No parent likes their kids being sent out of school because of late school fees payment. It not only makes the kids embarrassed amidst their peers, but also makes the parents ashamed in front of their kids, the school, and amidst their friends too. This is why parents fight against all odds to meet up with fees payment for their kids. In some unfortunate cases, try as hard as they may, the parents end up not being able to meet up with fees payment, and this results in the child being sent out of school, the school running at a loss, and not being able to pay its staff.
The reasons for late school fees payments are many. Some are poor planning of finances, the fear of being bankrupt after paying huge sums of fees at once, late notice of the school's fees, etc. The major people who suffer from late school fee payments are the school owners. Why? Because it is their business, and they ought to make profit from it. When profit isn't being made, school businesses begin to run at a loss, and some end up shutting down.
Every school owner can relate with running at a loss as a result of late school fees payment at some point while running their school businesses, but providing a solution to late school fees payments will excite them, which is why this article was written. Below are 3 solutions that can help you as a school owner put an end to late tuition payments:
- Schoolable-Bento Partnership: Have you heard of the Schoolable-Bento partnership? If you haven't, here goes. The Schoolable-Bento partnership is one that allows parents to save towards their children's tuitions. This is how it works; parents make a down payment of 20% of their child's tuition while Schoolable pays all the tuition to the school at the beginning of a new term. Bento then deducts from the parents' salaries every month (just like DSTV monthly subscription) to repay Schoolable. Only parents whose employers pay them through Bento are eligible for this.
- Try Splitting School Fees: As unconventional as it may sound, this could be one of the most effective ways to get school fees from parents quickly. Some parents might not be able to participate in the Schoolable-Bento partnership, and it shouldn't be a problem. How then can you get your fees from them? Try splitting your fees. This would be very helpful in taking off burden from parents instead of them having to pay huge sums at once. Some parents end up not paying the school at all, even after promising to pay at some point during the term. So, look at it this way; if the parents paid 70% of the fees at the beginning of the term, your school business doesn't run completely at a loss if they decide to take their children away without paying the remaining 30%.
- Send Invoices Digitally: Sometimes, the reason why parents pay school fees late is because they did not get invoices early enough. Some students misplace their hardcopy invoices before leaving school, while some forget to give their parents when they get home. Of course, every parent ought to have it at the back of their minds that fees would be paid, but parents need to be aware of how much they ought to pay so they can plan their finances properly. With Schoolable Pay, you can send invoices to parents as often as possible, via Whatsapp or SMS to make them know how much they owe for the term. This way, parents are aware and can save towards their child's school fees or know how to manage their finances.
Late tuition payment often causes disagreements between school owners and parents because every school owner wants to earn profit from his business, and late payments can cause an hindrance to that. If you want your school business to grow, you need to find the right solution to late school fees payments, and you will never have to bother about late tuition payments anymore, or about owing your employees as you get to collect tuition from students at the beginning of a new term.