How is your district keeping track of fees? Throughout the school year you collect thousands of fees that need to be recorded and deposited. When you use an online payment processor, your district can access better reporting tools that increase transparency and decrease the chances for human error.
Decrease Human Errors:
Every school district wants to be as transparent as they possibly can. When you must manually process school fees, human errors can occur. Staff could record the amount incorrectly, add it to the incorrect account, or misplace the payment while shuffling through papers. An online payment processor can help you avoid these pitfalls.
First, it can decrease the amount of cash and checks that are kept on hand in the office. Secondly, with every payment that is made a record is automatically created. This allows you to easily track each payment much more efficiently and provide you with real-time record keeping. Finally, when you use account codes, you can assign each fee category a unique code that is linked with their assigned bank account. This allows you to deposit into multiple bank accounts.
Processing fees efficiently and effectively is half the battle. The other half is the accessibility and quality of the information you have. No one enjoys shuffling through different programs or documents to find dozens of reports. With online processing, the information collected is accessible in one central location. No more wasting time hunting around for the information you need. In addition, you can also access reports anywhere you have an internet connection.
When you choose an online payment system, it is important to consider different user rights they offer. With user rights, you can give staff access to only the information relevant to their jobs.
Another point to consider is the quality of the reports you can access. These reports should provide your staff with all the information they need to do their job efficiently. This is especially important for staff members who do reconciliation. Having access to quality reports can take this two-hour task down to ten minutes or less.
At the end of the day, you want to be confident that all payments are accounted for and tracked. Using an online processing system can help your district become more transparent by decreasing the opportunity for human errors to occur, pulling payment information with just a quick search, and enabling you to access robust reporting tools to reconcile in ten minutes or less.
Click the link for more information on RevTrak’s online payment solution, the RevTrak® Web Store