The Importance of Decreasing Friction in the Process of Paying for College
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Getting the attention of a college student is challenging; getting the attention of a college student to get them to do a task that they are dreading - like paying their bills - sometimes feels impossible. So when you get them focused on the task you need them to complete you need to make that task as easy as possible.
And yet, more often than not, the process of paying tuition becomes a multi-step, many minute, ordeal.
And at some point, often before they pay, you’ve lost them again.
The current payment process has more clicks than it needs, and we are on a mission to reduce them..
Why Reducing Steps and Clicks Matters
Every additional step or click in the payment process presents an opportunity for a student to get bored, frustrated, confused, or distracted. And none of these are good for task completion.
Boredom: Long, tedious processes can disengage students, especially when they are busy juggling academic responsibilities, part-time jobs, and personal commitments. Simplifying the payment process helps maintain their focus and ensures they complete the task promptly.
Frustration: Confusing interfaces, unclear instructions, and unexpected errors can lead to frustration. When students encounter obstacles, they are more likely to abandon the payment process altogether. A streamlined system can mitigate these frustrations by providing a clear, intuitive path to completion.
Confusion: Complex systems with multiple steps can be confusing, especially for students who are new to managing their finances. Reducing the number of steps helps eliminate ambiguity, making it easier for students to understand what is required of them.
Distraction: In today’s digital age, students are constantly bombarded with notifications and distractions. Each additional click or step increases the likelihood that they will be interrupted by a text message, social media alert, or someone walking into their room, leading them to leave the task unfinished.
More clicks = more chances for a student to stop what they are doing, and do something else.
The Benefits of a Streamlined Payment Process
By reducing friction in the payment process, colleges and universities can significantly enhance the student experience and improve payment outcomes. Here are a few key benefits:
- Faster Payments: A straightforward, user-friendly payment process encourages students to complete their payments more quickly. When the steps are clear and minimal, students are less likely to delay or procrastinate, ensuring that payments are received in a timely manner.
- Increased Student Satisfaction: Simplifying the payment process can improve overall student satisfaction. When students find it easy to fulfill their financial obligations, they are more likely to have a positive perception of the institution. And they won’t get so many reminder emails.
- Improved Retention Rates: Financial stress is a significant factor contributing to student dropouts. By making the payment process easier, institutions can help alleviate some of this stress, potentially improving retention rates.
- Enhanced Institutional Efficiency: A streamlined payment system reduces the administrative burden on the institution. With fewer steps and a more intuitive process, there are likely to be fewer errors and less need for administrative intervention, as well as less calls to the student accounts office, freeing up staff to focus on other important tasks.
Practical Steps to Reduce Friction
Here are some practical steps institutions can take to reduce friction in the payment process:
- Remove Passwords: Enable students to sign in through their student portal or to use one time passwords.
- Simplify Instructions: Provide clear, concise instructions for making payments. Avoid jargon and use straightforward language that all students can understand. Consider sharing a short video that walks students through what they need to do. If you need a multiple page pdf, your process is too complicated.
- Go Mobile-First: Ensure that the payment process is fully optimized for mobile devices. Many students prefer to handle tasks on their smartphones, so a mobile-friendly interface is crucial.
- Save their Information: Students should not need to enter their account information multiple times, make sure it is a one-and-done. Have payment plans? Allowing them not only save their info, but also set up autopay, is another huge bonus.
- Prioritize User-Friendly Design: Invest in a user-friendly design that minimizes the number of clicks required to complete a payment. A student should be able to scan a QR code, log in and pay all in less than 2 minutes. If it is taking more time, and requires more clicks, you are more likely to lose them.
Reducing friction in the process of paying for college is essential for both students and institutions. By minimizing the number of steps and clicks required, we can help students make payments faster, improve their overall satisfaction, and enhance the efficiency of the institution. If want them to pay, we have to make it easy.
Ready to get started?
Get in touch with our team today.