Stripe Payment Processing

Stripe Offers Schools, Students, and Donors Better Payment Options and Security

For higher education institutions that want to enhance the student experience and streamline financial operations, an online payment solution can be a game-changer. The new CoreCampus integration with Stripe – which expands and simplifies online payment options for students – equips staff with powerful new tools while helping to improve cash flow.

Stripe is a secure digital payment system that allows schools to accept and manage electronic payments. The system processes domestic and international payments and supports the most stringent levels of security certifications in the U.S. and Europe. It also coordinates payments across 185 countries and 135 currencies.

When integrated with the CoreCampus platform’s student payment software, Stripe lets students process the most common transactions, including tuition, application and registration fees, enrollment fees, material costs, and any charges for transcripts or records.

Benefits of the Stripe Integration for Schools, Staff, Students and the Community

Whether it’s a trade school or a university, post-secondary institutions are a net positive for the communities they serve. Digitally transforming your school’s payment processing system not only modernizes your institution and makes it more competitive, but also helps your school thrive.

Stripe allows schools to assign preferred payment methods for application fees, enrollment deposits, tuition payments, donations, and to track collections by method.

When it’s easier and more secure for students, alumni and donors to make their transactions, institutions improve their financial position, streamline back-office operations and increase transparency.

Simplify, Improve and Enhance Financial Operations

Increase cash flow and reduce administrative workload with our streamlined payment processes.

School Benefit: Improve Financial Planning

Many students are used to paying for services and goods online, and paying for classes should be no different. With the Stripe payment integration, students can quickly and easily pay school fees in many different ways: bank transfers, ACH and debit card payments, electronic wallets, major credit cards, and popular international payment platforms.

By offering a wide range of digital payment options, schools increase the likelihood that students will pay in full and on time.

But it’s not just for current and prospective students. The platform can also process donations from alumni or donors.

With a stronger and more consistent cash flow, administrators can allocate funds for campus improvements, new hires and other financial goals, or to simply strengthen their balance sheets.

Staff Benefit: Automate and Streamline Work

The Stripe payment system puts reporting and analytics on autopilot. Administrators can configure the system to automate batching, reconciliations, refunds and adjustments. This makes data related to campus finances more transparent and traceable.

Because Stripe integrates seamlessly and in real-time with the CoreCampus platform, the system can trigger alerts sent to students, including payment reminders, billing statements and transaction confirmations. Automated alerts take the pressure off finance staff to follow up with individual students while keeping communication centralized.

Student Benefit: Flexible Payment Plans

As the costs associated with post-secondary degrees and programs continue to rise, students need more resources when loans or scholarships aren’t available. This is especially true for first-generation and non-traditional students.

Stripe helps students better manage their finances and customize payments to meet their circumstances. Users can configure payment plans, reminders and installment schedules. Students can adjust their plans during the semester or term, cancel plans, and split or change payment methods.

Community Benefit: Manage Donations and Related Reporting

With federal and state funding in flux, schools are looking for alternate sources of revenue. If outreach to alumni, the community and institutional donors are a high priority for your advancement teams, then accepting donations should be easy.

Stripe has the tools to easily manage and process donations, from one-time gifts to recurring and scheduled donations.

It also processes giving reports, which allows advancement teams to analyze and monitor giving, automate pledge billing and track donor histories.

How Stripe Works With the CoreCampus Platform

Once you’re operating the CoreCampus platform, it’s easy to make the transition to Stripe with our open API. CoreCampus integrates seamlessly with just about every popular third-party software that’s preferred by institutions, so we already have the back-end tools and tech to support industry-leading integrations like Stripe.

Set Up and Operating Stripe

Our system connects with Stripe in real time to exchange data and provide the most up-to-date information to staff and students.

Here’s how CoreCampus supports your Stripe integration:

In-house technical support team helps you connect and configure Stripe.
U.S.-based customer service and help desk can troubleshoot and answer questions.
Online Knowledge Base offers extensive resources.
Community Circle (our online hub for CoreCampus schools) offers best practices and tips from other schools operating Stripe, and users can post questions for other community members or CoreCampus staff.

