Yes, you’re running a business. But your business is about caring. Not just for the little ones attending your preschool or daycare but for their families as well.
To be frank: If you don’t pay attention to the needs of your customer base, someone else will. Right now, many parents recovering from the economic impact of COVID-19 will need to use credit cards to pay for daycare or preschool tuition. In fact, according to a survey from Bankrate, nearly half of parents are planning to pay tuition with a credit card as they return to work.
It doesn’t mean you don’t get paid.
It means you’re flexible, modern, and savvy. It means you care about making your daycare or preschool accessible.
Here are some benefits of accepting paying tuition with a credit card.
1. A credit card option makes you competitive
The pandemic was another nail in the coffin for paper checks and cash. Parents have options when it comes to daycare. A lot of them. They’re used to swiping credit cards and paying later, and if you don’t accept their preferred payment method, they’re most likely going to find someone else who does.
2. The risks of paying tuition with a credit card are mostly myths.
Most people avoid accepting credit card payments for two reasons: processing fees and equipment setup.
Processing fees are definitely a nuisance, but plenty of businesses already manage this, and you can too, by working the cost of the fee into the total cost of what you’re offering. By folding the cost of a credit card processing fee into tuition, you’re accommodating parents’ payment options without stretching your budget.
With preschool management apps, equipment is a non-issue. Parents can send tuition through the app, without even visiting the school. It’s as easy as online shopping. You don’t have to set up a card reader or deal with a finicky chip reader. Now you can funnel tuition right where it needs to go, all through an online system.
3. People want to use credit cards for all sorts of reasons
Parents budget for childcare. There are myriad reasons someone might be using a credit card to pay for daycare — not being able to afford it is low on the list:
- To earn rewards and cash back. Maybe mom and dad are trying to build travel points to take the family on vacation or earn points to spend on groceries.
- To build credit. The family could be looking to boost their credit score for a loan — making consistent payments on daycare or preschool tuition is one way to raise that score.
- To pay a balance monthly. By allowing tuition to be charged to a credit card, you allow parents the opportunity to work some breathing room into their budget. Now they can pay off their statements month by month, while you still get your up-front tuition cost. If you ask us, it’s a win-win!
4. Paying tuition with a credit card is just easier
Plain and simple: using a credit card to pay for preschool or daycare tuition is just easier. It’s one quick step online and voila! – the kids are enrolled.
Nobody wants fuss. The easier you make it to enroll in your daycare or preschool, the more business you’ll get.
Looking for more? Here are some other ways to increase enrollment. From receiving payment reminders to accessing the bill invoices, the entire process of billing takes place through the preschool management app, Wündercare. Try it out today!