Do you allow pre-registration and pre-payments? Enrollsy allows those prepayments to be automatically applied at enrollment. For example, you allow people to pre-register and make monthly prepayments on tuition leading up to enrollment. At the time of enrollment, the prepayment balance will be applied automatically.
Prepayment allows you to accept prepaid payments on future Charge Items such as tuition fees. By accepting prepayments, you give customers the option to prepay their fees in advance. Once a customer agrees to prepay the charges, they can make the payments at the time and frequency of their choice.
As a result, you can more accurately predict revenue and decrease the chances of them forgetting to pay.
Setting up Prepayments
To set up prepayments, add a Charge Item as your Prepayment (you can just name it "Prepayment" if you want). Then specify which Charge Item(s) (such as Tuition fees) the prepayment credit goes toward. The prepayment balance will automatically be applied to the Charge Item when it is time for the customer to fulfill the payment.
Follow these steps to add a new Prepayment Charge Item:
Step 1 - Add New Charge Item
On the My Company page, click the Items tab. Click the plus button to add a new Charge Item.
Step 2 - Select Prepayment
Leave the default answers, scroll down, and click "Yes" under Prepayment.
Step 3 - Add Charge Item(s)
Add the Charge Item(s) the Prepayment will apply toward. You can select one or more Charge Items.
Step 4 - Add Discount Item
Select the Discount Item to which the credit will be applied. If you don't have a specified Discount Item, add a new Discount Item.
Step 5 - Save
Be sure to save the Charge Item.
Add Prepayment to Programs
Next, you will need to add the Prepayment Charge Item to your Program(s). If your pricing in on your Programs, follow these steps:
Step 1 - Programs page
Head to your Programs page (Classes menu > Program tab or My Company page > Programs tab). Click on the edit pencil beside the Program (at this time, you cannot bulk edit pricing).
Step 2 - Add Prepayment in Pricing
Be sure to click on "Fixed Cost" under Pricing. Add the Prepayment Charge ITem under Total Cost and the amount:
Step 3 - Save
Click Save to save the Prepayment Charge Item.
NOTE: If your pricing is on your Classes, do the same things as above by going to the Classes pages (left menu), clicking the down arrow beside the Class, and then the pencil icon (as shown below).
Example
Consider a customer who pre-registers for tuition a year in advance and makes monthly prepayments towards the total tuition fee. When it is time for the customer to enroll, their Prepayment balance will automatically be applied to their tuition fee, reducing the amount they need to pay.