Here are Three Ways that Diamond Mind Can Help Your School

A tough economy demands greater scrutiny of payment systems and cost control. As your school faces some of the most challenging economic times in decades, here are three programs that can help you lower costs, reduce risk, and consolidate payment data and operations.

At Diamond Mind, we understand your needs because we serve over 400 of the nation’s independent schools. Our program coordinators are experts in independent school payments and can work with you to help in your transition to more optimal payment acceptance. It’s like having another manager on your team at no cost to you.

Let’s get started and have a look at three easy ways that you can help reduce collections problems, reduce risk, lower costs and consolidate payment data and operations.

Implement a Convenience Fee Program (Credit Card and eCheck)

Action: Offering credit card acceptance for tuition payments with a convenience fee gives parents an additional option without the school adding a new line item to the budget. In this economy, parents who are dedicated to providing their children with an independent school education may need more options to help them pay in the short to medium term.

Business Benefit: Gives parents a way to bridge a short term cash crunch, avoiding embarrassment and taking advantage of new credit-card reward programs to help them save more for retirement and reduce their debt. (Credit Cards Help You Save, Cut Debt, Wall Street Journal 12/8/08)

Cost: A convenience fee program is cost neutral. If a Tuition Portal is desired, the costs range from $129-$500 for set up, and $20 per month. This implements in as little as a week including parent communications.

Consolidate Payment Operations and Lower Credit Card Acceptance Costs

Action: Centralize and consolidate payment systems and payment vendors. Diamond Mind works seamlessly with SilverPoint, Senior Systems, Blackbaud, infosnap, Final Site, PCR, Camp Brain and numerous other school vendors. We can also reach out to just about any vendor you work with and help you consolidate all payments under a coordinated umbrella of service delivery that we call Credit Mind.

Benefit: Reduces cost and complexity of payment operations by consolidating system management and aggregating payment volume for best rates. Saves time and energy with improved reconciliation and a single customer service point of contact.

Cost: Little or no transition cost. We've helped our clients save 15-60% over the past five years. This also saves time and energy with improved reconciliation and a single customer service point of contact.

Eliminate Payment Data Handling and Become PCI-DSS Compliant

Action: Diamond Mind will work with you to inventory, assess and remove PCI-DSS vulnerabilities. Based on Diamond Mind 2007/2008 surveys, over 50% of credit card accepting merchants plan to use this method of security management long term to improve security and reduce cost and complexity of PCI compliance.

Benefit: Reduces cost and complexity of PCI compliance. No payment data is stored, transmitted or processed by your company.

Cost: The cost is typically cents per payment record managed and implements in a matter of hours for many schools.

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