Household cashflow varies from home to home. Throughout the year families often experience financial ups and downs. As your families’ trusted school, and as an institute with a balance sheet of your own, you get that – especially in today’s pandemic environment.
Up till now, when families select their payment plans, the billed amounts would be distributed evenly across all invoices or due with the first installment. With the new TADS Custom Payment Plans feature, schools are able to vary the tuition billing to better meet their families’ needs or financial season. This new functionality is built right into the Payment Plan set-up page in TADS Agreements module.
TADS administrators can choose from two different types of payment options.
Break down the family payments as you see fit. As long as the total of all installments equal 100%, you can apply a different percentage on every installment. Percentage-based plans will be available school-wide or as custom plans on individual agreements.
For a 3-installment plan, your percentage-based plan might look something like this: 50% due in the first month and 25% due in months 2 and 3.
Set hard dollar limits on each installment, while leaving one installment uncapped. Charges will be distributed to each installment, so the limit is reached but not exceeded. The remaining balance will be applied to the single uncapped installment.
A capped installment plan might look something like this: Caps are set at $500 each month from July – March, with the remainder due in April.
Configuring the payment settings prior to the family contract being signed is easy. You’ll find a step-by-step guide to customizing payment plans when you log into the TADS portal.
Starting on August 27, 2020, you’ll have the opportunity to begin using this feature to alleviate stress on your families. Afterall, as everyone is faced with so many uncertainties, you are asked to be as flexible as ever. And it’s our job to provide the tools to help you do that.
Log into your TADS account to read more about Percentage-based Installments and Capped Installments.