3 reasons your school needs to accept credit card payments in 2016-17
Anywhere people spend money these days, they expect to be able to use a credit or debit card—even when paying for school lunch, fees dues, spirit wear or field trips for their kids. Here are three key reasons your K-12 school should be accepting credit card payments for the 2016-2017 school year.
#1: Fewer late payments
Giving parents and guardians the option to pay online for school expenses may very well mean fewer late payments for your school. Parents won’t have to mail in—or rely on their student to remember to drop off—cash or a paper check. Plus, you'll receive the funds immediately and avoid any possible lag time involved with mailing a check and waiting for it to clear your school’s bank account.
Parents receive an emailed statement, click the link and make a payment on your school’s web portal. They might even choose to pay using stored payment card information on their smartphone, eliminating the step of having to pull out their physical wallet and payment card. Simplifying payments for parents means your school can see your money more quickly, allowing you to keep your operations running smoothly and your books balanced.
#2: Flexible payment options
Giving parents more payment options can allow them to make payments more quickly and keep the money flowing into your school so there’s no interruption in the programming and services you can offer. Partnering with a merchant services provider allows your school to accept a wider variety of payment options for all the types of payments parents and students make. Here are some of the payment types you’ll be able to offer:
- Magnetic stripe credit and debit cards
- EMV chip credit and debit cards
- Online payments
- eChecks via ACH transfer
- Mobile payments
#3: Save money—and trees
In the past, schools either had to mail statements to parents—spending money on paper, printing, stamps and the time involved—or count on kids to carry them home. With electronic payments processing, your school can choose to automatically generate statements and email them to the email address you have on file for each parent. Not only will your school see substantial savings of paper, ink and stamp costs, a member of your staff will be freed up to attend to other tasks. And, when a payment is made online via the link in an emailed statement, it will automatically be applied to the correct student account—eliminating the chance for human clerical error.
If your school is considering the many benefits of accepting credit cards, and would like to speak to someone about the needs of your institution, contact Vantiv today to speak to a payments expert.