Alliance Migrates All RenWeb Online Payment Processing to FACTS Management/Nelnet Business Solutions
February 22, 2010 - RenWeb School Management Software and FACTS Management/Nelnet Business Solutions (NBS) today announced a partnership that will provide RenWeb member schools the security, reliability and speed of the industry leader in K-12 online payment processing.
Under the agreement, FACTS/NBS will provide its secure online payment processing engine to service all of RenWeb’s online payment products, including Pay Now for parents’ online school payments, and Pay Easy for scheduled debits of parent credit card and bank accounts. This will also enable RenWeb to launch other new online payment services, which will be announced in the coming weeks.
A major benefit of the partnership, FACTS/NBS will securely provide RenWeb customers accelerated credit card payment processing speeds, reducing the credit card payment deposit intervals down to two days from the time a parent makes a credit card payment to when it deposits in the school's bank account.
"This partnership with education’s most trusted and respected payment processor represents a major coup for RenWeb schools,” said Brad Lee, CEO of RenWeb. “Now RenWeb’s online payment customers will enjoy the same security, reliability, convenience and speed provided by FACTS/NBS to thousands of schools. Plus, the new two-day credit card deposit interval FACTS/NBS will provide represents a significant improvement over our current credit card intervals.”
FACTS/NBS currently provides payment processing and tuition management for nearly 5,000 schools. The company’s control procedures are audited under the SAS 70 audit standard (an audit designed for service organizations like FACTS/NBS), and its data security is audited in compliance with applicable PCI data security standards. FACTS/NBS is a member of NACHA (the automated clearing house rule-making body), the Midwest Payment Exchange (one of NACHA’s 19 regional associations), and the Council for Electronic Billing & Payment (one of NACHA’s leadership councils).
RenWeb is enabling administrators, teachers, parents and students in more than 1,500 schools to “Switch on the Power” as the leading provider of next-generation Internet-based school management software. RenWeb’s unmatched convenience and service include complete installation of the software, including conversion of data, all as part of one, low license fee, along with a client interface that provides easy access to more than 185 integrated features.
Developed by a university dean, RenWeb is leading the migration of schools from client server-based to web-based systems, bringing administration, parents, students and the classroom together with anytime, anywhere access to a full range of services. Features include Admissions, Enrollment, Scheduling, Billing and Tuition Management, Lunchroom Management, Health Management, Attendance, Homework, Lesson Plans, Grade Book, Report Cards, Transcripts, Extensive Reporting Capabilities, Automated Emailing and ParentsWeb. For more information about RenWeb, visit www.RenWeb.com.
About FACTS Management Company
As part of Nelnet Business Solutions, FACTS Management Company is committed to making educational dreams possible for families and students, as well as enhancing the financial stability and affordability of educational institutions. The company offers a comprehensive suite of services for schools, including tuition and other payment administration and processing, financial needs assessment, Web-based enrollment services, powerful fundraising solutions, and college and career planning resources.