Why You Need To Automate Student Fees To Increase Collection And Recovery
Do you find your school bogged down due to endless paperwork, heavy workload, irreconcilable errors, and poor collaboration between students, teachers, and staff during the admission cycle? Do you find yourself losing track of student fee collection, tasks, and deadlines? If it is increasingly difficult for you to track income and expenses where there are bottlenecks, you need to automate student fees to analyze the right information so you can fix these problems and increase productivity and efficiency in schools and higher education.
Making It Painless With Fee Automation
Your school is probably filled with stacks of loose papers and manila folders, but you are thinking of ways to retain students, and increase fee collection. Do you wish you could make operational innovation in fee processing with an automated fee management system? Avoid the costs of inefficiencies and errors caused when you’re overwhelmed with late payments, slow pace of assignment and approvals, and forgotten invoices. Minimizing careless mistakes and maximizing your profitability with fee automation will not only enhance the student experience, but also increase your fee collection by 30 percent.
How To Automate Student Fees: 6 Steps
What it would be like if you could get rid of all your paper-based fee transaction process forever? What if you could simply hit a button and know that your fee process is automated and secure? What if you could easily analyze and track your fee dues no matter where you are? Say goodbye to all paper-based fee invoices with a student information system. Here are the 6 sure steps to automate student fees:
1. Automate Student Fee Scheduling And Frequency For Collection To Improve Transparency.
Administrators can enforce and collect fees with an automated fee schedule so that students know when the fee payment is due with improved transparency in collection. Parents also should not feel that they are pressured for fee collection. By setting a flexible and personalized fee schedule for students for each quarter/month/year/term, you have an accurate picture of your actual revenue collection throughout the student lifecycle.
2. Create User Accounts And User Groups To Start Collecting Fees.
Create user groups based on program, course, or a custom group of users to apply fees mandatory for the classroom. Select students individually or in bulk for a group of students to apply specific fee component or category.
3. Automate Email Notifications And Reminders To Get Paid On Time.
Streamline the communication process and keep the constituents always informed at every step by email notifications, SMS alerts, and push notifications from a mobile app to save you time. Automatic notifications by email and SMS will notify students of fee overdue, invoice unpaid, or late fee reminders from students to get paid on time.
4. Set Up Automatic Fee Payment Plans.
If you want students to pay their fees, make it easy and hassle-free. Increase fee collections if students can pay the full amount all at once or pay in installments. Create flexible fee options to enable students to make payment by cash or through online and mobile apps with credit or debit card. Allowing more payment options will entice more students to use online fee payments.
5. Auto-Generate Fee Invoices For 100% Recovery Of Fee Due.
Automatically generate invoices, set their due dates, add late fees and other fee waiver on due invoices, and notify students. Create recurring invoices that will be generated and sent to students on a regular interval. Custom invoicing allows you to add any number of individual components or set up a special fee or apply discount tailored for certain categories of students. Generate bills while fee payment is made by students.
6. Use Data Visualization To Gain Insights On Revenue And Spending.
Campus fee automation allows you to generate a plethora of meaningful ready built reports on aging, installment aging, refunds, receivables and dues, total dues, bad debts, estimate reports, etc. which can be viewed on a single click without any margin of error. With reporting tools and data visualization, you can quickly accumulate data that will give you the insights you need to improve your fee collection and reduce expenses.
