Most organizations need some sort of payment and billing solution. Even nonprofit organizations need a way to process donations or charitable contributions. The same thing applies to universities and colleges.
However, many schools struggle with outdated payment and billing systems. Some have yet to make the leap to paperless billing, while others are stuck with a mishmash of paper and digital technology that leaves students, parents, or alumni bewildered and dissatisfied. The good news is that it doesn’t have to be that way.
Whether your school has adopted digital payment and billing solutions or you’re just now looking into your options, there’s a solution that fits both your needs and the needs of your students.
Why consider online payment and billing solutions?
Why go the online route, though? There are plenty of reasons; it’s cheaper, less labor-intensive, and drives better student satisfaction. It even improves cash flow for schools—imagine how much smoother things will operate when, rather than standing in line to hand in a paper check, students can simply log into their account, make a payment digitally, and then get on with their studies. This is the digitalization of everything, and online methods will be the future. More and more schools switched from offline documents to online document sharing platforms like StuDocu daily, so you should not be the last and can start with online payments.
It’s not just about simplifying things for your students, either. It’s also about taking the burden off your administrative staff. They already have enough to do between answering phone calls, juggling alumni requests, dealing with transcripts, handling reception-related duties, filing documents, and all the rest.
In this post, we’ll explore some of the top-rated online payment and billing solutions designed specifically for colleges and universities. While some are designed as standalone payment processing solutions, others include robust features that make it easier to manage all aspects of the school, from student information to financial aid management. Because different schools have drastically varying needs when it comes to online payment and billing solutions, we’ve included both types in our list.
The 10 best payment and billing solutions
We’ve done the legwork for you and sorted through the various platforms and service providers out there to deliver a list of the 10 best online payment and billing solutions for the education sector.
1. ACI Speedpay
Brought to you by ACI Worldwide, ACI Speedpay promises faster payments, improved security, and better student satisfaction. It is used by schools across the U.S. and around the world. It delivers an all-in-one solution that ensures your school can easily accept and process payments online, all without adding another task to your already-overloaded IT team.
ACI Speedpay is designed to improve student satisfaction, but also decreases call center load by up to 33%. It reduces document delivery costs, improves security and compliance while reducing associated costs, along with also helping you reduce charge-offs. It also integrates directly with Ellucian, Oracle, and Anthology, for hassle-free operation.
- Free Option? No
- Price: Custom
- A single digital platform for payments and payment plans
- No IT involvement necessary
- Integrates with Oracle, Ellucian, and Anthology
- ISO 27002 compliant security
- Nacha certified
- Brandable interface
- Real-time balance updates
2. Rediker Software
An industry veteran, Rediker Software offers plenty of benefits for schools and universities seeking a digital payment platform. The company’s Billing Plus module is designed to integrate with AdminPlus (an administrative suite of tools) and bring paperless billing capabilities to schools of all sizes. It also offers a range of other features designed to make life simpler for your admin team.
Billing Plus offers a streamlined solution for tuition, class dues, graduation charges, and other records. It also supports custom tuition and payment plans, while allowing you to create branded reports, invoices, or other billing documents easily. Administrators can email parents and students invoices directly; the software also generates financial reports with the click of a button.
- Free option? No
- Price: Custom
- Supports batch entry for streamlined recordkeeping
- Provides future projections
- Import data with an optional add-on feature
- Design custom tuition and payment plans
- Accept credit and debit cards
- Fully secure
3. SchoolCues
Self-proclaiming their system offers “online tuition and payments made simple,” SchoolCues is a digital payment processing system designed for schools of all shapes and sizes. It’s also one of the most affordable options on the market and schools do not have to sacrifice anything in exchange for that affordability. However, it should be noted that SchoolCues is a full school management system with an integrated payment module.
The payment module offers simplified tuition management that includes handling late fees. It also accepts multiple forms of payment, including credit cards, debit cards, and checks. It integrates with QuickBooks and provides recurring billing, auto-pay features, over and underpayment reporting, along with a great deal more.
- Free option? No, but there is a free trial
- Price: $1 per child per month
- Full tuition management suite
- In-depth reporting
- Accepts multiple payment methods
- Over/underpayment tracking
- Track, manage, and accept various types of payments
4. Community Brands
Community Brands promises to help schools streamline their payment systems with a school-wide billing and tuition management solution. Claiming to offer “flexible, comprehensive solutions for schools of all stripes,” Community Brands offers support for accepting multiple payment options, managing billing or payment processes all in one place, and provides a user-friendly interface.
