EDUCATION

Educational institutions are known for creating leading technological and operational activities. Using NDMS payment card solutions is small but significant component of that activity. A growing number of colleges and universities accept credit or debit card payments. Payment card acceptance provides students, their families and alumni increased flexibility to pay for tuition, room and board, activity fees, books, food plans, donations and more.

There are several trends that indicate payment card acceptance makes perfect sense for educational institutions. For example, the graduate and continuing-education student enrollment is on the rise, meaning that these older students are more likely to be cardholders. Also, with less financial aid available today, parents want to use credit cards to pay tuition and expenses. There is also growing use of a “full-purpose” campus card that acts as a payment and ATM card, dorm key and student I.D. Many universities and colleges are also implementing paperless billing systems that complement payment card acceptance.

When you consider all of these factors, it’s easy to see the ways that your educational institution can benefit from an NDMS merchant account

  • Increased labor and operational efficiencies. Card transactions are more efficient than transactions that involve processing checks.
  • Improved cash flow. Funds are deposited more quickly to earn faster.
  • Reduced risk of losses from bad checks. Fewer checks are returned for "nonsufficient funds," reducing redeposit fees, penalties and collection costs.
  • Higher Donations. Studies show that donations increase with credit card use – enhancing the potential for higher contributions to your institution.

Recurring payments

Today, many businesses as well as consumers, are looking for ways to make paying bills more convenient.  And, chances are, many of them are your customers. Recurring payments – when your customer authorizes you to bill a card account monthly, quarterly, or annually – can give them the convenience they want. Payment amounts can be fixed or fluctuate and payment agreements can exist indefinitely, providing the easiest way to ensure timely payment. This also brings a host of benefits for you, including a significant competitive advantage.

Benefits to Merchants

  • Satisfy demand for payment card options
  • Reduce payment-related customer service calls
  • Improve cash flow and reduce exposure to lost payments and bad checks
  • Reduce delinquencies
  • Improve collections
  • Increase customer retention

Benefits to Cardholders

  • Convenience of setting up account payments once
  • Time savings from writing fewer checks
  • Relief from stress, knowing bills are paid on time
  • Cost savings on postage
  • Earning points/frequent flyer miles in eligible rewards programs