and more. And it all lives in the same place for easy access, the parent portal.
An integrated payment platform will allow your team to provide a better user experience, optimize your business office, and integrate your departments with one central system.