Ezypay Blog

Ezypay’s guide to choosing the right payments solution for your RTO

Written by Ezypay | Nov 4, 2024 9:45:49 PM

Quick Tips:

  • Work with a payments provider who scales with your brand 
  • Find a payment provider with the features you need, like reporting and automated billing functionality
  • Don’t skimp on security or check-out on compliance!

 

How to choose the right payments solution for your RTO

Finding the right solution for your business can be tough, especially in an increasingly saturated market with different payment platforms. Luckily, Ezypay and aXcelerate are here to set your RTO on the right path.

 

Step 1 – Assess the needs of your RTO

Like snowflakes, each RTO is built differently. While your business might offer similar kinds of training courses to other businesses, students looking to participate in these courses will often choose the educational institution that works best for them and their budget.  

This decision-making process might look a little like this:

  • How easy is it for me to pay for classes?
  • Can I pay via card, direct debit, PayTo or other convenient and cost-effective payment methods?
  • Does my chosen RTO keep my card on file for future transactions, or will I need to provide it every time I want to pay?
  • Will I be charged additional fees to pay for my courses the way that I wish to?

Meanwhile, as an RTO business owner choosing a new payments provider, you need to consider:

  • Can our new payments provider handle the number of transactions we expect to make every month?
  • Will my new payments provider reduce overheads and administrative costs, or add to them?
  • Can it support the different kinds of transactions  our students rely on? (For example, can it handle one off and recurring payments)?
  • What impact will our new payments provider have on customer experience?

 

Step 2 – Think about the features you’ll need

Think about the features that benefit your business, your students and your staff – and how they’ll make the lives of your students and staff easier.

Support:

It’s important to work with a payments provider that offers your students and administrative staff dedicated support to answer questions and resolve problems.

Reporting:

You can find out a lot about your students and their payment habits through reporting. Therefore, it’s smart to find a payments provider who offers the level of reporting you need to know your business (and its finances) better.

Smart automated payments:

Automating payments saves you and your staff time, money and hassle – especially when moving away from manual, error-prone payment methods, like cash. Automated recurring billing is great for cash flow too.  

Failed payment reminders and reconciliation features:

Students are busy people with limited time to spend. It’s important to work with a payments provider who works with your students and their lifestyles to simplify the complicated process of reconciling failed payments; whether that’s achieved through automated reminder emails or re-attempting failed payments on optimal days.

Flexible payment methods:

Offering numerous, flexible, payment methods is a great way to attract new prospects to your business - while also keeping your current students happy.

 

Step 3 – Consider compliance and security

Payment providers that capture and store sensitive payment details are put through extensive compliance and security checks to ensure their solution is safe from threats and data breaches. So, when choosing a payments provider for your RTO, it’s important to find one that’s secure and meets PCI DSS compliance.

 

Step 4 – Futureproof your payments

When sourcing a new payment provider , it’s essential to think about the future. Remember – what’s good for your business right now might not be the right fit in 5, 10 or 20 years.

It’s important to consider factors like:

  • What new payment methods will your payments provider offer in the future?
  • Does your payments provider keep up with security and compliance standards?
  • Will your business maintain a steady cash flow it grows? What role does your payments provider serve in this?

 

Step 5 – Make sure it’s cost-effective

Most RTOs that rely on manual pull payments are already hurting their bottom line by spending additional hours chasing student payments. Using an automated solutionwill cut down on overheads and save your RTO money.

Think about the following when determining the cost-effectiveness of a potential payment platform:

  • Will it save me time and money?
  • Will it free up my staff to focus on more important things?
  • What kind of fees will my payment provider charge?
  • Can I pass these fees on to my students or is my business stuck with them?

 

Finding a student management system with integrated payment service provider for your RTO isn’t as hard as you think

Luckily for Australian RTOs, one standout solution exists to cover all these bases: aXcelerate.

aXcelerate is an Australian SaaS, passionate about empowering training organisations and education institutions with powerful student management tools, including native payment collection and processing, powered by Ezypay.

With aXcelerate and Ezypay’s conjoined solution, you can:

  1. Utilise dedicated support teams, reporting and failed payment handling tools to better manage student payments and improve their experience.
  2. Bill your students in a variety of payment methods, including PayTo, direct debit, AMEX, VISA and MasterCard.  
  3. Store multiple student payment methods on file in a secure, compliant payment vault (minimising risk for your business).
  4. Process recurring and one-off transactions and benefit from consistent cash flow from automated student payments.
  5. Tap into Ezypay’s 28+ years of payment expertise and benefit from new features, payment methods and security features as they roll out.
 
View full post