Electronic payment processing can reduce your childcare center’s bad debt by collecting money on time. Plus, you will no longer experience checks bouncing for insufficient funds.
However, there are also some challenges to electronic payments, such as credit cards and ACH. The processing fees can eat up large amounts of your profits, especially when you use services, such as PayPal, Square, and Google Pay, and when your merchant account is through a broker.
The best option is to use a direct merchant, which can lower your processing fee by as much as 25 percent! Keep reading to learn more.
Cost-effective payment processing for childcare centers
All that convenience of payment processing comes at a high price and can take as much as 1% of your total monthly income. While on the surface, 1% might not sound like a lot of money, but as you dig in, you’ll find that that it can have a huge impact on your bottom line.
With TSYS/iCare, you can get a direct merchant and save you up to 25% in processing fees.
Using reports to manage accounting
When you use a direct merchant through your childcare management software, you also get the benefit of in-depth reporting. Your reports can integrate various aspects of your business that you track within your software, such as attendance, staffing and direct deposit. Watch this video showing the ease of using direct deposits.
Direct deposit has great features to save you time. You’ll get alerts when a customer’s credit card is expiring so you can collect the new information before you ever miss a payment. Plus, you can automate all payments so that you can skip the time-consuming task of preparing and sending invoices each month. Pair the invoice data with attendance through your childcare software to make the process seamless.
The reporting tools are easy to use and intuitive. You can filter the data, edit details, delete columns that aren’t helpful, or create custom reports to meet your needs. iCare childcare software features 60 out-of-the-box reports to help you start understanding your childcare center’s operations in more detail.
These reports help you save time, analyze areas of growth for your business and maximize efficiency.
Schedule a demo to learn more about how iCare Software’s payment processing can save you money. Even after paying for your software subscription, you’ll likely be enjoying cost savings with iCare!