Education Research Report | Bambora
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Education Research Report

THE PAYMENT TRENDS IN EDUCATION SOFTWARE

A school’s primary interest is educating students. Worrying about administrative tasks such as fee collections for school trips and programs like after school care is a secondary concern of the past. Leading education management software has made it their mission to help schools streamline their operations including payment collection and accurate accounting, so educators can be focused on students. By integrating payments directly within education management software, administrators have drastically reduced physical paper and payments handled by children.

The most accepted payment types in education management software

BY THE NUMBERS

Education Education Placehoder

A lesson on payment trends


The background

The biggest pain point within the Education industry is the educators being pulled away from their teaching role to attend to administrative tasks. Software providers can continue to empower the schools and school districts by keeping updated with the payment trends we see today.


Raise money not work volume

Fundraising becomes a large resource pull if primitive tools like pen and paper are used. Schools have started to look towards software that provides flexible means for parents to donate and a seamless fund collection for the schools. A K-12 school was able to increase donations by nearly 250% year over year ($52,000 vs $21,000), when using an online donations platform. By lifting the administrative burden off of the educators and providing more options to donate, the schools win big.


A quick lesson on EFT & ACH

Education Software is equipping schools and secondary education institutions with more affordable payment processing with EFT and ACH. This is meeting the demand of Millennials and Generation Y, who want to reduce debt by paying for their tuition via electronic check or debit. K-12 can offer this familiar payment method to parents when collecting one-off payments like field trips, which saves the schools money on the processing fees.


Avoid the paper jam

It has been reported that teachers and staff use approximately 74 sheets of paper per day and 28 million sheets of paper per year. Software companies that can minimize the amount of paper that is sent back and forth between parents and schools have an opportunity to mitigate the paper consumption. It is no surprise schools are reducing their paper usage, not only benefiting our planet but also cutting down on expenses.