Payments
Deep Dive: Education
The shape of payments in the education industry today.
The education industry drives over $550B in revenue annually. The pandemic drove rapid adoption of remote learning and began to make legacy payment collection methods obsolete. The expansion of remote learning is driving demand and urgency for more efficient digital, billing & payment solutions. The rising cost of education has students/parents seeking alternative and flexible payment options. Today, only 5% of millennial students pay tuition with checks. As the loss of parking fees and other revenue streams affects educational institutions, predictability and uncertainty stress already burdened cash flow. 72% of school financial leaders believe their payment system is only slightly effective.
Key Payment Challenges
Educational institutions are facing some common challenges.
Eliminating paper
transactions
72% of school financial leaders believe their payment systems are error-prone, antiquated, or otherwise inadequate.
Managing
cash flow
As a result of digital learning, cash flow implications will continue to be more pronounced.
Poor customer
experience
Manual payment systems are cumbersome and inconvenient, and tend to have higher fees attached.
Plastiq Accept Solutions
Plastiq Accept meets these challenges.
Digital payment
flow
Plastiq Accept automates payment collection within existing invoicing or checkout methods.
Track & predict
cash flow
Plastiq Accept promotes real-time collection and end-to-end payment tracking, expanding visibility into unpaid, initiated & collected payments by account.
Streamlined to
customer experience
Plastiq Accept promotes innovative, flexible payment options that provides a simpler and better customer experience.
Plastiq Accept solves payment problems before they're a problem.
Promotes real-time payment collection
Promotes real-time payment collection
Tracks open “unpaid” payment requests
Tracks open “unpaid” payment requests
Advanced reporting & real-time notifications
Advanced reporting & real-time notifications
End-to-end payment reports
End-to-end payment reports
Flexibility to adjust to payment challenges
Flexibility to adjust to payment challenges
Automated process shortens collection times
Automated process shortens collection times
Offers more flexibility with multiple options
More flexibility—offers multiple options
Enables card acceptance for budget-constrained SMBs
Enables card acceptance for budget-constrained SMBs
Start using Plastiq Accept and upgrade the way you get paid.
Post-pandemic shifts in preference for digital payments have influenced students and parents. Institutions have found increased cash flow predictability helps fill gaps created by the loss of secondary revenue streams. Plastiq Accept removes payment collection friction by integrating collection with the student payment experience, shortening time between payment and available funds.
West Island College aces payment collection with Plastiq Accept.
The challenge: Collecting payments was manual and reconciliation was time-consuming and challenging. The school needed to update and digitalize their payment platform.
The Plastiq Accept solution: With Plastiq Accept, parents can now pay directly online. WIC saw instant time savings and their payment collection rate is now within 2 weeks—with near-instant reconciliation.