Manage pending student and provider payments and installments

Learn how to use EducationLink's accounting section to automatically have all student payments organized and managed.

EducationLink is capable of handling all common accounting processes for international education agencies and institutions. This includes tracking student payments, commission, institution payments, bonuses, payment receipts, refunds and sub-agencies.

In this article we go in-depth on how student payment handling works. We'll cover in this article:

  1. Managing installments (future payments of students)
  2. Marking the installments as paid:
    1. Student payment to your agency;
    2. Student payment to their college;
    3. Agency payment of the tuition fee (and other fees) to student's college.

What is an installment?

In the EducationLink context, a installment is any past or future payment a student has to make because of their studies, so it may include tuition fee and: health insurance, visa, accommodation, airport pickup, airline tickets, internal fees, etc.

The student will pay in just one payment

When the student pays in just one payment, EducationLink handles that like ONE installment. So even when there is only one full payment, for EducationLink it's just another installment, one that does not have following-future installments.

The student will pay in many installments

When the student pays in multiple payments, EducationLink creates multiple installments, it does that so it can effectively track payment dates, payment status, commission status and more.

There are few different scenarios when handling with multiple installments:

  • The student was supposed to pay in one installment only but they paid part of the installment now and will pay part later:
    • When that's the case, we can add one installment with the full payment the student is supposed to make, and then when they pay, we mark the payment as "partial". EducationLink will undestand that the installment was not yet fully paid, and will await to be fully paid.
    • Check our special article about partial payments: Managing partial student payments.

  • The installments are defined accordingly the letter of offer of the schools, and due dates and amounts match exactly what is in the letter of offer:
    • The installments will reflect exactly what is the letter of offer, and is by far the easiest way to organize the student payments. For both an agency and the ed. providers commissioning relationship.

  • The schools will receive in just one full payment, but the agency is charging the student in installment (via credit card or other means):
    • When that's the case, what is in the letter of offer, it's just one payment, and the agency create internally a payment plan. Very common in offshore markets, specially in Brazil. EducationLink will handle the installments normally. But the agency will have to manage the transfer of the money (in case the student pays the agency) more carefully.

What is the step-by-step of an installment?

Every installment (pending or paid installment of a student) has a step-by-step, from its creation until it's payment, commission invoicing, etc.

  1. Installment is created, student payment is pending;
  2. Student paid;
  3. Depending on how the student paid, and your contract/agreement with the institution, commission is now pending or paid;
  4. Money is transferred to the institution (in case the student paid in the agency);
  5. Commission paid;
  6. If there is a bonus, the bonus is now pending of payment.

Sometimes you may have to refund a payment. In this case we would add another step to the above: "Refund started".

Where can I add installments?

Installments are ALWAYS associated with a sale. For an installment to exist, a sale must exist. When we create the sale, we set the installments (in the last step of the sale creation). Furthermore, every sale is linked to a student.

  1. Create a student: How to add students and leads to EducationLink?
  2. Create a sale: Selling a course to a student: adding a sale.
    • When creating the sale, define the installments (no worries, you will be able to change it later).

Where can I find pending and paid installments?

You have two ways of finding pending and paid installments:

  1. Open the student profile (How to find and search students?) and click in "Sales". EducationLink will list all sales, in every sale, the installments associated to it will be listed when you click in "Show installments".
  2. In the "Accounting" menu - in the left side - click in "Payments". You will see a list of all installments. You can select the period at the top (the dates you want to see the installments for) and the office, among other filters.

How to mark an installment as paid (student payment)?

When the student pays you or the ed. provider, you can tell that to EducationLink, and EducationLink will help you with the next steps:

mark-installment-as-paid-education-link
  1. Find the installment you want to mark as paid, and click on it;
  2. You will see a timeline of all the steps of this installment;
  3. Click in the first step;

How to mark an installment as paid (college/university/provider payment)?

In a lot of cases the student may pay you - the agency - instead of the college. When that happens you can track on EducationLink if you have sent the payment to the provider or not.

Track if you have transferred the money to the provider via EducationLink for full control of your accounting and automatic commission management.
mark-installment-provider-payment-education-link
  1. Open the installment you want to mark as paid (the one you are transfering the money to the provider);
  2. Click in the 3rd step;
  3. EducationLink may suggest to send via "net" or "gross":
    • net: You send the total amount paid by the student minus your commission and tax of your commission;
    • gross: You send the total amount paid by the student.

Downloading a report with full list of pending payments

Head to the "Reports" section to extract a list of payments from EducationLink, you can also check this article: Generating reports