Tips and Tools for Effective Tuition Collection
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You are in the child care business for many reasons: I’ll bet there are several favorite parts of your day. Collecting tuition and dealing with outstanding balances is likely not one of those favorites. In fact, you may even feel like it would be better to skip that topic altogether. If your cash flow isn’t healthy and consistent, providing high-quality child care won’t be easy. This presentation highlights some practical strategies and tools for collecting tuition that will allow you to put away those past due notices away for good! The best part? You’ll get to spend more time doing the part of the job you enjoy - helping children to learn and grow.
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Bank is a manufacturer of credit and machine for facilitating exchanges.
A bank is a person or corporation which holds itself out to receive from the public
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A bank is a person or corporation which holds itself out to receive from the public
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Tips and Tools for Effective Tuition Collection
- 1. Tips and Tools for Effective Tuition Collection Presented by
- 2. Hello! Ryan Gwaltney Executive Software Consultant Kassia Galloway Marketing Manager
- 3. Overview The Importance of Profitability What Do Your Families Need? What Does Your Business Need? 5 Steps to Address Tuition and Collection Getting Started with Procare Q&A Session
- 5. P-R-O-F-I-T (It’s Not a Four Letter Word)
- 6. Hi there.
- 11. What Do Your Customers Need to be Happy?
- 13. Millennials Born: 1981-1996 80 Million Generation X Born: 1963-1980 65 Million Baby Boomers Born: Before 1963 75 million
- 14. Mobile Devices serve as their wallets. Self-Service solutions are comfortable & expected. Customization and personalization is best.
- 15. Today, customers rightly expect frictionless payment processing, 24/7 accessibility to payment services with the highest security standards applied as a minimum.
- 16. UNCHANGED ◦ Safety ◦ Quality Care ◦ Focus on educational growth CHANGED ○ How they want to interact with your business YOUR CUSTOMERS NEEDS
- 17. What Does Your Business Need to Thrive?
- 18. Your Goals ○ Happy families ○ Stable, engaged staff ○ Well-equipped classrooms ○ Fantastic curriculum ○ Full enrollment
- 19. “ Never take your eyes off the cash flow because it’s the lifeblood of business. Sir Richard Branson Entrepreneur/ Founder, Virgin Group
- 21. 5 Steps To Improve Your Cash Flow
- 22. 1. Define Payment Terms 2. Raise Tuition and Fees as Needed 3. Create a Consistent Billing System 4. Make it Easy for Parents to Pay 5. Collect Overdue Fees
- 24. Define Payment Terms ○ Establish clear payment terms ◦ Weekly, monthly or bi-weekly? ◦ Due on what day of the week? ○ Set fees for late payments. ○ Include payment terms in the enrollment agreement, and discuss it with parents.
- 25. ○ Ensure staff understands the critical importance of adhering to the terms. ○ The same rules apply for all families. Define Payment Terms
- 28. “ The single most important ingredient in the recipe for success is transparency because transparency builds trust. Denise Morrison Former President & CEO, Campbell’s Soup
- 29. Raise Your Tuition How & When 2
- 32. Raise Tuition How & When ○ Give plenty of notice ○ Pick a frequency & stick to it
- 33. Raise Tuition How & When ○ Explain the “why” ◦ Focus on both parent and child benefits ◦ Reinforce your center’s value.
- 34. You can’t pour from an empty cup.
- 35. Set Up a Consistent Billing System 3
- 36. Consistent Billing System ○ Refer back to your payment terms - your billing system should match. ○ Schedule a recurring time to do it. ○ Gather the information needed. ○ Accurate invoices are essential.
- 37. Make it Easy for Parents to Pay 4
- 38. Venmo is used as a verb. Peer to Peer offers the convenience Millennials want. Rewards is a top reason Millennials use credit cards.
- 39. 52% of Millennials NEVER write checks. 69% of Millennials pay bills either online or with direct debit. SOURCE: How Americans Pay Their Bills | AITE Group | 2017 Over 50% of Millennials use credit cards to pay for daily necessities such as food and utilities.
- 41. ○ Offer multiple ways to pay: ◦ Recurring bank withdraws ◦ Scheduled credit card payments ○ Convenience is king: ◦ Allow parents to pay tuition in the same way they pay other recurring expenses. Make it Easy for Parents to Pay
- 42. ○ Options for managing credit card transaction fees: ◦ Build it into the tuition ◦ Add administration fee to invoice ◦ Consider as a cost of doing business Make it Easy for Parents to Pay
- 43. Pay Tuition Button for your website means families can pay from anywhere. Payments Recorded automatically in your ledger. Checks can be added by you. Automated Email payment reminders and confirmations. Account Statements for families that auto calculate balance, late fees, and added program fees.
- 45. “ There are only two options regarding commitment; you’re either in or you’re out. Pat Riley President of the Miami Heat
- 46. Collect Overdue Fees ○ Make it a priority to collect parent email addresses for easy communication. ○ Give frequent reminders ◦ Email families at the same interval each month to remind them when tuition is due. ◦ Add tuition due date reminders to school e- newsletters. ◦ Send messages via KidReports.