The way that students and stakeholders want to pay Higher Education Institutions (HEIs) is evolving alongside the rest of the economy. But, more than broadening the payment choice in-app or on campus, HEIs need to ensure that back-end platforms are optimized to improve payment authorization and conversion and to reduce churn.
Failure to do this will impact revenue and the bottom line. But it can also have knock-on effects as it leads to payment delays.
Here Joanne Gray, Senior Sales Manager and Ben Harris, Business Development Representative at Checkout.com look at the reputational pitfalls of poor payments and the competitive advantages of getting it right.
In many cases, HEI payments systems have grown organically as channels and methods have altered over the past decade. It means they can often end up with 20-plus components, sourced from 20-plus different providers, held together with various bridges and proxies. This can lead to data silos that stop them from getting a clear and consistent view of what’s happening and the issues that undermine performance.
Using a single modern payment provider can help them overcome this. Businesses can use APIs to consolidate digital payment methods and systems with minimal effort allowing access to every decline code, from every transaction from every touch point.
At the same time, fully integrated, customizable payments dashboards deliver rapid interrogation and reporting. This allows HEIs not only to access consolidated payment data but use it in a more meaningful way. For instance, iterating and testing options, functionality and rules to improve payments authorizations, revenue collection and financial productivity.
Having access to granular data improves payments reconciliation and helps HEIs understand:
There’s no doubt that payment optimization helps universities and colleges drive internal efficiencies and smooth revenue collection, but it can also help drive reputational and competitive advantage.
Discover more ways Checkout.com can help optimize institutional payments.