What you might not know about VC Pay
In 2020 VC Pay was used by hundreds of schools to manage their tuition and process over $1B in tuition. But there are still some misconceptions about VC Pay.
Myth #1: We don’t use Veracross for accounting, so VC Pay doesn’t make sense for us.
VC Pay does not require switching from your current system (Financial Edge, QuickBooks, Sage, etc.) to Veracross accounting. Veracross seamlessly produces itemized and reconciled reports from VC Pay, which can be easily imported to any accounting system.
Myth #2: VC Pay costs more than other tuition management providers.
VC Pay is comparable in pricing to other leading tuition management vendors, with the significant added benefit of cost and time savings due to VC Pay’s automatic reconciliation. And schools can choose if processing costs are covered by the school or paid directly by parents.
Myth #3: There is no reason to switch to VC Pay – our current provider works just fine
Because it auto-reconciles all charges and payments, VC Pay can save your business office hours of reconciliation time. Your parent and guardian experience will also dramatically improve.
- Charges and payments can be easily exported from Veracross to your accounting system saving your business office hours of manual work.
- Parents can manage tuition and incidentals directly in their Veracross portal where they go for school updates, report cards, and other valuable school news. No need for multiple logins and different portals.
Myth #4: Exporting and importing into another system like VC Pay makes more work for the business office.
Because VC Pay auto-reconciles all charges and payments directly to each student, your business office will save endless hours reviewing and confirming charges and payments.
VC Pay exports are detailed and itemized making it easy to implement into another system. You’ll receive itemized details for each bank deposit which include:
- Total sum of payments, sorted and grouped by payment type (ACH/CC)
- Payer name and associated student
- Payment date and amount
- Reason for charge (tuition, donation, after-school fees, etc.)
- General ledger account information for each payment
Myth #5: We cannot switch to VC Pay because it would be a disruption for parents.
There are no new systems for parents to switch over to VC Pay. They simply sign up in their existing ORE portal or parent portal. The school can even offer enrollment in autopay so parents have one less thing to think about later in the year.