Edited from an original post on RenWeb.com - 12 September 2016.
In a world increasingly connected by mobile communication, it will soon be an expectation for private schools to offer mobile payment options for tuition, lunch, and other incidentals. With research firm IDC reporting “that by 2017, 1.5 billion smartphones will be in use around the world,” it’s time to start considering mobile payment capabilities at your school. Here’s why:
- You can attract new customers. Modern parents see mobile payment options as a value-add. And, after all, who is busier than a parent? If your institution offers the ability to make mobile payments and a competing school does not, you can make the case that you are offering more convenience than other schools in your area. By the end of 2017, Forrester Research predicts “that U.S. mobile users will spend $90B via mobile payments, a 48% increase over the $12.8B spent in 2012.” This is a huge increase and reason enough to consider a mobile payment solution!
- You can increase payment speed. It’s important to think of your school as a business, and as such, your enrolled parents are your customers. Customers expect instant gratification. Many modern parents may consider it burdensome to pull out their laptop or place a phone call in order to pay a bill. The fastest and easiest option for busy parents is using the device they already have on them to quickly make a payment. After all, AdWeek reports that “nearly 80 percent of consumers ages 18 to 44 carry their mobile devices with them for 22 hours a day.”
- You can save time. It’s critical that your institution collects every tuition dollar on time and in full. That’s why you should consider giving collections to a third-party so you can avoid dozens of phone calls, late payments, and other collections-related activities. Allowing parents to quickly and easily pay their bill via mobile or make payment arrangements that make sense within their family budget gives your school more time to focus and complete tasks that don’t involve chasing down payments.