Did you know that choosing to accept online payments means that you’ll receive payments 2x faster? Many music teachers still only accept cash and check, but fewer people carry cash or have a checkbook at all. If your clients usually carry credit cards instead, you should offer more convenient payment options. Families have far fewer reasons not to pay and there are a lot of other advantages!
First of all, it lends your studio the legitimacy of an established business. Restricting tuition payments to cash-only purchases may raise some eyebrows and may even seem like a scam. Most importantly, this saves time for everyone involved! Your families won’t have to make a special trip to the bank for cash, you won’t need to go deposit a check, and most importantly you won’t need to manually record payments in your accounting system. Most online payment systems will automatically record your received payments as well. My Music Staff, for example, uses Stripe and PayPal to accept online payments and auto-record transactions.
You can save time and make sure that your cash flow is uninterrupted using online payments. Bank account transfers and credit card payments appear in your account within days. No more waiting for checks to clear, which can be a time-consuming process.
Be notified instantly when an online payment fails and never deal with a bounced check again! Ultimately, you are providing a pleasant no-hassle experience for your clients when providing the choice of cash, check or credit card. It is an unspoken expectation that a business will accept credit cards as a form of payment. How many businesses nowadays don’t accept them? For less tech-savvy teachers out there, it might seem like a lot of work to set up – but with My Music Staff it’s not!
Today, there are numerous ways to accept online payments!
My Music Staff integrates with PayPal and Stripe to accept online credit card payments. Your families can now pay from the comfort of their own home, on any device. They can also opt in for “Auto Pay”. That’s right, you can get paid the instant you send an invoice to them. Doesn’t get much easier than that.