How Your RTO Can Sign Up More Students By Streamlining Payments
Australia's economy is beginning to recover from the effects of the COVID-19 pandemic. Part of that recovery involves support for students and employers from Registered Training Organisations (or RTOs).
According to the Independent Tertiary Education Council Australia (ITECA), independent RTOs currently support more than 3.6 million students throughout Australia - that's approximately 86 per cent of the country's students - in vocational education and training programs.
Do you run an independent Registered Training Organisation? Do you need help converting more students?
If so, automating your payment process with a direct debit payment gateway is essential. In this blog we explain the reasons why you need to do this (if you aren't already), along with some tips on how to set up your payment gateway so that it's smooth, safe and profitable.
Why Should You Automate Tuition Payments?
Automating tuition payments and simplifying the payment process is one of the best ways to attract and convert more students to your RTO. The following are some of the greatest benefits automated payments have to offer you as a training provider:
1. Fewer Errors
When you use the right software to streamline and automate your payment process, you can rest easy knowing there will be fewer admin-related errors.
Your administrative team has enough to worry about without having to chase down payments or make sure each student (or their family) has paid the right amount. When you use a payment gateway to automate payments, you and your team don't have to deal with data entry, manual record-keeping, and the headaches that come with them.
A smooth, error-free payment process will definitely work in your school's favour when it comes to attracting and converting students, too. After all, nobody wants to attend a school that is constantly messing up people's payment information.
Independent RTOs currently support more than 3.6 million students throughout Australia
2. Increased Security
The most important thing when it comes to online payments is security - you want to make sure you are collecting and keeping your students payment data and personal information safe and secure, while also providing a flexible, user friendly way for students to sign up.
At PayChoice we have Tier 1 PCI DSS Security and our data is stored locally in Australia. When you automate your students subscription payments, or even process a one off payment for a course, taking payments online can be daunting. When transacting with PayChoice, you and your students will have peace of mind that our user friendly platform is also highly secure and encrypted for that extra level of security.
Switch to taking secure online payments today. Taking the hassle of manual paperwork away can help attract more students, and also ensure that your prospects are not slipping through the cracks.
3. Peace of Mind for Students and Families
RTOs are some of the biggest supporters of students in Australia - and, by default, their families. Your students and their families are busy people with a lot to keep track of on a daily basis. They don't need to add concerns about tuition payments to that list.
If you automate your school's payment process, you allow your trainee and their families to "set it and forget it" when it comes to paying tuition. They can enjoy peace of mind knowing their course fee payments will be made on time without having to worry about writing and mailing cheques.
This investment in your payment options could be the selling point that seals the deal for those who are choosing between your school and a different organisation.
4. Fewer Late Payments
By automating payments with a tuition management solution that sends students and their families automatic reminders, your school will be less likely to deal with late payments of tuition fees (and the frustrations and stress they cause to students and their families).
Of course, there will be times when direct debit payments get declined because of a lack of funds. With the right payment gateway, though, you can easily inform students and their families that their payment failed and is overdue. This ensures that it will get taken care of sooner, and you won't have to worry about your staff needing to intervene or adding any additional fee.
More predictable cash flow and easier budgeting help you to create a better experience for your students.
5. More Predictable Cash Flow
More predictable cash flow is another benefit for your school when you switch to automated payments for tuition fees.
When you have consistent and predictable income month after month, you and your administrative team will be able to more clearly see what your school's current income looks like. This simplifies the budgeting process and helps you to better manage cash flow.
How does more predictable cash flow affect your RTO's student conversion rate?
Well, more predictable cash flow and easier budgeting help you to create a better experience for your students. It'll be easier to invest in updates and improvements that better serve your students and help them to get more out of their enrolment.
6. Increased Transparency
Finally, it's easier for your RTO to be transparent when you automate payments with a direct debit payment gateway. From school stakeholders to students and their families, everyone gets a better idea of how the school's doing when you invest in technology that allows you to automate payments.
The best tools generate custom reports and help you to easily monitor key financial metrics. You can also automatically send these reports to key stakeholders on a daily, weekly, or monthly basis.
Increased transparency helps with student conversion, too, because it provides a clear picture of the school's financial status and how well its administrators manage money. This may be a selling point to students and their families who want to feel confident that they're supporting and attending a credible institution.
Set Up a Direct Debit Payment Gateway Instantly
It's also important to note that it's easy to set up a payment gateway and automate payments for your RTO. This is especially true when you use a well-designed platform like PayChoice, which thousands of businesses - including schools - rely on.
PayChoice integrates with your existing software and allows you to easily set up your desired payment method and start collecting payments. It does all the heavy lifting for you so you (and your students) can sit back and relax knowing that payments are coming in.
Choose The #1 Australian Payment Gateway
Now that you know more about the benefits of automated payments for collecting tuition, are you ready to make the switch? With the help of PayChoice, it's easier than ever to set up an automated gateway, simply your payment process, and convert more students
Chat with our team to see how much time and money you can save, and see if PayChoice is a good fit for you!