Childcare Centre Must-have: Integrated Payments System
What are the benefits of integrating payments & how do they work?
From improving efficiency to saving person-hours to increasing cash flow, payment processing systems benefit your business operations in various ways. Your centre can significantly benefit from adopting an integrated payment solution, such as Xplor’s platform, which offers a frictionless and convenient way to make something incredibly complex simple and easy. Debit Success automates the collection of payments and streamlines cash flow management.
Save on cost with automation
Did you know that implementing a payment gateway solution can provide your centre with a lot of savings? The cost to your centre’s business not having an automated payment gateway is so much time, effort and money spent on maintaining and managing multiple cash flow streams. The rate you pay on administration time used for payment reconciliation alone is nearly the wage of a part-time educator or even a part-time administrative assistant within the centre.
Xplor’s internal payment gateway, Debit Success, streamlines your cash flow and keeps it consistent. With Debit Success’ automatic reconciliation, your centre can work more efficiently, reducing administrative work by around 80% and saving your business around $20,000/year.
Consistent cash flow for your business
Centres using Debit Success can carry up to 30% less debt than those that don’t. This is simply because adding various payment methods opens up different convenient payment options for parents and families.
AutoDebit is available on Xplor, where payments will be automatically deducted according to the parent’s billing cycle. Debit Success provides parents with a simple and flexible solution to keep their accounts up to date via recurring payments. They have the leeway to set it to a cycle that works for them—every week, every fortnight, every month or on a particular date. This helps your business maintain a more consistent cash flow.
Parents also have the option to use PayNow, available in the Home app. This comes in very handy when they need to make ad hoc payments. And since it’s mobile, parents can easily pay anytime or anywhere. PayNow transactions reconcile automatically and settle in just two business days.
When you open up more payment options, you improve your cash flow, keep your debtors low and, most importantly, provide a better experience for your families.
Improved visibility of your business’ finances
Debit Success payments eliminate tedious manual reconciliations of receipts and income while ensuring accurate and consistent cash flow and tax declarations. With Xplor’s unified system, all payment information is centralised, which allows your centre to access easy-to-use and digestible reports based on all data from the payment gateway. This will help you track all of your transactions.
These downloadable reports from Xplor help you kill two birds with one stone—you reduce the number of possible human errors and better understand your centre’s cash flow. Gaining a better overview of your finances helps you make better business decisions for the future.
Are you interested in learning more about Xplor’s integrated payment gateway? Get in touch with our dedicated payment support team, who are waiting to answer your questions.