All the benefits of online school payments – and how they can improve your school
The use of online payments has been on the rise throughout schools over the last few years, following the cashless trend we’ve seen take the UK high-street and hospitality scene by storm.
In our recent blog, we compared online school payments to traditional, cash-based payments, and delved deeper into what educational leaders are looking for in a school online payments system. Now, we’re taking you through the wide-ranging benefits of cashless payments, exploring how they can improve your school in a number of ways.
Why are online payments becoming more and more common?
As we’ve already touched upon, we’re seeing the cashless trend extend to most areas of society, as people search for a safer and more convenient way to pay for things. The mass move towards online payments was accelerated by the COVID-19 pandemic, when cash withdrawals dropped by 60% and digital payments became the norm. Since then, customers have come to expect effortless transactions and immediate payments – none of the frantic searching for spare change or inconvenient cash machine visits of the past.
According to The Global Payments Report 2023, digital transactions worth about £259bn were made in the UK last year, with over a third (35%) of online purchases completed using digital wallets. With online payments gaining momentum, it’s no surprise that schools have begun to follow suit.
Schools are environments where organisation and communication are key – especially when it comes to money management. Online payments bring the convenience and speed that schools and parents are searching for, as well as providing clarity in exactly how much is being spent – and where. Let’s take a closer look at the benefits of going digital in your school, next.
The benefits of online school payment systems
- There’s less admin time
Handling and processing cash takes up a significant amount of admin time, so using an online system takes the hassle away and reduces the workload of your team – giving them their time back to spend on more valuable matters.
- It’s more convenient for parents
One of the major benefits of online payments is that it gives parents even more choice and convenience. Payments are instant, and some platforms even allow for repeat and scheduled payments, giving them even more ways to pay on-time in the simplest way possible.
- It’s safer
Relying on cash is risky in any school – whether that’s due to the possibility of theft, or it being misplaced or spent by a child on their way to school. With school cashless payment systems, schools and parents know exactly where their money is at all times.
- You can easily record and track payments
By opting for school online payments, you’ll be able to get a complete view of parents’ transaction history, providing valuable reporting for both your school and parents.
- You can automate reminders
Parents have a lot to think about, so it’s unsurprising that the odd payment may get forgotten from time to time. With a digital payment system, parents will automatically receive notifications of any missed payments, so they can stay on top of things with minimal hassle for you and your staff.
- It’s faster
From school trips to uniforms, there are a lot of payments required for school – so anything that makes the process faster is always going to be a winner for parents – and schools!
The Reach More Parents by Weduc online school payments system
Here at Reach More Parents by Weduc, we’ve partnered with leading payment provider sQuid to make online school payments seamless and easy. Our online school payments solution integrates with the Reach More Parents platform to work in unison with other services like cashless catering, making school life easier for everyone.
How it makes life easier for… parents
- Parents can make all their payments in one system, without having to deal with multiple logins and platforms.
- They can quickly top up when their child’s school meals money purse is low
- They don’t have to rely on their child bringing in cash to school
How it makes life easier for… schools
- You can process all payments, including cash, credit and debit cards, PayPoint and cheques, using one powerful system.
- You get insightful reporting on income collected, any outstanding payments, student balances and more.
- You can chase late payments with targeted reminders, saving your staff’s valuable time