Childcare centre must-have: integrated childcare payment system
What are the benefits of an integrated childcare payment system, and how does it work?
An integrated childcare payment system benefits your business operations in various ways, from improving efficiency and saving person-hours to increasing cash flow. Your service can significantly benefit from adopting an integrated childcare payment solution. The Xplor Pay platform offers a frictionless and convenient way to make something incredibly complex, simple and easy. Xplor Pay automates the collection of payments and streamlines cash flow management.
Save on cost with an automated childcare payment system
Did you know that implementing a payment gateway solution can provide your service with a lot of savings? The cost to your service’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 your centre.
Xplor Education’s internal childcare payment system, Xplor Pay, streamlines your cash flow and keeps it consistent. With Xplor Pays’ automatic reconciliation, your service can work more efficiently, reducing administrative work by around 80% and saving your business around $20,000/year.
An integrated childcare payment system streamlines the payment process for parents/guardians. With secure online payment options, parents/guardians can conveniently settle child care fees while simultaneously reducing administrative hassles for childcare services. You can enjoy the convenience of automated invoicing through the integrated childcare payment system. Generate and send invoices promptly, ensuring transparency in billing and timely payments.
An integrated childcare payment system helps provide consistent cash flow for your business
Services using Xplor Pay 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 families.
Xplor Pay offers direct debit, where payments will be automatically deducted according to the parent/guardian’s billing cycle. Xplor Pay provides parents/guardians 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, fortnight, month or on a specific date. This helps your service maintain a more consistent cash flow.
Families also have the option to use PayNow, which is available in the Home app. This comes in very handy when they need to make ad hoc payments. And since it’s mobile, parents/guardians can quickly 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
Xplor Pay payments eliminate tedious manual reconciliations of receipts and income while ensuring accurate and consistent cash flow and tax declarations. With Xplor Education’s unified system, all payment information is centralised, which allows your service 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 Education’s Office platform help you kill two birds with one stone—you reduce the number of possible human errors and better understand your service’s cash flow. Gaining a better overview of your finances helps you make better business decisions for the future.
A childcare payment system gives you instant access to comprehensive financial reports. It provides real-time insights into revenue, outstanding payments and financial trends, aiding in informed decision-making. In addition, you can effectively plan and manage budgets with features that allow for accurate financial forecasting. This proactive approach supports childcare services in maintaining financial stability and sustainability.
Secure and compliant transactions
Ensure the security of financial transactions with an integrated childcare payment system, like Xplor Pay. It safeguards sensitive information, providing peace of mind for both families and services. It also helps you stay compliant with sector regulations. This ensures that financial processes align with Child Care Subsidy (CCS) gap fee requirements, reducing the risk of regulatory issues.
Since 1 July 2023, families with children enrolled in Australian childcare must pay gap fees electronically. The Australian Government implemented this legislation to prevent fraud and ensure compliance with the Child Care Subsidy System (CCSS). Xplor Pay makes it easy for childcare services in Australia and families to meet these requirements with a secure online childcare payments system.
Implementing an integrated childcare payments system not only simplifies payment processes but also contributes to enhanced financial management and secure, compliant transactions, making it a must-have for childcare services seeking operational efficiency and financial transparency.
Are you interested in learning more about Xplor Education’s integrated childcare payment system? Get in touch to see what Xplor Pay can do for your service today.
