What are the benefits of an integrated payments system & how does it work?
From improving efficiency and saving person-hours to increasing cash flow, an integrated payments system benefits your business operations in numerous ways. Your wraparound care setting can significantly benefit from adopting an integrated payments solution. Xplor Education’s Xplor Pay platform offers a frictionless and convenient way to make something incredibly complex, simple and easy. Powered by Debit Success, Xplor Pay automates the collection of payments and streamlines cash flow management.
Save on cost with automation using an integrated payments system
Your setting can save a lot of money by implementing an integrated payments system. Without an automated payment gateway, your setting will have to spend so much time, money and effort managing multiple cash flow sources. Money spent on administration time for payment reconciliation alone is nearly the same as paying a part-time staff member or an administrative assistant in your setting.
Xplor Education’s internal payment gateway, Xplor Pay, streamlines your cash flow and keeps it consistent. Xplor Pays’ automatic reconciliation enables your setting to work more efficiently, reducing administrative work by around 80%, saving around £15,000/year.
Consistent cash flow for your business
Settings 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 parents and families.
Scheduled payments are available with Xplor Pay. Payments will be automatically charged to a credit card based on the parent’s billing cycle. The Xplor Pay integrated payments system provides families 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 setting maintain a more consistent cash flow.
Families 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 with an integrated payments system
Xplor Pay, automatically reconciles receipts and income, ensuring accurate and consistent cash flow and tax filings. All payment information is centralised with Xplor Education’s unified system, enabling your school to access easy-to-use and digestible reports based on the payment gateway data. Xplor Pay tracks all your transactions this way.
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 setting’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 Education’s integrated payments system? Get in touch with our dedicated team, who are waiting to answer your questions.
by Xplor Childcare
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First published: 12 September 2022
Written by: Xplor Childcare