Learn how your school's deposit, tuition, payment plan fees and all other fees are recorded upon contract signing and the dispersion of these fees between the parent, your school, SchoolAdmin and Stripe.
Workflow from Enrollment to Stripe
For schools that have paper contracts, the deposit can be paid at any point, as determined by the school.
Sample Financial Workflow for Contract Signing, Deposit and Stripe.
The parent/guardian will pick their payment plan within the contract and fill out any remaining information that's required. They'll pay the deposit/registration fee upon contract signing, followed by the first payment on the billing date.
Amounts/Fees used in this example:
- Tuition: $1,000
- Deposit/Registration Fee: $100
- Stripe Processing Fee: This varies based on ACH or CC. Click here to learn more. For our example, we will use a $5 ACH fee.
- Payment Plan Selection: 10 months
- Payment Plan Fee: $40. Best Practice is for the payment plan fee (PPF) to be included in the deposit amount that the parent is paying b/c SchoolAdmin will collect the full amount of this fee at the time of contract signing. If the fee is not included in the deposit amount, the PPF will be spread across all payments, which means SA collects the full amount up front, but the parents will pay the PPF amount ($40) spread across 10 payments ($4.00 for each one).
- Please note, your school may have additional fees/different fees than what are used in this example.
Sample Workflow for Remaining Balance
All amounts used in the example above apply below. The $100 deposit has been paid and processed, so the remaining balance is $900, spread across the 10 month payment plan selection, which is $90 a month. The workflow below repeats for each remaining month of the payment plan, including the Stripe processing fee, regardless of who's responsible for paying it.
Additional Payments, Bi-Monthly Payments, & Custom Payments
Click here to learn how to take a phone payment from a parent/guardian for any custom amounts, additional payments, or bi-monthly payments.