How to pick the right school payment solution
In today’s technologically-advanced world, practically every institution from universities to K-12 schools need a seamless way to collect payments for a variety of scenarios, be it school fees, field trips, lunch programs, fundraising events, or anything in-between. A school payment solution is the answer; however, choosing the right school payment solution can be challenging.
In order to help you make an informed decision, we'll walk you through the features of a school payment system. But first, let’s look at what a school payment solution is.
What is a school payment solution?
A school point of sale (POS) payment solution is an online tool that processes payments for all the financial transactions of an educational institution. Payment solutions for schools are designed to handle and process transactions electronically, while maintaining confidentiality and ensuring that card information is carefully encrypted. Some systems accept payments via debit card and credit card, while others process payments through third-party accounts like GooglePay or PayPal.
Here's how a typical school POS system works:
Utilizing data stored in the student information system, the POS system sets up independent accounts that are tied to each student. Through those accounts, parents can securely add money via a debit card, credit card, or other payment method of their choice for school purchases such as meals and yearbooks, as well as other expenses like field trips, club activities, and other fees.
When a transaction is initiated, the money is immediately deducted from the bank or credit card account and deposited into the school's account.
Do you need a POS for your school?
Here are some features in a school payment solution to help you pick the right one for your school.
Before we move on to other great features of a school payment solution, let’s look deeper into the many perks that a school payment solution provides during the all-important lunchtime hour.
1. Seamless fund management by parents
2. Low balance alerts
3. Menu integration
4. Quick checkouts
5. Easily track popular items
6. Integrates easily with free and reduced lunch plans
A school payment system will quickly and accurately gather applications, print reports, and complete verification requirements. Never again will your cafeteria team have to spend unnecessary time with clunky paper lists.
Additional uses of POS systems at schools
School stores: Track your store inventory, product sales, create student accounts, and seamlessly sell items in your student store.
School fees: Students can submit school fees from anywhere in just a few seconds.
School tuition: Keep track of tuition payments with only a few clicks of a mouse.
Fundraising: Keep the business side of your nonprofit growing with fundraising and donations with a POS system for school.
Athletic fees: Get a clear picture of how athletic fees are streaming in, as well as who's contributing so you can follow up with a thank you note and remind them later of other financial giving opportunities.
Club fees: Stay on top of all club membership fees so you can focus on what really matters—providing student members with impeccable service.
Now that you’ve seen the different areas within a school that a POS system can be used, let’s look at a few intangible benefits:
Benefits of a POS system for your school
1. Efficient student payment tracking and reporting
Fortunately, with the right school payment solution, you’ll no longer have to dig through countless files every time you want to verify a transaction. It'll be smooth, fast, and accurate.
Best of all, you can get quick and concise insight into financial and student-related reports, thanks to the system's robust reporting capabilities.
2. Secure payment processing
3. Ease of admin duties for student payments
Ready to see a school payment solution in action?
The best way to see how a school payment solution can work for and benefit your school is to see it in full flight. Contact the team at Heartland to learn more about our industry-leading cloud-based school payment solution that makes it easy to manage all school fees and purchases in an all-in-one, easy-to-use payment portal. With it, your staff and parents will enjoy a seamless payment experience, school year after school year. To learn more about our vast array of powerful products, visit Heartland.us.