Deep Dive: Education

Take a close look at the state of payments, common challenges in the education industry, and the areas where you can seize the opportunity and drive growth.

The shape of payments in the education industry today.

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.

Key Payment Challenges

Educational institutions are facing some common challenges.

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Eliminating paper

72% of school financial leaders believe their payment systems are error-prone, antiquated, or otherwise inadequate.

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cash flow

As a result of digital learning, cash flow implications will continue to be more pronounced.

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Poor customer

Manual payment systems are cumbersome and inconvenient, and tend to have higher fees attached.

Plastiq Accept Solutions

Plastiq Accept meets these challenges.

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Digital payment

Plastiq Accept automates payment collection within existing invoicing or checkout methods.

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Track & predict
cash flow

Plastiq Accept promotes real-time collection and end-to-end payment tracking, expanding visibility into unpaid, initiated & collected payments by account.

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Streamlined to
customer experience

Plastiq Accept promotes innovative, flexible payment options that provides a simpler and better customer experience.

Plastiq Accept solves payment problems before they're a problem.

Promotes real-time payment collection

Promotes real-time payment collection

Tracks open “unpaid” payment requests

Tracks open “unpaid” payment requests

Advanced reporting & real-time notifications

Advanced reporting & real-time notifications

End-to-end payment reports

End-to-end payment reports

Flexibility to adjust to payment challenges

Flexibility to adjust to payment challenges

Automated process shortens collection times

Automated process shortens collection times

Offers more flexibility with multiple options

More flexibility—offers multiple options

Enables card acceptance for budget-constrained SMBs

Enables card acceptance for budget-constrained SMBs

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Start using Plastiq Accept and upgrade the way you get paid.

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.

West Island College aces payment collection with Plastiq Accept.

The challenge: Collecting payments was manual and reconciliation was time-consuming and challenging. The school needed to update and digitalize their payment platform.

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.

Think Plastiq Accept is right for your business?

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