You’ll find several service teams here: TADS®, Diamond Mind®, SeniorSystems™, Eduspot, and inRESONANCE®. Each offers something slightly different. Note that Eduspot is designed only for UK schools, while the other options can be used by schools around the world. For those unsure which option to choose, the company offers expert guidance through a one-on-one consultation.
- Free option? No
- Price: Custom
- Five product lines to serve different schools and their unique needs
- Robust security
- Process payments online easily
- Full tuition and payment plan management
- Custom branding
5. CompuWerx
CompuWerx offers Tuition Pay—a powerful solution already being used by over 8,000 clients. This robust online payment system can improve student and parent satisfaction, drive increased enrollment, boost student retention, while even improving school profitability.
This suite of tools provides a broad range of capabilities for schools. For instance, you can send instant tuition e-invoices for immediate payment. The software also works on all devices, including smartphones. You can set up payment plans, provide your students with a “quick pay” feature that allows them to pay their bills without even logging into the system, and more.
- Free option? No, but there is a free trial
- Price: Custom
- Free payment plan set up allows students to pay monthly, quarterly, or by semester
- 12-hour funding to your school’s bank
- Accessible via mobile devices
- 1-click payment capabilities
6. Blackbaud
Blackbaud Tuition Management™ delivers a “smart solution for streamlining accounts payable and receivable operations for your educational institution”. This software is used by private schools, as well as higher education institutions across the United States. It’s accessible on all devices and helps provide an outstanding experience for students, parents, and even your administrative staff.
Blackbaud allows you to accept multiple payment methods. Additionally, it allows the creation and management of custom tuition payment plans. Students can pay by the month, by semester, in full, or in other ways. It also provides itemized fees to help break expenses down.
- Free option? No
- Price: Custom
- Robust security and information protection
- Customizable payment plans
- Accept multiple forms of payment
- Granular reporting
- Integrates with Blackbaud’s enrollment management system
- Apply fees in bulk
- Automated payment processing
7. TouchNet
TouchNet offers several solutions designed to help schools streamline the payment experience for students and parents. TouchNet Payment Center is the hub and it allows you to “seamlessly connect people, processes, and technologies with a streamlined, PCI-compliant platform that creates a better user experience regardless of payment method or channel." It includes a student account center, simplified payment system across the entire campus, secure payment gateway, and more.
While Payment Center is the hub, schools will also benefit from the addition of the Bill+Payment module. This allows you to automate student payments while enjoying robust security and managing different aspects of the process. Some favorited features of the system include the ability to create custom payment plans and benefit from real-time payments.
- Free option? No
- Price: Custom
- Accept and process multiple forms of payment
- In-depth management capabilities across the campus
- Instant pay
- Custom branding
- Custom payment plan creation
- PCI-compliant
8. OSP
OSP by Edlio is designed to simplify online payments for schools. It promises to help you “easily manage your school’s internal, school activity, and associated student body funds.” This option is modular, and you can choose exactly the configuration that fits your school’s needs. Note that OSP can be used by colleges, but it is also configurable for elementary, middle, and high schools.
The software allows online payments from students, as well as parents and guardians via check or credit/debit card. It also provides receipts, payment tracking, and more. The online school care module allows you to manage student enrichment programs, while the online mobile swipe module allows you to accept debit and credit card payments in person (rather than online).
- Free option? No
- Price: Custom
- Mobile app (Android and iOS)
- Customize your solution with modules
- Accept online and in-person credit/debit card payments
- Ticket management capabilities
- Central online school activity funds tracking
9. Online Invoices
Online Invoices from Easy Online Billing offers a simplified solution for schools hoping to take advantage of the benefits offered by online payments. It offers both advanced and basic tools for handling everything from credit card payments to invoicing, while also allowing schools to track expenses and student payment records.
This payment software allows schools to issue invoices for a broad range of needs, including courses, training materials, and educational tools. You can send invoices via email (to both parents and students). You can also manage sales and create automatic recurring invoices.
