Jackrabbit’s Friday Five: 5 Things You Must Know About Processing ePayments

In a recent Ask Me Anything webinar with Jackrabbit’s ePayments team, we uncovered some invaluable information regarding tuition fee posting and processing that we had to share with you. This article quickly hits on the five things you should know about processing tuition and fees using Jackrabbit Class.

5 Things to Know About Processing ePayments With Jackrabbit Class

Whether you are new to the Jackrabbit scene, looking to set up ePayments as a new client, or have been rocking and rolling with online payments for quite a while, there are five things you should know when it comes to processing ePayments with Jackrabbit Class.

What does integrated ePayments mean?

Before you jump in head first, you may be wondering ‘what are integrated ePayments?’ Glad you asked! When using one of Jackrabbit’s payment partners, not only can you process the payment directly from the family’s account, but it also records the payment automatically.

The same applies if you need to run a batch of 500 or 1,000 cards at one time. This is often referred to as auto-draft – a scheduled batch of payments on the same day every month. Every single payment will post to the family’s account as the payment processes. No manual entry is needed!

What are the benefits of integrated ePayments?

Integrated ePayments with Jackrabbit has many benefits and saving time is just one of them. What could take you hours or days, takes minutes and we all know the one thing you can’t get back in life is time.

Besides saving time, which translates to saving money, there’s also that feeling of assurance you and your families get. When you auto-draft payments monthly, there are fewer late payments and busy families appreciate the convenience of not having to remember to manually pay tuition. All of this works together to ensure your accounts receivables list is as short as possible!

Safety and security are also top of mind with integrated ePayments.  It is standard at Jackrabbit that all credit and debit cards are vaulted, ensuring everything is PCI compliant.

Want to discover what Jackrabbit Class clients love about integrated payment processing? Discover how you can get started with one of Jackrabbit’s three online payment processors today!

What is required to set up ePayments with Jackrabbit?

You will need a gateway and a merchant processing account to start processing ePayments. Jackrabbit Class offers three ePayment partners with 100% rate transparency so you can ensure you get the best rate for you gym, swim school, or dance studio.

What kind of policies should be included for ePayments?

It’s best practice to include how you collect payments in your organization’s policies. In this scenario, the more details the better. Include information like:

  • when payments are due,
  • what your refund policy is, and
  • when late fees are applied to unpaid accounts.

Most importantly, you need to get your customer’s permission to store their card on file and process the payment on their behalf.

As with all policies, it is best to consult your attorney for verbiage and coverage.

How often should processing rates be reviewed?

True or false – once you receive a processing rate with an ePayment partner, you will have that rate forever. FALSE! This is one of the biggest misconceptions with processing ePayments so here’s what you need to know!

It’s a great idea to ask for a rate review on an annual basis. There are several factors that affect your processing rate, such as volume. If your volume is increasing over the years, your payment processor might be able to drop your rates or adjust the plan you have. Great news, right?

Wrap Up

Processing monthly tuition and other fees at your youth activity center doesn’t have to be a daunting task. These five takeaways prove that Jackrabbit Class is on a mission to make ePayments and online payment handling easier for gym, swim school, and dance studio owners. Are you using Jackrabbit Class to process fees at your youth activity center? Take the first step by creating your free account today, then work with a Set-Up Coach and Jackrabbit’ ePayments team to begin effortlessly processing tuition.

Get started with Jackrabbit Class

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