Many schools and universities in Nigeria face the exact same problem. Running any academic institution is challenging enough as it is but becomes even more difficult when the main source of your income is impeded.
Some schools even resort to turning away students at the gates. But this has a terribly negative impact on the student’s education, not to mention the shame, humiliation and embarrassment. It also makes the school look bad.
Perhaps you would like to be more lenient but know it would only lead to even more debt, and it’s not fair either to the fully paid-up students, members of staff or your suppliers!
Whatever way you look at it, not getting paid on time (or at all) has a serious negative impact on your business.
Because let’s face it, running a school is running a business.
Besides all that, the school needs to be continuously improving to maintain its status as a popular and in-demand educational establishment.
Poor cash flow not only puts an immediate strain on the school’s day-to-day running but has a knock-on effect on your suppliers that creates even more challenges and can also damage your reputation (which can be just as costly as bad debt!).
In a worst-case scenario, it might even mean your school has to close down!
On top of everything else
Staff have to be paid
Supplies need to be purchased
There are always bills to pay
Imagine then for a moment if...
You could effectively incentivise parents or students to pay on time
You could manage cash flow to invest in improvements and still be in profit
Your establishment was seen as even more desirable and attracted all the best paying students
The good news is – all this is entirely possible
Deter Late Payers With CreditRegistry, Nigeria’s Largest Credit Bureau
GetPaidFaster,our payment reminder and debt reporting system, allows you to not only manage and monitor your invoices but incentivise parents and students to pay on time.
Getting paid on time means you can grow faster, have more cash to invest to make your school even better and can nurture a place where people flock to for the very best education.
With our easy-to-use system, you also have the option to report past-due payments to CreditRegistry, Nigeria’s largest credit bureau.
This is an extremely effective deterrent for repeat late payers and debt defaulters!
How it works
1
Sign Up
Sign up and add your unpaid invoices and debt to our easy-to-use dashboard that you can access 24/7.
One account for all your businesses
Manage all your unpaid invoices and debt for multiple businesses from one account.
Set Payment Reminders
Set up your payment due date and payment reminder schedule, and we will do the rest. Your customers will receive friendly reminders when it’s time for them to pay.
2
3
Report Late Payments
You have the option to report past-due payments to CreditRegistry, Nigeria’s largest credit bureau.
Select CreditRegistry report settings
Get paid before debtors can access more credit elsewhere
GetPaidFaster creates a disincentive for customers to delay paying you. And when you get paid on time, your cash flow improves so that you can sustain your business.
With GetPaidFaster, you and other businesses exchange information about the risk that bad debtors pose to your business. Reporting unpaid debt to CreditRegistry holds the debtor accountable and helps everyone.
Awareness by your customers that you vet them and exchange information about their payment behaviour through CreditRegistry encourages them to be good-paying customers or face negative consequences.
