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WORLDPAY EDITORIAL TEAM
June 24, 2019
Keep staff focused on what matters, the children, with a payment provider that provides efficient, accurate payments processing. Worldpay understands that making payments easy for parents and caregivers makes the day-to-day more efficient for you and your staff.
Partnering with a payments processor for your daycare or preschool can help you greatly reduce your bad debt and collect payments from families more quickly than ever before. Expand the payment options you can accept, as well the locations from which you can take payments—including at your front desk, over the phone or online. Implementing credit card processing at your daycare operation shows families your business is customer oriented and technologically savvy.
Reducing the mental burden associated with remembering to pay will provide peace of mind as parents drop off their most important asset.
Some of the benefits of implementing payments processing at your preschool or daycare include:
In today’s competitive daycare landscape, making your facility as attractive as possible to parents is important to capturing their business. Part of what attracts parents to daycare providers is flexible payment options that allow them to pay how they want to pay and that fit within their budgeting. With daycare payments processing, here are some of the payments options you can offer:
Accepting payment types beyond checks helps to simplify daycare operations and simplifies the lives of parents. Caregivers will no longer have to remember that today is the day to find the checkbook. Daycare providers that provide multiple ways to pay will be a step ahead in meeting the needs of today's consumers.
With , you can easily convert all your paper checks to electronic ACH transactions right at your POS terminal—eliminating a trip to the bank to deposit checks and guaranteeing the funds are present in the parent’s account. What’s more, you’ll likely see those check funds in your bank account a bit sooner than with depositing a paper check.
Accepting electronic payments online or via recurring billing can help to eliminate cash flow interruptions. When parents pay for daycare fees with a credit or debit card, it also helps eliminate the potential for employee fraud.
Offer parents the ability to pay for your childcare services through a web portal using a credit card, debit card or ACH transfer from a bank account. Email invoices and provide an easy “click to pay” link that simplifies payments.
Undoubtedly, most of your clients are regular, repeat customers who pay for services month after month. For this reason, recurring payments are a great opportunity to capture more payments, increase your cash flow and streamline your back-office processes. Your client provides card information once and the recurring payment engine stores it securely and automatically bills the client on the frequency that you set up.
Benefits of recurring payments can include:
If you decide to use recurring payments, make sure you have a straightforward, comprehensive contract (terms of service agreement) for clients to fill out and sign. In this contract, include details on when funds will be withdrawn from the account, billing period and termination clause. Signed contracts help you maintain a good business relationship with the families who use your daycare center, and also help to protect your business in the event of a chargeback.
When using recurring payments, there's always potential for transactions to be declined or 'break'. This can happen for several reasons; a client’s credit card expires, the related account is closed or if the card is involved in a breach, the card could be reissued with a new card number.
With Account Updater, your recurring payments system will automatically receive the new account number ensuring the payments cycle won’t be interrupted. Customers often experience these other benefits of Account Updater:
Large-scale data breaches happen each year so safeguarding your customers’ sensitive payments data is more important than ever. According to a June 2017 , 45% of consumers are aware of recent merchant data breaches within the past six months. What’s more, 29% of consumers believe it’s likely their card information will be stolen as part of a data breach in the next 2 to 3 years. As a merchant, it’s your job to keep card data secure – to protect your clients and your daycare center’s reputation.
Many payment providers provide access to user-friendly to view all transaction data at a summary level, as well as the ability to drill down into details on specific transactions or card accounts. You’ll also be able to use reports in order to generate emailed or paper statements of individual accounts and streamline your daycare accounting and payment collection.
Gone are the days when you or your staff members have to manually post payments or drive to the bank to make deposits. Because payments are automatically posted to the correct child’s account, the possibility of human clerical error is greatly reduced and your staff is freed up to spend more time tending to the children. Contact us for more information on how you can take free up your staff's time with better payment processing.
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