Category: Contracts

How to do Contracts

There are a lot of different ways schools can handle contracts & contract payments. MasterVision gives you some different options on how you can track all of that. Before we can get into that, we need to define a couple terms – Billing Company contracts and In House contracts.

Billing Company: MasterVision calls ny contract that has payments being collected by someone else a “Billing Company” contract. This might be an actual billing company like EFC or Member Solutions, but it could also be that your bank is collecting EFT/ACH payments or any other setup where the money is collected by someone else.

In House: An In House contract is MasterVision’s term for any contract where you, the school, is manually collecting the payment in one way or another. This could be cash or credit card payments you have to submit.

With those terms out of the way, let’s look at the options you have to track contracts in MasterVision:

Billing Company Option #1

Your first option, if you have a “billing company”, is to completely ignore contracts in MasterVision. Don’t enter contracts and don’t worry about payments. You just let your billing company collect the money and rely on their reports. You don’t use MasterVision at all for this part of running your school.

You can still use the Expire and Renew fields on the student form to know when a student’s contract is expiring and when you want to talk to them about renewal.

Billing Company Option #2

Option #2 for “billing company” contracts is to go ahead and use MasterVision contracts, but to tell MasterVision that the payments are collected by your billing company. MasterVision will know about the due payments, but will mark them as collected automatically with the end of day routine.

This is a little more work, but provides some benefits:

  • You have a double-check that the billing company is collecting what you think they should be by comparing to MasterVision reports
  • You can create custom contract documents in Microsoft Word. If you have to submit a form to the billing company, this is a quick & easy way to create that form.
  • The Renew and Expire dates on the student get set automatically
  • You can see in MasterVision what payments are coming up to better gauge your cash flow

In House Contracts

Your last option is to mark your contracts as “In House” – where you’ll be collecting all the payments yourself. You use the Contract part of MasterVision to create the contracts and the Point of Sale to record the payments you receive. MasterVision can create customer statements, aging reports, warn you of overdue payments, and everything else you need to handle contract payments manually.

In House Contracts – Stripe Credit Cards

One last option MasterVision has for you – you can collect credit card transactions with MasterVision working with the Stripe credit card service. You mark the contract as a Stripe contract, enter the credit card information, and then use a special screen in MasterVision to process the credit card payments each day (or week, or month) and collect the payments that way. This is explained in more detail here.

Or, Mix It All Up!

Lastly, you don’t have to choose just one method. MasterVision has the power and flexibility to work with all of those methods. You can have students that are billing company payments, other students that the bank is collecting an EFT, other students that are in house and bringing you a check each month, and still other students that are credit card payments. MasterVision can handle all of them, at the same time, without any trouble.

Grow Your Dojo – #5 Maximize Profits

(This is a series of blog posts following along with Michael Massie’s Growing Your Dojo series of emails and how MasterVision can help with each of the steps. You can sign-up for Mike’s daily email list here.) We’re talking about Michael’s Step #5:
Step #5 – Profit Maximization – This consists of financial efficiency + added profit centers. Most school owners start here by adding profit centers before they get their issues with the previous four steps fixed. This leads to all manner of problems, such as school identity crises, perpetual peaks and valleys in enrollment numbers, and unstable cash flow.
As Michael says, I’d concentrate on all the earlier items, make sure you school is running smoothly and efficiently, before turning to these ideas. If you’re ready for this though, here’s how MasterVision can help:
  • MasterVision has a full point of sale system to run your pro shop. It will track inventory, let you know what needs to be ordered, easily let your mark items up/down as need be (holiday sales), and remind you that a student owes you money for a piece of equipment they took but didn’t pay for.
  • MasterVision’s contract module has a very powerful pricing capabilities that make it very easy for you to show a student what they’d pay under various scenarios. Easily show students the savings for longer term contracts, discounts for adding family members, and discounts for paying cash.
  • You can use MasterVision to collect track & collect contract payments yourself (especially handy if you’re a small school). Send out statements, know who owes a payment, and collect the payment all with MasterVision.
  • You can also use MasterVision to automatically collect contract payments via credit cards. Learn more about there here.

This concludes the Growing Your Dojo series. I hope it was helpful in identifying all of the ways that MasterVision can be used leveraged to help you have a more successful school. If you have questions or feedback, I’d love to hear it. Drop me an email at todd@MasterVisionSoftware.com.

Credit Card Contract Payments

Tired of paying high fees to a billing company to collect your contract payments? MasterVision can now help!

MasterVision can has the ability to tie a credit card to a contract and then easily bill that credit card each month. It’s easy, easy, easy to do.

“But, Todd, what’s it cost,” I hear you asking? MasterVision is using Stripe.com to do the processing. No monthly fees or merchant account required. You pay Stripe.com 30 cents + 2.9% per transaction. That’s it.

Not sure you want to jump all the way in? No problem – it’s not an all or nothing proposition. Use this new feature for just one or ten or a hundred of your contracts while continuing to use your existing service for the other contracts.

A short video is below that shows you how this works. This help topic will get you started if you want to use this new feature.