From: Savage, Glenn E (savageg@exchange.winthrop.edu)
Date: Mon Dec 02 2002 - 18:15:15 EST
At Winthrop University, we switched from an external program to an internal one about 5 years ago. We had many issues with past due balances if the contractor was not paid timely. We also spent a lot of time dealing with special circumstances the contractor could not address. The parents also preferred to discuss payment issues with us directly rather than a third party.
We use SCT's PLUS accounting software - it has a payment plan feature incorporated in the student account module. It is easy to use and provides the proper monthly billing. We include our payment plan form with the semester mailing; the form is also available on our website, does the calculations for the first payment amount and can be submitted electronically along with the student's first payment. You can see the details of the plan at www.winthrop.edu/cashiers/wpp.asp.
Regarding the cost, we charge $30 per semester to participate in the payment plan. Approximately 20 - 25% of our students take advantage of the plan. We didn't add any staff, so the revenue from the program goes directly to the University. There are some minor additional costs, such as postage and mailing materials for the additional billings, but overall we have increased revenues with only a small increase in costs.
We have no plans to go to ACH payments at this time.
Hope this helps - please call me with any questions.
Glenn Savage, CPA
Assistant Controller
Winthrop University
Phone: 803-323-2165
FAX: 803-323-2286
e-mail: savageg@winthrop.edu
"C. Douglas Schantz" wrote:
> Hope this email finds everyone getting a jump..or just catching up... on
> their Christmas shopping...
>
> I have just a few quick questions. If any of you in Bursarland would be so
> kind as to respond I would be ever so grateful.
>
> -Has anyone gone from an external payment plan to internal for revenue or
> other reasons?? How was the transition for you and students? Was the
> revenue worth it?
>
> -What type of program/software do you use to manage your payment plan?
>
> -Does anyone use Datatel's Payment Plan software provided with Colleague?
> If so, do you use it successfully??
>
> -Anyone use or mandate automatic ACH deduction for their internal payment
> plans?
>
> Ok.. that's it for now... If anyone wants to give me detailed insight about
> the good, the bad, and the ugly on internal payment plans.. just drop me a
> line...
>
> Have a good holiday season and thanks in advance for any replies!!!
>
> Doug Schantz(long-time external payment planner... but willing to change!!)
> Wittenberg University
>
> ___________________________________________________________
>
> C. Douglas Schantz
> http://www4.wittenberg.edu/administration/student_accounts/
> Office of Student Accounts, Wittenberg University
> P.O. Box 720 Springfield, OH 45501-0720
> E-mail: dschantz@wittenberg.edu
> Datatel's Colleague Release 17
> http://www.wittenberg.edu
> Phone: (937) 327-6146
> FAX : (937) 327-7023
> _______________________GO TIGERS!!!!________________________
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