The fees to use Venmo, a peer-to-peer payment app, are on the rise for instant transfers.
If you receive payments at your child care center using this app, it may be time to think about what you’re getting in return for the increased fees.
What is Venmo and What Is Changing?
With Venmo, you can send money to other people or businesses with its app. If you want the money quickly, you can choose to have it instantly transferred, which comes with a cost. If you don’t want to pay a fee, you’re stuck waiting for one to three business days to get your money.
As of Aug. 2, 2021, the fee for instant transfers jumps from 1.5% with a minimum fee of 25 cents and a maximum fee of $15, according to the Motley Fool. That’s a hike from 1%, with a minimum fee of 25 cents and a maximum of $10.
The instant transfer fee increase isn’t the only change, Motley Fool reported. As of July 20, 2021, sellers who receive payment for goods and services pay 1.9% of the payment plus 10 cents. That transaction had been free unless a credit card was used.
“If you use Venmo for your small business purposes or for a side hustle, this is an important change to consider,” Motley Fool said.
How Tuition Express Can Help
If your parents pay you with Venmo, it may be time to think about switching to Tuition Express, the easiest and safest child care billing software. The software gives your center all of the touchless payment options you need — electronic fund transfer, online or completely automated. You also can do an in-person point-of-sale transaction if needed.
Tuition Express is a cost-effective alternative that gives you more bang for your buck. It’s a payment processing service designed specifically for child care providers as an easy and secure way to collect tuition for child care, daycare or preschool.
But it’s more than a simple way to collect payments. It’s a customer-oriented service that helps you manage your business. Each payment automatically posts into your Procare software, saving you time and accounting-spurred headaches.
Tuition Express is fully integrated with Procare’s software solutions, making tuition collection a seamless experience for child care providers. Plus, the platform was built with parents in mind, allowing for convenient online and secure payments that ensure you get your tuition on time.
Software like Tuition Express can simplify the payment collection process by making it more convenient for all involved, helping you achieve the best results possible.
Without a consistent, positive, cash flow, your business will be put at risk and you will have to overcome a variety of financially related challenges. You need convenience without the hassle of extra steps, like transferring money from a Venmo account, and waiting to get your money.
Making organizational tasks like tuition collection easier for child care providers is the driving force behind all of the solutions offered by Procare Software, and Tuition Express is no exception.
Below, we explain how it can empower child care providers by providing access to advanced tuition and fee collection capabilities that make managing cash flow easier.
Why Is Cash Flow So Important for Child Care Businesses?
Your cash flow is the lifeblood of your business. It represents your ability to operate and grow. Financial and business planning play a massive role in any business venture, but the impact is much more concentrated in the child care industry.
Unlike other business ventures, a child care center likely has only one source of income – tuition payments from parents, along with any additional service-related charges. For that reason alone, payment collection is crucial for your child care center.
Improving Your Cash Flow with Tuition Express
When it comes to collecting tuition payments, convenience is key. Ultimately, late tuition payments can keep you from growing your child care business, and manually tracking these payments can lead to self-induced mistakes.
This is why offering a quick and easy method for tuition payment is essential. Here are five key features and capabilities provided by Tuition Express that will be catalysts for improving the cash flow of your child care operation:
1. Accept Electronic Payments
Requiring parents to cut a check and deliver it in person isn’t outrageous, but it’s a rigid requirement that limits flexibility.
Providing extensive options for making payments is the easiest way to eliminate any excuses for late payments. It also improves the likelihood that you will see your invoices fulfilled in a timely manner.
2. Automate Invoices & Billing
Manually managing your books is a time-consuming endeavor. However, it’s the exact type of task that Tuition Express is built to eliminate. Creating invoices, administering them and tracking the status of each one can be a strain. Automating that process frees up your time and provides you with better visibility into the payments you expect, so you can make sure they are paid on time.
3. Expedite the Collection Process
You won’t need to worry about checks clearing, or worse – bouncing. The days of rushing to the bank before close are over.
With Tuition Express, you can electronically process payments within 24 hours, and funds are immediately made available. There aren’t going to be any safety concerns either, due to the 256-bit encryption key used to secure account information during the transaction.
4. Track Payment History
Manually tracking hours, fees and any additional costs is a struggle. Collecting historical data will improve visibility into your past business performance, as well as the payment history of each parent. By automatically tracking payment history and making historical data visible to both parents and providers, you can improve your transparency and make record-keeping easier for all involved.
5. Full Integration
Tuition Express integrates seamlessly with the Procare system. Working within multiple solutions can complicate things, but we have nullified those issues by consolidating your daycare accounting and payment collection into a single, easy to use system.
Learn More About Tuition Express
Collecting tuition payments from parents is far from the best part of the job, but it is necessary. If this aspect of operating a child care center is particularly stressful, Tuition Express offers ways for you to lessen that strain and improve your cash flow while doing so.
Many companies process payments, but only Procare Solutions gives you the Tuition Express advantage. Whether you accept automated payments today or you want to tomorrow, you’re likely to compare one service to another.
Since 2003, Tuition Express has collected billions of dollars in tuition for Procare users. Every transaction has been posted to Procare.
With numerous payment options and great customer service, Tuition Express has become “the way we collect tuition” for most Procare users.
Learn more about Tuition Express, the most efficient and safest way child care payments can be made.