3 Ways to Make Your Higher Education Business Office More Efficient

Even with the effects of the pandemic beginning to diminish, many higher education institutions are still dealing with a reduction in funding. When funding resources decrease, it can force you to reduce costs and change priorities, including in your institutions business office. Here are three tips on how you can add efficiencies to keep the business office at your higher education institution running smoothly.

Adding an automation solution to some of your office’s usual tasks, like tuition payment processing, will give your staff the opportunity to focus on other things while still meeting the objectives required. Billing and payments don’t have to be complicated, and with an automation solution your business and financial aid offices can effectively manage, organize, and accept payments — all from one dashboard. Another benefit is that real-time reporting can be pulled in minutes. With an automation solution, you can create a unified payment experience for your staff and students.

From two-year community colleges, to four-year universities, and even graduate school, some students may struggle to pay their tuition on time. By offering Payment Plans to your students, you allow them to spread their tuition payments across terms, keeping them attending classes. At Nelnet Campus Commerce, we offer three types of payment plans which support nearly every student on campus, no matter their situation. Our plans integrate with your ERP, come with customizable payment options/schedules, and are housed in a helpful, easy-to-navigate dashboard – helping you increase receivables, reduce workloads, and bring efficiency to your higher education business office.

Using analytics in various aspects at your institution can allow you to make more informed decisions. For the business office at your institution, using payment analytics can track student payment history over time to identify trends across campus. This data can reveal student payment habits, so you can know which ones may need help with payments in the future. Moreover, payment analytics that sync with your payment plans can help you predict the amount of revenue your plans will generate – reducing guesswork from important financial decisions.