Decision fatigue is REAL. From deciding on what to eat, when to schedule a meeting, and what to wear for yet another Zoom meeting (even if it is only waist up) – there are a lot of choices we have to make every hour of every day.
Choosing a tuition management system is one of those big decisions that come up in your business office that requires careful consideration. But, with all of the decisions you face – how can you make sure you’re being thoughtful about this one?
Two ways to combat any decision fatigue you may be feeling are to one – make a decision-making process and two – stop second-guessing yourself.
These six questions can help you easily make your informed choice regarding tuition management. No second-guessing necessary.
Will the payment process be automated?
You will get more on-time tuition payments if you automate the process for your families. And, your business office will be more efficient without parent drop-ins. Automated payments are truly a win-win!
Make sure the system you choose offers this family-desired, contactless payment option for tuition payment. And, definitely make sure that parents can pay via credit card and ACH transfer.
Is it flexible enough to meet our needs?
Families benefit when you can provide them with a payment plan that works best for their calendar. Seek a solution that allows that! And, for sure seek a solution that gives them the choice of payment method.
Your business office (and school) benefit if your tuition management system allows the flexibility to waive fees for hardest-hit families, or families who were late just one time. And, it should allow you to manage the relationship-building questions from your families – while allowing your provider to handle the “how-to” questions to save your staff time and energy.
Can I predict how much the service will cost my school every month?
Some tuition management systems use fee-based priced pricing models. Schools can have a hard time budgeting for that since they don’t know how many late payment fees and others they’ll ultimately collect, making the actual cost – and any offsets – impossible to budget for.
Flat-rate pricing helps schools more accurately plan around tight budgets. And, if you choose to add additional fees, your school can keep them in their entirety.
Can I explore different pricing models?
With the flexibility to choose your own pricing models, your school can help increase your revenue. For example, you’d have the option to give a discount to families who pay more upfront and add fees to families who pay weekly.
You’d also have the opportunity to better support families by waiving fees for those who need it. Look for the solution that will help you explore your options!
How will this plug into our financial aid process?
During the 2020-2021 school year, 62% of schools saw an increase in financial aid applications. With the limited staff that is already overloaded, the extra work is taxing.
Seek a solution that allows you to streamline tasks and save time with an integrated financial aid and tuition system.
Is the solution constantly tested for security compliance?
Cyber-attacks against the financial sector rose by 238% between February and April 2020. Your school and your families deserve a tuition management system that is secure.
Check to make sure they are PCI compliant, meaning they developed a security process to prevent, detect, and act on any possible security breaches. This involves, among other things, ensuring connections are secure and are doing constant security testing.