How to increase income in your school with online payments

In this post, we’ll share with you the pros of using management software to digitize payments and also how to increase your income. It's important to consider that more and more music, dance, art and languages schools are choosing to modernize, moving from analog to digital to streamline, not only payment administration, but also daily management tasks such as student records and class scheduling.

Students seek schools that offer classes with recognized professionals and are relatively close to their homes. They also want access to all necessary payment information and the ability to make payments easily, quickly, and securely. The easier it’s for them to make payments, the more likely they are to pay their fees on time. This highlights the importance of having an online payment system that facilitates student’s payments and ensures a steady income for your school.

Below, we want to show you how implementing online payments will enhance security, peace of mind, convenience, and immediacy when managing payments. Importantly, once you transition to digital format through school’s management software, you'll save time by automating payment processes. Additionally, your students will appreciate a straightforward and secure payment method, which can increase their loyalty to your studio.

But first, let me briefly explain what it means for your academy to manage payments online.

What does online payment entail?

Online payment is an electronic payment method that doesn't require cash for reimbursement and allows you to pay from anywhere, using an electronic device such as a computer or mobile phone. This benefits both - students and the responsible of managing academy payments - as it reduces the time invested in this process.

Which are the pros of offering online payment to your students?

1. Security 

Cash payments might seem more secure than online payments, which can lead to reluctance from students when making payments through transfers or credit cards. However, paying in cash is not inherently safer than paying online. For instance, cash payments aren't recorded, leaving uncertainty about whether payment was made. Online payments offer maximum security, with transactions recorded and easily accessible bank receipts for confirmation at any time. Additionally, it saves time—just a few clicks ensure timely fee collection.

1. Peace of mind 

Introducing online payment methods reduces cash handling, deleting worries about physical money in your school. The responsible of handling payments experiences better control and a sense of relief. It also avoids the need to carry large sums of cash to the bank.

1. Convenience 

Paying from the comfort of your couch—what a delight! 

Most students are familiar with online shopping. So does paying for dance classes. If you offer a secure online payment method, students and parents can pay from anywhere. This eliminates excuses for late payments.

1. Immediacy 

Online payments are so immediate that you can receive income with just two clicks—essentially keeping your school open 24/7. Real-time payment verification allows better resource planning for future actions. 

Furthermore, it eliminates the time spent reconciling and monitoring cash payments. A robust online payment management tool provides instant access to lists of paid and outstanding students.

1. Automation 

Once your school adopts online payments, you'll notice significant improvements. Incomes from fees are automatically recorded, reducing the time spent reviewing payments. Say goodbye to manual recording and complex Excel sheets for accounting—management software captures and downloads data swiftly for your accounting needs.

1. Avoiding awkward situations with students 

Your job isn't to chase students for payments. If you're tired of urging them and facing uncomfortable situations, managing payments online can alleviate this. School software can automatically notify students of outstanding fees, keeping them informed of exact amounts owed and payment statuses.

1. Retention 

When students see they can make quick, secure, and easy payments anytime, they'll appreciate your studio more. This increases student retention and encourages recommendations, attracting more students.

Finally, most of your students will appreciate you offering an alternative method to cash payments. If you also have a tool that allows you to activate recurring payment options, your students will pay instantly, ensuring a fixed monthly income for you. This way, you'll save the time you used to spend reminding them of payments and checking cash transactions. Moreover, you'll significantly reduce the likelihood of human error.

All these advantages will encourage your students to be punctual with payments, thereby contributing to the growth of your income. You'll also have greater control over payments since they will be automatically recorded, provided you have the right tool tailored to your school's needs.

If you want to learn more about improving your payment system, contact us by any of our communication channels. Through our PAYMENT ACTIVATOR SYSTEM, you'll discover the benefits of implementing certain changes in your business that will enhance fee collection processes and foster steady growth.