These days subscription payments are part of everyday life—bills, gym memberships, music, phone plans, Netflix, and the list goes on. Bite-sized fees paid regularly, that make the total cost more manageable and affordable, have become the new standard.
Payment options for the VET and independent school sector should be no different. We all know that having to pay large sums up front can factor some students out of attending a course or a school. Direct debit billing gives these students a more affordable option. Plus, it streamlines fee collection for you.
The key is: You must make it easy for your students to pay you!
PaySmart’s RTO contributor Nick McEwan-Hall is a business Coach and VET Consultant. According to Nick:
“The biggest barrier to getting students to pay enrolment fees is often not the fee itself, but the method of collection. At the end of the day, people will pay good money for a high quality product, and training is no different. Make it easy, simple and flexible for your students to pay their fees, and watch your collection rate increase. Take a look at your fee collection method—and the process behind it—and ask yourself if you’ve overlooked a simple solution to increase your collection rates in your rush to find stability.”
Anyone who owns or manages a business understands how cash flow can make or break the business. And anyone who deals with people knows that bills can often get lost in a pile. It can take a significant effort from your admissions or accounts team to chase down payments or even an enrolment fee to get a new student started.
A payment system that provides you with a secure line of cash, frees up your admin time, and importantly, really works for your students, is critical.
PaySmart has worked with RTOs and schools—from the very small to large franchises. We know how to get a reliable payment system in place that works for you and will make your life a whole lot easier. Talk to one of our Business Development Managers today about the process or read below about the experience of other RTOs and schools.
“I breathe a sigh of relief every single day knowing I don’t have to spend time chasing debt. Working with PaySmart means I can concentrate on the business of helping our students with their education, rather than being faced with an administrative and debt-collecting nightmare. After the success that Bangor has had, the other Learning Centres at Cronulla and Sans Souci have also introduced PaySmart for their clients as well.”
— Christine Bruce, Director, Bangor Learning Centre
“Direct debit services can play a key role in financial recovery. I recently used PaySmart as an integral part of a fee recovery program for a school, which reduced the outstanding fees by several hundred thousand dollars and all but eliminated delinquent accounts. For schools struggling with unpaid fees—and I know there’s a lot of them out there—direct debit services are definitely worth including in their strategic approach to fees.”
— Ian Fleming, Credit Management Consultant