How do I set up payments?
The first step in this process is to apply through Payrix’s diligence form. Once approved, you can discuss with your account manager how you would like the plans to be set up. You will need to provide tuition prices, if a deposit is included, the number of installments, and the cadence of installments (monthly, weekly, daily). Lastly, you’ll need to set up your account in Payrix. This includes adding a bank account and setting up the frequency of withdrawals.
What are the fees?
We charge 2.9% + $0.30 transaction fee for all cards and $5 for ACH transactions.
Who is Payrix?
Payrix is our payments provider we work with to offer our schools an affordable payments option. (Do we have a summary on this?)
What do I need for the diligence process?
Payrix typically requires 3 months of recent processing and bank statements. You may also be asked to provide recent audited financial statements,
How does it work for the student?
Students provide their name, email address, and phone number on the first page. They receive an option to pay with a card or link their bank account. We tokenize this information, so students do not have to worry about missing payments. We automatically charge their account for each installment. Here is a sample view of the checkout link.
How do I cancel or change a plan?
You can reach out to your account manager with the student’s name and subscription ID, if possible, and we can cancel the plan so the student no longer gets charged. If a plan needs to be changed, we will need to create a new link with the new amounts or installments.
What options are available?
We offer Upfront, Deposit, and Interest-Free Recurring Payment plans.
How do I receive funds?
Once a student pays, the funds will be deposited into your Payrix account. You will need to set up the frequency of withdrawals for it to be moved to your bank account. This can be set up to happen daily, weekly, or monthly.
How do I know when students have made a payment?
The transaction will show as successful in the School Portal. You can find all transactions in the Manage section, under Reports.
What happens if a student misses a payment?
Since we tokenize payments, the only way a student can miss payment is if they have insufficient funds or the account has been closed or frozen. The student will receive an email notifying them that the transaction was unsuccessful, and you can see this in the School Portal. They will need to use a new card or bank account to make the payment that failed to process.
What communication does the student receive?
The student receives a confirmation email after each transaction. They get a reminder email a few days before the scheduled transaction if on a payment plan and they also receive an email if a transaction fails.
We require our third party vendor payment processors’ PCI compliant documents for Payrix. How do we get these documents?
Payrix is PCI compliant. Please reach out to your account manager for a copy of these documents.
How do students get access to the payment links?
Climb will provide you with all the links as requested. Many schools choose to put the links on their website for easy access to students. For deposit links, Climb can create an email campaign for students who have accepted their loans to receive this link and pay. Additionally, schools have the ability to create and manage custom invoices for their students in the School Portal. If you have further questions, please reach out to your account manager.