Security Features

When it comes to accepting online payments, security is our first priority. Stripe is backed by the most stringent security measures for domestic and international transactions, offering schools and students peace of mind and confidence in the system.

Security features include:

PCI DSS Level 1 certified, the highest-level security available.
Supports PSD2 European regulations and SCA-compliant.
Stripe uses dynamic authentication, which scans every transaction and dynamically triggers added authentication when necessary.
Backed by Radar fraud detection

Low-Cost Pricing

At a time when schools are reevaluating expenditures, Stripe is a low-cost option to improve payment options and versatility.

CoreCampus offers reasonable setup costs and Stripe charges low monthly fees. Schools only pay for the services that they use, eliminating hidden costs for unnecessary features.

The fee schedule is transparent:

2.9% + 30¢ on ACH/bank transfer fees per successful online card charge
$5 cap on ACH/bank transfer fees
+1% if currency conversion is required for international payments

Third-Party Integrations That Boost Performance

From online payments and eSignatures to communications tools and financial aid partners, CoreCampus integrates with the best software providers in the industry.

Benefits of Stripe Over Other Payment Processors

Between compliance and reporting, higher-ed finance teams need tools to help streamline their workflows and reduce manual work. Instead of processing payments in-person, issuing receipts, and manually logging transactions, digital tools like Stripe will improve efficiency, accuracy, and ensure every transaction is accounted for.

From reduced costs and improved payment timelines to streamlined operations and more transparent reporting, there’s a lot to gain from Stripe’s digital payment processing.

Competitive Pricing

Stripe caps ACH/bank transfer cap fees at 5%, lowering processing charges for schools and students. In contrast, other payment systems may charge up to $300 per transaction.

Additionally, Stripe’s credit card fees are on par with other popular systems.

Robust Payment Handling

Stripe makes it easier for students to pay their fees and helps schools collect tuition and other charges more promptly.

Multiple payment options allow students to choose the method that works best for them
Payment plans are available and easily updated
Centralized payment history is easily accessible to designated school staff and students

Analytics and Support

Stripe offers robust tools to help staff monitor and analyze payment and collection data.

Improved reconciliation capabilities
Error and declined payments automatically logged by the system
Data seamlessly transferred into other CoreCampus modules and reporting dashboards
Pre-built reports help schools analyze collection information, including method, schedule and timing

Declined Payments and Collections Monitoring

When it comes to fees and tuition management, schools rely on payments being made in full and on time. Stripe helps monitor and analyze key transactions, improving collections and reducing overdue payments.

Declined payments automatically trigger notifications to the student and school.
The system automatically repeats transactions after a declined payment.

These features help schools improve their collections without requiring billing staff to email, call and text with reminders.

Similarly, Stripe’s notifications reduce stress and burden on students, who are electronically notified of issues and can easily update their payment schedule or methods.

Streamlines Online Payments

Stripe offers a one-stop location for students to pay their fees and alumni and donors to make donations securely and using their preferred payment methods.

Instead of waiting in line to deliver a check or fill out paper forms to make donations, everything is handled securely and accurately in the CoreCampus platform.

Allows for Easy Donations

Offering a secure and transparent payment system to accept donations in just a few clicks makes the donation process frictionless.

Stripe offers many advantages for advancement teams and fundraising campaigns:

Multiple payment options to fit donors’ preferences
Low fees on transactions save schools money
Gifts can be configured with a regular schedule and updated as needed
One-time donations processed quickly
Reporting tools help staff better analyze donations and plan future campaigns

The Bottom Line: Stripe Saves Time, Increases Cash Flow, and Improves Student and Donor Experiences

For colleges, universities, and trade schools looking to grow enrollment, enhance facilities, and expand program offerings, it requires stable revenue to make it happen.

Adding Stripe to the CoreCampus platform offers schools a convenient, low-cost payment option with secure transactions, faster processing and improved payment collection, while giving students and donors flexible payment options.