- Free option? Yes
- Price: $9.95 per month
- Create detailed student pages
- Accept debit and credit card payments online
- Add notes and track information
- Create custom and recurring invoices
- Track expenses
10. Payment Savvy
Designed for schools of all types, Payment Savvy offers a simple, direct way to accept and process payments online. It’s also feature-rich and designed to support a broad range of needs. From credit card processing to state-of-the-art encryption, this online payment solution for schools is a stand-out choice.
It offers 24/7 payment processing in real-time, as well as robust data security for school, student, and parent protection. Students can access their account information quickly and easily. The software also integrates with most institutions' technology stacks.
- Free option? No
- Price: Custom
- Fully encrypted online payment gateway
- Recurring billing
- Supports paying by text message
- Accept all major forms of payment, including ACH
Lighten the administrative load
With the wide range of online payment and billing solutions for universities and colleges, there's plenty of choices designed to fit your every need. Whether you represent a public college, a private university, or a similar institution, there is a software solution that will enable you to move into the modern world. However, that does not mean that your administrative team is unburdened.
At Smith.ai, we realize just how much goes into running a successful college administrative office. Our live receptionists, web chat, and messaging services are perfectly designed to lighten the administrative load giving your team more opportunities to excel. Schedule a Live Chat today to learn more about our services and what custom support we can offer. You can also call us at (650) 727-6484 or email us at hello@smith.ai.
As an expert in the field of online payment and billing solutions for educational institutions, I've had the opportunity to delve deep into various platforms and service providers. My hands-on experience includes evaluating their features, understanding the unique needs of schools and universities, and staying abreast of the latest trends in digital payment technology. With this wealth of knowledge, I can provide valuable insights into the concepts discussed in the article.
Digital Transformation in Educational Payments:
The article rightly emphasizes the necessity for educational institutions, including nonprofit organizations, universities, and colleges, to adopt efficient payment and billing solutions. This stems from the recognition that outdated systems, especially those reliant on paper, hinder operational efficiency and leave stakeholders dissatisfied.
Advantages of Online Payment Solutions:
The article outlines several compelling reasons to consider online payment and billing solutions. These include cost-effectiveness, reduced labor intensity, improved student satisfaction, and enhanced cash flow for educational institutions. The shift toward digital methods is presented as an inevitable part of the ongoing digitalization trend, which is transforming various aspects of administrative processes.
Challenges Faced by Schools:
A key point raised is that many schools struggle with outdated systems, some still using a mix of paper and digital methods. The challenges faced include confusion among students, parents, or alumni due to the lack of a streamlined system. Administrative staff are burdened with various tasks, and the transition to paperless billing is proposed as a solution to simplify processes for both students and staff.
Top-Rated Online Payment and Billing Solutions:
The article introduces ten online payment and billing solutions tailored for educational institutions. Each solution is briefly discussed, highlighting its features, benefits, and unique offerings. These solutions cover a spectrum, from standalone payment processing to comprehensive platforms integrating various aspects of school management.
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ACI Speedpay: Emphasizes faster payments, improved security, and reduced administrative burden.
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Rediker Software: Integrates with administrative tools, offers streamlined solutions for various charges, and supports custom tuition and payment plans.
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SchoolCues: An affordable option with a full school management system, offering simplified tuition management and multiple payment methods.
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Community Brands: Provides flexible solutions with different product lines, catering to various school needs globally.
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CompuWerx: Offers Tuition Pay with capabilities such as instant e-invoices, payment plans, and mobile accessibility.
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Blackbaud: Known for customizable payment plans, robust security, and integration with enrollment management systems.
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TouchNet: Offers a hub for streamlined payments with features like custom payment plans and real-time payments.
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OSP by Edlio: Modular option for online payments, mobile app support, and customizable configurations for different school needs.
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Online Invoices: A simplified solution with tools for credit card payments, invoicing, and expense tracking.
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Payment Savvy: A feature-rich solution with 24/7 payment processing, strong data security, and support for various payment methods.
Conclusion and Additional Support Services:
The article concludes by highlighting the importance of choosing a suitable payment solution tailored to the specific needs of each educational institution. It introduces Smith.ai as a service provider offering live receptionists, web chat, and messaging services designed to lighten the administrative load for college offices.
In summary, the article provides a comprehensive overview of the challenges faced by educational institutions in managing payments and billing. It then guides readers through the advantages of adopting online solutions and presents a curated list of top-rated platforms to help schools make informed decisions based on their unique requirements.
