The first step towards ensuring you collect all your money from parents is to stay organized and the easiest way to stay organized is to automate most of your processes when it comes to collecting money from parents.
By organizing your process of collecting fees, you are setting the tone to ensure that your parents pay you on time.
Ways Schools can automate School Fees Collection
Digitize your student's record
There are various ways you can do this. You can use an excel spreadsheet or a more advanced software tool but it is very important you have a digital store that holds the records of all your students.
Offer discounts to parents when they pay on time
Most schools offer discounts to parents with multiple children in the school. Have you thought about offering discounts to parents if they pay before resumption? Do the parents of your students know that such a discount exists?. Like every business, you need to let your customers (Parents) know about your offerings. When you offer discounts and constantly remind parents of it, they will surely take the opportunity. You can only do this effectively if the process is automatic.
Send parents electronic invoices
Alongside with issuing manual/hardcopy invoices, send out an email and SMS invoices to parents at the close of the term. Include a way through which they can pay you. This makes it super easy for parents to pay without going through any stress.
Send automatic payment reminders
When you digitize your collections, it is easy to send parents' that owe, weekly payment reminders via email and SMS. This is difficult to do if it is manual but when it's automated, it can be a very effective way to nudge owing parents to pay up.
Offer monthly payments as opposed to termly
This is a bit tricky to do but there are ways you can partner with financial institutions to enable qualified parents pay school fees monthly instead of termly. This way, its easier to pay and parents will have fewer excuses for why they are unable to pay. You can then be able to collect a bulk of your fees every term.
Armed with these simple solutions, interviews and conversations with school owners and parents, we understood what their pain points were and we built Schoolable Pay to help solve this cash flow problem for schools. We understand that every school owner would be a lot more happy if they can get bulk of their cash upfront at the beginning of every term.
Schoolable Pay ensures that Schools can collect up to 80% of their revenue upfront at the beginning of every term and ensures that they can stay liquid for their growth and expansion.
How Schoolable can help Schools collect fees
Schoolable Pay enables schools generate unique invoices that is issued to their students at the end of each term. Through these invoices, parents are able to pay the school fees directly to the schools through the payment channels they find convenient. With these invoices schools are able to track payments from parents who pay, know the parents who are yet to pay (so they can send reminders to them), and reconcile the payments that come into the school's account.
Improved Fee Collection
With the unique invoices that are issued to parents, they are able to pay the fees a lot faster and in their convenience. For parents that don't get to pay, through Schoolable Pay, schools have access to data that informs them of parents that are defaulting and enables them send automatic reminder emails to these parents.
Enabling the parents
Schoolable on the other hand also helps parents to be financially prepared to meet their obligations every term.Parents are able to stay accountable with saving towards the school fees each term by saving using the different savings plans (Baby Bloomer Plan, Termly Tuition, Choice Secondary School Plan and the Trust Fund plan) available on the platform.It also gives parents access to low interest loans to parents that reach the loan requirements.
This way, the goal of getting up to 80% of tuition before resumption for school owners is achievable!
Schools can do all of this and more by signing up and registering their schools on the Schoolable Pay web app.
Access the Schoolable web app here
Schools need parents to stay accountable with saving for school fees and also have access to loans. These parents can start their savings journey on the Schoolable web and mobile app.