TouchNet Payment Plans Brian Smith Regional Sales Manager

Transcription

1 TouchNet Payment Plans Brian Smith Regional Sales Manager

2 Session Agenda About TouchNet Payment Plan Overview Payment Plan Setup Student Enrollment Notifications Payment Plan Reporting Customer Service Questions & Answers 2

3 About TouchNet In Business Since 1989 Only Focused on Higher Education 700+ Schools Powered by TouchNet Privately owned Campus Commerce Is Our Business 15 schools in the UNC Alliance are using TouchNet. 3

4 Tower Of Power 4

5 Session Agenda About TouchNet Payment Plan Overview Payment Plan Setup Student Enrollment Notifications Payment Plan Reporting Customer Service Questions & Answers 5

6 TouchNet Payment Plan Manager Where Most Schools Started Payment Plans Staff-centric Staff enrolled all students in plans Error prone Outsourced Led to confusion on who to pay/when 3 rd party kept all revenue Other Issues PCI compliance Delinquent A/R and collections 6

7 TouchNet Payment Plan Manager Evolution of Payment Plans Implementation of self-service plans Students or parents enroll Plans automatically recalculate Revenue generation for example: 1,000 $30 semester = $60,000/yr 5,000 $30 semester=$300,000/yr But still have some delinquencies 7

8 TouchNet Payment Plan Manager Payment Plans User can enroll in a payment plan and pay balance in installments. Can view current payment plan status. Make a payment towards installments. Can schedule installments to automatically be paid on the installment due date using a saved payment profile. Real time or Estimated 8

9 TouchNet Payment Plan Manager Payment Plans Payment plans are very flexible. Can have online and offline plans. Limit enrollment to student attributes. Can require scheduled payments. Charge setup fee to enroll and late fees for missed installments. 100% of fees to school. Charge is automatically posted to students account. 9

10 Payment Plan Setup - Payment Plan General Settings Plan Name/Description Limit Enrollment to Banner attribute codes Online/Offline Plans 10

11 Payment Plan Setup 11

12 Payment Plan Setup - Payment Plan Enrollment Settings Charge setup fee Enrollment Start/End Date Restrict enrollment to minimum balance 12

13 Payment Plan Setup 13

14 Payment Plan Setup - Payment Plan Worksheet Items Real-time or estimated plan List charges included in plan List plan credits included in plan (Estimated aid) Previous term options (Include, do not include, deny enrollment) 14

15 Payment Plan Setup 15

16 Payment Plan Setup 16

17 Payment Plan Setup - Payment Plan Installment Settings Allow scheduled payments or require scheduled payments. Require down payment? List number of installments and due dates 17

18 Payment Plan Setup Trend: Automatic Payment Enrollment Gather a payment method upfront Require automatic debit of their account Remind them before the payment is due Help them.help you 18

19 Payment Plan Setup 19

20 Payment Plan Setup 20

21 Payment Plan Setup - Payment Plan Late Fee Options Charge late fees? Flat fee or % Grace period? List number of days Continue to charge late fees until plan is paid 21

22 Payment Plan Setup 22

23 Payment Plan Setup - Payment Plan Migration or Rollover Allow students to migrate from one plan to another. Rollover students from term to term (Extended plan) 23

24 Payment Plan Setup 24

25 Payment Plan Setup - Payment Plan Generic Settings Post Installments as memo items Online/Offline plans Clone plans from term to term 25

26 Payment Plan Setup 26

27 User Enrollment 27

28 User Enrollment 28

29 User Enrollment 29

30 User Enrollment 30

31 User Enrollment 31

32 Notifications TILA Disclosures Installment payment plans may be subject to a closed-end credit disclosure that contains the following information: Items financed Finance charges (plan fees) Payment schedule Description of late fees 32

33 User Enrollment 33

34 User Enrollment 34

35 Notifications Notifications automatically sent by or text. - Plan enrollment confirmation - Payment plan installment reminders - Installment amounts change notifications - Late fee notification 35

36 Notifications Regulation Z: Additional Requirements Ongoing disclosure notifications Notification of any changes to the amount financed Retention of Disclosures Maintain records of all disclosures sent to students and/or parents for a minimum of two years. Defined payment period Provide a defined period of payment prior to installment due date in which the installment amount does not increase. 36

37 Notifications 37

38 Notifications 38

39 Notifications 39

40 Reporting Several reports to help manage payment plans - Enrollment Report - Delinquency Report - Aging Report All Reports can be downloaded as.csv file 40

41 Reporting 41

42 Reporting 42

43 Reporting 43

44 Customer Service View student s active plans View status of plan and installments Remove student from plan View agreement and notifications for plan 44

45 Customer Service 45

46 Customer Service 46

47 Summary Keep revenue on campus - Charge Setup fees and late payment fees. Decrease delinquent payments - Require scheduled payments. Decrease calls Automatic daily recalculation, automatic notifications, and students see status of installments from Bill+Payment Suite 47

48 Questions & Answers Any Questions? 48

49 Thank You! Brian Smith Regional Sales Manager John Mealy Bill+Payment Sr. Product Manager