{"id":15300,"date":"2022-03-01T20:39:57","date_gmt":"2022-03-01T20:39:57","guid":{"rendered":"https:\/\/www.plastiq.com\/?page_id=15300"},"modified":"2024-04-19T22:48:45","modified_gmt":"2024-04-19T22:48:45","slug":"education","status":"publish","type":"page","link":"https:\/\/www.plastiq.com\/industry\/education\/","title":{"rendered":"Education"},"content":{"rendered":"\n

\n\t\tPayments
Deep Dive: Education\n\t<\/h2>\n\t\t\t\n\t\t\t\t\t\t\tsign up now\n\t\t\t\t\t<\/a>\n\t

The shape of payments in the education industry today.<\/h2>\n\t

The education industry drives over $550B in revenue annually. The pandemic drove rapid adoption of remote learning and began to make legacy payment collection methods obsolete. The expansion of remote learning is driving demand and urgency for more efficient digital, billing & payment solutions. The rising cost of education has students\/parents seeking alternative and flexible payment options. Today, only 5% of millennial students pay tuition with checks. As the loss of parking fees and other revenue streams affects educational institutions, predictability and uncertainty stress already burdened cash flow. 72% of school financial leaders believe their payment system is only slightly effective.<\/p>\n\t\t\t\n\t\t\t\t\t\t\tsign up now\n\t\t<\/a>\n

\n\t<\/h2>\n\t

Key Payment Challenges<\/p>\n

\n\t\tEducational institutions are facing some common challenges.\n\t<\/h2>\n

\n\t<\/h2>\n\t\t\t\t\"Eliminating\n

Eliminating paper
transactions<\/h3>\t\t\n\t\t\t

72% of school financial leaders believe their payment systems are error-prone, antiquated, or otherwise inadequate.<\/p>\n\t\t\t\t\"Cash\n

Managing
cash flow<\/h3>\t\t\n\t\t\t

As a result of digital learning, cash flow implications will continue to be more pronounced.<\/p>\n\t\t\t\t\"Market\n

Poor customer
experience<\/h3>\t\t\n\t\t\t

Manual payment systems are cumbersome and inconvenient, and tend to have higher fees attached.<\/p>\n\t

Plastiq Accept Solutions<\/p>\n

\n\t\tPlastiq Accept meets these challenges.\n\t<\/h2>\n

\n\t<\/h2>\n\t\t\t\t\"Digital\n

Digital payment
flow<\/h3>\t\t\n\t\t\t

Plastiq Accept automates payment collection within existing invoicing or checkout methods.<\/p>\n\t\t\t\t\"Predict\n

Track & predict
cash flow<\/h3>\t\t\n\t\t\t

Plastiq Accept promotes real-time collection and end-to-end payment tracking, expanding visibility into unpaid, initiated & collected payments by account.<\/p>\n\t\t\t\t\"Streamline\n

Streamlined to
customer experience<\/h3>\t\t\n\t\t\t

Plastiq Accept promotes innovative, flexible payment options that provides a simpler and better customer experience.<\/p>\n

\n\t\tPlastiq Accept solves payment problems before they’re a problem.\n\t<\/h2>\n\t\t\t\t\"\"\n\t\t

Promotes real-time payment collection<\/h3>\t\t\n\t\t\t

Promotes real-time payment collection<\/p>\n\t\t\t\t\"\"\n\t\t

Tracks open “unpaid” payment requests<\/h3>\t\t\n\t\t\t

Tracks open “unpaid” payment requests<\/p>\n\t\t\t\t\"\"\n\t\t

Advanced reporting & real-time notifications<\/h3>\t\t\n\t\t\t

Advanced reporting & real-time notifications<\/p>\n\t\t\t\t\"\"\n\t\t

End-to-end payment reports<\/h3>\t\t\n\t\t\t

End-to-end payment reports<\/p>\n\t\t\t\t\"\"\n\t\t

Flexibility to adjust to payment challenges<\/h3>\t\t\n\t\t\t

Flexibility to adjust to payment challenges<\/p>\n\t\t\t\t\"\"\n\t\t

Automated process shortens collection times<\/h3>\t\t\n\t\t\t

Automated process shortens collection times<\/p>\n\t\t\t\t\"\"\n\t\t

Offers more flexibility with multiple options<\/h3>\t\t\n\t\t\t

More flexibility-offers multiple options<\/p>\n\t\t\t\t\"\"\n\t\t

Enables card acceptance for budget-constrained SMBs<\/h3>\t\t\n\t\t\t

Enables card acceptance for budget-constrained SMBs<\/p>\n\t\t\t\t\"Get\n

\n\t\tStart using Plastiq Accept and upgrade the way you get paid.\n\t<\/h4>\n\t

Post-pandemic shifts in preference for digital payments have influenced students and parents. Institutions have found increased cash flow predictability helps fill gaps created by the loss of secondary revenue streams. Plastiq Accept removes payment collection friction by integrating collection with the student payment experience, shortening time between payment and available funds.<\/p>\n\t\t\t\n\t\t\t\t\t\t\tlearn more\n\t\t\t\t\t<\/a>\n\t\t\t\t\"Plastiq\n

\n\t\tWest Island College aces payment collection with Plastiq Accept.\n\t<\/h3>\n\t

The challenge: Collecting payments was manual and reconciliation was time-consuming and challenging. The school needed to update and digitalize their payment platform.<\/p>\n

The Plastiq Accept solution: With Plastiq Accept, parents can now pay directly online. WIC saw instant time savings and their payment collection rate is now within 2 weeks-with near-instant reconciliation.<\/p>\n

\n\t\tThink Plastiq Accept is right for your business?\n\t<\/h2>\n\t\t\t\n\t\t\t\t\t\t\tget started\n\t\t\t\t\t<\/a>\n\t\t\t
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