Most schools rely on outdated, labor-intensive, error-prone payment processing methods. That’s true of both public and private educational institutions, from K-12 schools to community colleges, trade schools, and universities. But those issues can easily be solved by selecting a technologically advanced payment processing provider. These payment technology partners offer intuitive turnkey systems which can ensure fast, secure, flexible payments. Although these systems provide state-of-the-art security features and other benefits, they require no additional technical infrastructure or know-how.
Robust End-to-End Payment Security
Theft, embezzlement, and loss of funds due to human error are extremely costly. But they are exceedingly difficult to prevent if a school uses a conventional payment method. Modern digital payment technology, however, reduces the need to handle, store, and transport cash, which has always been a big security risk. Payment data can be automatically safeguarded using sophisticated tools such as encryption, tokenization, cloud backup, and PCI compliance. Schools no longer have to securely store and archive payment records, either. That helps them comply with paper reduction mandates while making it much easier to file, sort, and search financial documents like invoice and payment receipts.
Payment Processing Problems During COVID-19
Of course, today’s payment processing also needs to support COVID-19 protocols. To reassure everyone, educational institutions need to consistently implement social distancing and sanitizing protocols, and those protocols also extend to their payment procedures. But manual acceptance of payments not only wastes time and money, it demands greater person-to-person contact. During a pandemic that places an even greater burden on the staff and those arriving to make payments, a process that inevitably occurs indoors −where the threat of virus transmission is greater.
A Safer, Healthier, More Efficient Process
Digital payment processing is contact-free, and also replaces outdated paper-based accounting practices with electronic invoices, payments, and receipts. That can instantly eliminate the need for in-person contact at school. With funds deposited electronically, school personnel do not have to visit the bank in person, either, speeding cash flow and further protecting the community from the risk of virus transmission. A capable payment processing provider will offer these intelligent solutions and enable virtually every form of payment, from instant wire transfers to acceptance of debit and credit cards and electronic checks.
Save Time, Labor, and Physical Space
Social distancing requirements have also created intense demand for all available square footage within brick-and-mortar schools. Those struggling to find the extra space may realize that it is available thanks to the digitization of payments, which frees up space otherwise used to warehouse financial documents. A digital payment system simultaneously supports secure sharing of those valuable documents and makes it easy to generate customizable financial reports. Schools may also be operating with limited front office personnel, but automating payments relieves their workload.
Enhanced Features with Robust Security
School systems today face monumental difficulties due to lower revenue combined with the high cost of implementing COVID-19 health and safety precautions and procedures. They need efficient, cost-effective payment processing to shorten the revenue cycle and reduce time, labor, and overhead. But security is vital. Otherwise sensitive financial information and private student data is at risk from loss or theft. Choosing the right payment processor is more crucial than ever, because that strategic partner can help shield educational institutions from liability while sustainably improving financial operations and ensuring a healthier campus.