Higher education institutions have a lot to consider when it comes to payment processing best practices. New and emerging payment methods, PCI DSS 4.0 requirements, and increasingly sophisticated fraud threats are just a few pressing issues.
While it may seem like a monumental project, re-evaluating your payment processing procedures and workflows can improve efficiency, enhance security, reduce fraud, and improve the payments experience for students and their families.
We’ve put together some payment processing best practices for you to consider.
Payment Processing Best Practices Increase Efficiency
Prioritize Data Security
We live in a digital world dominated by digital transactions. As a result, it’s crucial for schools to protect student and parent data, especially when enabling electronic transactions. Using robust online payment systems can help secure financial transactions, protect sensitive information, and reduce fraud.
Using secure payment gateways and encryption can keep financial and other sensitive information protected. In addition to avoiding embarrassing and costly breaches, this best practice instills trust in students and parents that your institution is taking the necessary steps to guard data.
Offer a Wide Range of Payment Methods
Students and parents come from varied financial backgrounds with different preferences for making payments. Schools should accommodate this diversity by offering multiple payment methods. Whether it’s credit/debit cards, digital wallets like Apple Pay or Google Pay, cryptocurrencies, or e-checks, providing various options can simplify the payment process for everyone involved. Flexibility is key.
Automate Tuition Payments
The costs associated with education can be burdensome for many families. From tuition fees to textbooks and meals, the expenses add up. To ease this financial strain, many educational institutions are now introducing automated payment plans. By breaking down costs into manageable installments, these plans help families budget better and focus on education rather than financial stress.
What’s more, automating tuition payments can streamline the collection of payments. Enabling invoice notifications keeps students in the loop about when payments are due, which can cut down on forgotten payments.
Choosing Payment Processing Solutions
The best practices above are just a few of the many considerations higher education finance teams must take into account. In many cases, improving payment processing will require the support of several solutions. Navigating a web of solutions is often difficult for teams that are already stretched thin.
That said, deploying a customized set of solutions in the digital era can make a world of difference. It can increase the speed of payments collection, reduce fraud, and ensure the customer experience is optimized.
Perhaps the biggest benefit to implementing the right mix of payment processing solutions is the ability to simplify and, in some cases, eliminate manual and administrative tasks. This allows staff to spend more time on strategic projects that add value and contribute to your school’s overarching mission.
University Payment Processing, Simplified
If the laundry list of university payment processing best practices seems overwhelming, pause and take a deep breath. Arrow Payments has deep experience in navigating university payment processing best practices – and we have relationships with solution providers that can simplify the process from A to Z. If you’d like to discuss potential improvements to your current systems and workflows, contact us today for a free consultation.