Most organizations need some sort of payment and billing solution. Even nonprofit organizations need a way to process donations or charitable contributions. The same thing applies to universities and colleges.
However, many schools struggle with outdated payment and billing systems. Some have yet to make the leap to paperless billing, while others are stuck with a mishmash of paper and digital technology that leaves students, parents, or alumni bewildered and dissatisfied. The good news is that it doesn’t have to be that way.
Whether your school has adopted digital payment and billing solutions or you’re just now looking into your options, there’s a solution that fits both your needs and the needs of your students.
Why go the online route, though? There are plenty of reasons; it’s cheaper, less labor-intensive, and drives better student satisfaction. It even improves cash flow for schools—imagine how much smoother things will operate when, rather than standing in line to hand in a paper check, students can simply log into their account, make a payment digitally, and then get on with their studies. This is the digitalization of everything, and online methods will be the future. More and more schools switched from offline documents to online document sharing platforms like StuDocu daily, so you should not be the last and can start with online payments.
It’s not just about simplifying things for your students, either. It’s also about taking the burden off your administrative staff. They already have enough to do between answering phone calls, juggling alumni requests, dealing with transcripts, handling reception-related duties, filing documents, and all the rest.
In this post, we’ll explore some of the top-rated online payment and billing solutions designed specifically for colleges and universities. While some are designed as standalone payment processing solutions, others include robust features that make it easier to manage all aspects of the school, from student information to financial aid management. Because different schools have drastically varying needs when it comes to online payment and billing solutions, we’ve included both types in our list.
We’ve done the legwork for you and sorted through the various platforms and service providers out there to deliver a list of the 10 best online payment and billing solutions for the education sector.
Brought to you by ACI Worldwide, ACI Speedpay promises faster payments, improved security, and better student satisfaction. It is used by schools across the U.S. and around the world. It delivers an all-in-one solution that ensures your school can easily accept and process payments online, all without adding another task to your already-overloaded IT team.
ACI Speedpay is designed to improve student satisfaction, but also decreases call center load by up to 33%. It reduces document delivery costs, improves security and compliance while reducing associated costs, along with also helping you reduce charge-offs. It also integrates directly with Ellucian, Oracle, and Anthology, for hassle-free operation.
An industry veteran, Rediker Software offers plenty of benefits for schools and universities seeking a digital payment platform. The company’s Billing Plus module is designed to integrate with AdminPlus (an administrative suite of tools) and bring paperless billing capabilities to schools of all sizes. It also offers a range of other features designed to make life simpler for your admin team.
Billing Plus offers a streamlined solution for tuition, class dues, graduation charges, and other records. It also supports custom tuition and payment plans, while allowing you to create branded reports, invoices, or other billing documents easily. Administrators can email parents and students invoices directly; the software also generates financial reports with the click of a button.
Self-proclaiming their system offers “online tuition and payments made simple,” SchoolCues is a digital payment processing system designed for schools of all shapes and sizes. It’s also one of the most affordable options on the market and schools do not have to sacrifice anything in exchange for that affordability. However, it should be noted that SchoolCues is a full school management system with an integrated payment module.
The payment module offers simplified tuition management that includes handling late fees. It also accepts multiple forms of payment, including credit cards, debit cards, and checks. It integrates with QuickBooks and provides recurring billing, auto-pay features, over and underpayment reporting, along with a great deal more.
Community Brands promises to help schools streamline their payment systems with a school-wide billing and tuition management solution. Claiming to offer “flexible, comprehensive solutions for schools of all stripes,” Community Brands offers support for accepting multiple payment options, managing billing or payment processes all in one place, and provides a user-friendly interface.
You’ll find several service teams here: TADS®, Diamond Mind®, SeniorSystems™, Eduspot, and inRESONANCE®. Each offers something slightly different. Note that Eduspot is designed only for UK schools, while the other options can be used by schools around the world. For those unsure which option to choose, the company offers expert guidance through a one-on-one consultation.
CompuWerx offers Tuition Pay—a powerful solution already being used by over 8,000 clients. This robust online payment system can improve student and parent satisfaction, drive increased enrollment, boost student retention, while even improving school profitability.
This suite of tools provides a broad range of capabilities for schools. For instance, you can send instant tuition e-invoices for immediate payment. The software also works on all devices, including smartphones. You can set up payment plans, provide your students with a “quick pay” feature that allows them to pay their bills without even logging into the system, and more.
Blackbaud Tuition Management™ delivers a “smart solution for streamlining accounts payable and receivable operations for your educational institution”. This software is used by private schools, as well as higher education institutions across the United States. It’s accessible on all devices and helps provide an outstanding experience for students, parents, and even your administrative staff.
Blackbaud allows you to accept multiple payment methods. Additionally, it allows the creation and management of custom tuition payment plans. Students can pay by the month, by semester, in full, or in other ways. It also provides itemized fees to help break expenses down.
TouchNet offers several solutions designed to help schools streamline the payment experience for students and parents. TouchNet Payment Center is the hub and it allows you to “seamlessly connect people, processes, and technologies with a streamlined, PCI-compliant platform that creates a better user experience regardless of payment method or channel." It includes a student account center, simplified payment system across the entire campus, secure payment gateway, and more.
While Payment Center is the hub, schools will also benefit from the addition of the Bill+Payment module. This allows you to automate student payments while enjoying robust security and managing different aspects of the process. Some favorited features of the system include the ability to create custom payment plans and benefit from real-time payments.
OSP by Edlio is designed to simplify online payments for schools. It promises to help you “easily manage your school’s internal, school activity, and associated student body funds.” This option is modular, and you can choose exactly the configuration that fits your school’s needs. Note that OSP can be used by colleges, but it is also configurable for elementary, middle, and high schools.
The software allows online payments from students, as well as parents and guardians via check or credit/debit card. It also provides receipts, payment tracking, and more. The online school care module allows you to manage student enrichment programs, while the online mobile swipe module allows you to accept debit and credit card payments in person (rather than online).
Online Invoices from Easy Online Billing offers a simplified solution for schools hoping to take advantage of the benefits offered by online payments. It offers both advanced and basic tools for handling everything from credit card payments to invoicing, while also allowing schools to track expenses and student payment records.
This payment software allows schools to issue invoices for a broad range of needs, including courses, training materials, and educational tools. You can send invoices via email (to both parents and students). You can also manage sales and create automatic recurring invoices.
Designed for schools of all types, Payment Savvy offers a simple, direct way to accept and process payments online. It’s also feature-rich and designed to support a broad range of needs. From credit card processing to state-of-the-art encryption, this online payment solution for schools is a stand-out choice.
It offers 24/7 payment processing in real-time, as well as robust data security for school, student, and parent protection. Students can access their account information quickly and easily. The software also integrates with most institutions' technology stacks.
With the wide range of online payment and billing solutions for universities and colleges, there's plenty of choices designed to fit your every need. Whether you represent a public college, a private university, or a similar institution, there is a software solution that will enable you to move into the modern world. However, that does not mean that your administrative team is unburdened.
At Smith.ai, we realize just how much goes into running a successful college administrative office. Our live receptionists, web chat, and messaging services are perfectly designed to lighten the administrative load giving your team more opportunities to excel. Schedule a Live Chat today to learn more about our services and what custom support we can offer. You can also call us at (650) 727-6484 or email us at email@example.com.