You spent weeks working on creating the curriculum for your online learning community, and while you are ready to launch, you may be running into one major problem. How will you accept payments for your online school?
While you can send and manage dozens of invoices, this requires meticulous record keeping. On the other hand, some platforms are either unable to link payments to student registrations while with others you cannot view payment history in one centralized location. Neither of which is helpful. As an online school creator, you need a built-in payment solution that streamlines payments, enables student registrations automatically, and offers a simple checkout process.
Virtually makes it easy to build and scale an online learning community by offering a variety of payment options. Accept one-time payments, monthly recurring payments for membership fees, and more. Here are three ways you can accept payments for your online school with Virtually.
1) One-time Payments
One-time payments are particularly good for virtual classes where you charge students once. These programs have a definite start and end date. Enable one-time payments by going into your classroom settings and select "Class" when asked what kind of classroom you are building.
2) Monthly Subscriptions
Recurring monthly subscriptions are the best option if you are using Virtually to host a membership. Unlike a class which has a definite start and stop, memberships are on-going. Students pay a flat monthly fee and get access to your student community indefinitely. Enable subscriptions by going into your classroom settings, and selecting "Membership" as your classroom type.
3) Income Share Agreements
If you're in the career education and training space, then you might have heard about income share agreements. Instead of paying upfront, students can opt to "defer" payment up until they land a job. This outcome-based funding option means that they are only required to pay you back if and only if they land a job. Under an income share agreement (ISA), students promise to pay back a percentage of their salary over a predetermined number of years.
While this might be a risky option for you as an educator, it can also be incredibly lucrative if you can maintain high graduation or job placement rates. Around since the 1950s, this form of financing has received a lot of attention in recent years as more people are looking for alternative ways to pay for their education. If you'd like to use income share agreements as a part of your program, please email email@example.com.
Lastly, Virtually also allows you to set up a trial period for your classroom. This allows students to try out your program for a certain period without providing payment information. As with all of the options mentioned above, set the trial period from your classroom settings. Once the trial period is complete, students will have the option to input their credit card information and continue where they left off.
Getting Paid & Accessing Payment Analytics
To see a full history of your payments or transfer your earnings to your personal bank account, go to School Settings, and click “Connect with Stripe.” This will allow you to connect your Virtually account to your personal or business stripe account. Once you’ve done this, payments from your classroom will automatically be routed to your Stripe account.