School districts should be able to track every payment. Districts are accountable for the money that comes through their doors. Families need to trust that payments made to enrich their children’s experiences actually make it to their children.
We put together a guide to help you become an online payment expert. Here is a preview to get you started.
Chapter 1: Online payment basics
Most school districts are already processing payments online. Online payments can save districts a lot of time. They automatically track fees paid, reduce the amount of manual labor staff must do, and can help increase cross-departmental transparency. Unfortunately, not every online payment system is created equally. Even though your district might process payments online, you might not do so efficiently.
It is difficult to track funds in school districts, especially when it is unclear where fees are coming from and who handles them. Online payments designed for school districts help by removing some of the confusion. They will track who made a payment and where it goes. Online payment solutions that allow you to set up multiple deposit accounts, pull various reports, and improve your internal controls will help you improve your transparency even more.
No matter what your experience is with taking online payments at your school, you can benefit from these tips for tracking funds.
K-12 Fund Tracking Quick Tips
Switch to a centralized online payment system
This will ensure that all payments made to your district are coming through the same place. Parents won’t have to struggle with using multiple systems for classroom payments, athletic payments, food service, and more. Staff will be happy that they don’t have to learn a variety of different ways to reconcile and track each fee that comes through. If you don’t already, switch to a payment system that can process every payment in one place.
Process more payments online
Once you set up a centralized payment system, process as many payments as you can online. The goal is to process every payment online and create a campus that is cash and check free. Each payment paid online is automatically tracked and automatically entered correctly.
Set up multiple deposit accounts
With multiple deposit accounts, you can be sure that the money is automatically going to the correct bank account. This means that fewer people must sort the funds and help make sure no sorting mistakes are made.
When you implement any of these three payment tips, you will see your process become more efficient. Try all three for the best results and relax as you finally find peace of mind.
Download the eBook for more detailed information on how to make the most out of online payments.