iFEES - How does it work?

Termly Collections

Parents are the life blood of a school providing continuous cash flow in a demanding world.  In collaboration with bursars, Fees Company has developed a better understanding of parents’ hidden needs.

Parents have needs such as easy access to electronic payment of fees and the convenience of knowing their fees will be paid on time. Paying electronically is stress free and easier than writing and a cheque, and for a school electronic collection is more predictable than the promise of a cheque next week.  Parents might forget, but direct debit always collects on time.

Out with cheques, post dated cheques and standing orders, and in with direct debit. It works like this.

You have say, 500 parents paying £4,000 a term.  Five hundred direct debits collect on the first day of each term direct to the school’s bank account. When invoices are issued a simple note advising the collection by direct debit is all that is required and 100% of fees can be collected in full. There will be very, very few failures. Monthly direct debits can be incorporated in support of termly direct debits to provide flexibility. Consider the benefits to your cash flow and think of the savings that can be made in administration.

Introduce this benefit now or phase in direct debit for new parents over several years. And when you have achieved 100% take-up, you will never again return to old fashioned cheques.  You can also attract more new parents by illustrating the convenience of direct debits and provide flexibility through a monthly payment option if required. Watch your number of late payers reduce from 20% to <1% through the intelligent use of direct debit.

And collection need not be confined to termly fee billings. You can also extend this service to donations, subscriptions payable by former pupils, crèche fees billed monthly or any repetitive billing made by the school.

Think of our BACS Bureau as a hidden support service contributing to a significant reduction in bursary administration, time and paperwork. Our professional bureau service functions discreetly in the background.

The future of electronic collection starts here.

Please call 0131 449 8848 or enquire at info@feescompany.co.uk