Microschools are a great option for families looking for an alternative to traditional education. They offer many benefits, including flexible schedules, individualized instruction, and a close-knit community. But one of the challenges of microschools is managing microschool payments.
How Microschools Manage Payments
Here is how some microschools handle payments:
#1: Collect Payments in Advance
One way to manage payments for microschools is to collect them in advance. This can be done through a monthly or yearly subscription model. Families would pay a set amount each month or year, and the microschool would use that money to cover operational costs. Also, some microschools offer discounts for families who pay in advance.
Microschools can offer parents a pay-as-you-go plan. This means that families would only be responsible for paying for the days their child attends school. Pay-as-you-go can be done on a weekly or monthly basis.
#3: Sliding Scale
Some microschools use a sliding scale to collect payments. This means that families would pay according to their ability to pay. A sliding scale method is an excellent option for families who may not be able to afford the full tuition. Having scholarships available can also help with this.
#4: Other Options
Other options for microschool payment management include charging per class, charging for extra services, or setting up a donation-based system. Also, some microschools are free through public funding.
No matter what system a microschool uses to collect payments, it is important to be clear and upfront with families about the cost of attendance.
Can a Payment Management System Work for a Microschool?
The answer is yes! A payment management system can work for a microschool. There are many benefits to using a system, including:
-Eliminating the need to send out invoices and collect payments manually
-Allowing parents to set up automatic payments
-Giving parents the ability to pay online
-Providing a way for parents to view their account balance and payment history
-Giving the school administrator the ability to run reports and track payments
There are many payment management systems available, so it is important to find one that meets the needs of your microschool. For example, Microschools can use a subscription-based system, a pay-as-you-go system, or a sliding scale system. Each system has its own set of benefits and drawbacks.
Top Features of Payment Software That Microschools Can Utilize
Finally, here are the top five features of payment software that microschools should consider utilizing:
#1: Online Payments
One of the most important features of payment software is the ability to accept online payments. This is important because it allows parents to pay from anywhere, anytime. It also eliminates the need for paper invoices and checks.
#2: Automatic Payments
Automatic payments save everyone time. Parents or staff can set up automatic payments, so they never have to worry about missing a payment. And administrators can run reports to see which families are enrolled in automatic payments and charge them accordingly.
#3: Account Balances and Payment History
Parents will often need to view their account balance and payment history. This feature allows them to do just that. It is also helpful for administrators when they are trying to track payments. It is always good to keep track of all transactions for accounting and tax purposes.
#4: Customizable invoices
Customizable invoices are essential because they allow microschools to include all the necessary information, such as the school’s name, address, and logo. Parents will appreciate being able to see all the information in one place. Microschools can also include tuition rates and payment options on their invoices.
Reports are important because they allow microschools to track payments and see which families are up-to-date on their payments. Reports can also be helpful when it comes to tax time.
Keep these features in mind when you are looking for payment software for your microschool.
There are many options available for managing microschool payments. The best option for your microschool will depend on your school’s needs and budget. Keep the information given in mind when wondering how to manage payments at your microschool.
SchoolCues is an all-in-one school management system for small schools with limited budgets and resources. Our solutions include admissions and enrollment, online payments, student information system, gradebook, communications, parent engagement, donations and fundraising, alumni management, and more. Schedule a demo with us today.