Tips for Moving to Electronic Payment Processing

Electronic payment processes are some of the most awesome options that you can adopt for you organization.  It can save staff huge amounts of time and improve the accuracy of your information. But will it thrill all of your parents? Maybe not. But there is a way for you to get all of the benefits of electronic payment processing AND offer alternatives to those who’d rather not use it.

You probably know your demographics. You have some parents who pay everything else electronically and expect your organization to follow that trend. But you may also have the need for offering check and cash payment methods for those who are not “e-comfortable” or “e-equipped”.

  • Split payments from divorced parents
  • Grandparents who prefer writing checks
  • Parents without credit cards
  • Parents who prefer paying with cash

Understanding these sorts of details about your customers helps you to predict how implementing electronic payment processing for your organization will be adopted.

You may find that those preferring old school payment methods just need a little time to come around. When they see the advantages that “electronic” offers them, they may lose their inhibitions. Why wouldn’t they? Electronic payments allow them to:

  • Pay when they enroll their child online.
  • “Set and forget” by setting up payments one time and forgetting them. Their card will be automatically charged each month – whether they remember to do it or not.
  • Detailed record of payments in credit card statements.

Taking payments electronically also means that you simplify your organization’s payment processing by using credit cards on file for the majority of your monthly tuition fees. Rarely will you have to chase down parents who are late or have bounced checks. You have strong, dependable cash flow because the transfer of funds is automatic.

Using Jackrabbit’s electronic payments also allows you to keep multiple cards on file for parents. This speeds processing in situations like two parents splitting payments or grandparents paying a portion of their grandchild’s lesson fees. It’s also just convenient for parents to be able to keep a back-up card on file.

Using electronic payments also saves you the hassle and expense of processing refunds through your merchant. This process is simplified by enabling you to keep it all in Jackrabbit.

Offering options to parents is simple. For example, you can set up your payment policies as:

  • Each student must have a valid credit card on file.
  • Payments via cash and check will be accepted before x date.
  • Tuition fees not paid by x date will be charged to the card on file.

By doing this, you’ve made the process of paying hassle-free for everyone involved.

How you introduce electronic payment processing to your customers is important.

When you take the electronic plunge, be sure to announce all of the details ahead of time so that your customers are comfortable with how it works. Here are some tips:

1. Communicate your plans to use electronic payment processing about two months before your “go live” date. You can even announce this option one session ahead. “Beginning with Fall 2016 Session, we will offer electronic payments…”

2. Provide complete details, such as:

a. The system is PCI compliant and completely safe for storing their credit card                       information.

b. A “credit card on file” will be required for each student.

c. The option to pay with cash or check is available but only when payment is made             prior to the due date. If no payment has been made at due date, the credit card on
file will be charged.

d. The date that you need to have their credit card information.

e. The date that you will start using their card on file for payments.

f. The type of receipt or payment confirmation they will receive.

3. Begin requiring “credit card on file” from new customers prior to requiring existing customers to submit one.

Being open and transparent about implementing electronic payments is also important. Sharing all details and dates gives your customers confidence and comfort in how smooth the transition will be.

Using electronic payment processes is a great way to leverage productivity in your organization and make things easier and more convenient for your parents.

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By |April 26th, 2016|Software Tips|0 Comments

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