Payment acceptance is one of the most critical business operations functions for an independent school to ensure success. According to a recent survey by our partner Diamond Mind, a schools’ key priorities regarding digital payment are parent experience and cost of payment processing. Specifically, convenience for parents (80%), ease of payment tracking and reporting for school staff (57%) and the cost of payment acceptance / processing (41%) are the three top reasons schools offer payment options. Lowering costs (39%), better accuracy (31%) and faster time to receipt of payments (22%) were also named as priorities.
But what are the other benefits and factors for choosing to accept payments electronically?
Diamond Mind surveyed 3,000 independent schools and received responses from over 250, a sample size large enough to reflect the trends of the entire market. Specifically, convenience for parents (80%), ease of payment tracking and reporting for school staff (57%) and the cost of payment acceptance and processing (41%) are the three top reasons schools offer payment options. Lowering costs (39%), improved accuracy (31%) and faster time to receipt of payments (22) were also listed as priorities.
When choosing a payment processor for your school, ensure it can provide a good balance of these top priorities. For more information on payment trends at independent schools, download the Payment Survey Report here or watch the webinar here.
Senior Systems and Diamond Mind are fully integrated to allow you to streamline and more effectively manage your school’s operations.
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Diamond Mind is the leading provider of digital payment solutions for independent K-12 schools, making payment processing fast, easy and parent-friendly. Over 1,000 schools rely on Diamond Mind to enhance revenues, increase flexibility, and improve the payment experience for schools and parents alike. Cross-campus payment solutions include tuition, online giving, summer programs, purchase card programs and more.
