FACTS™ Management to Provide Pay Now Online Payment Processing Engine, Offering Schools and Parents the Gold Standard in Security, Reliability and Processing Speed
March 19, 2010 - RenWeb School Management Software today announced a major upgrade to Pay Now with the launch of a new payment processor. FACTS Management/Nelnet Business Solutions (NBS) will serve as the new ACH and credit card payment processor for Pay Now, which provides parents the ability to make secure online payments toward their school account balances via their ParentsWeb login.
Through this new payment system, RenWeb’s Pay Now customers will experience accelerated credit card payment processing speeds, reducing the credit card payment deposit intervals to two days from the time a parent makes a credit card payment to the time it deposits in the school's bank account.
“Processing RenWeb’s Pay Now service through the FACTS/NBS payment system will offer schools and parents the absolute industry gold standard when it comes to speed and reliability of online credit card payment and processing,“ said Bob Wilbers, Founder and President of RenWeb. “The ease we experienced in migrating our online payment processing business to the FACTS/NBS payment processing system is a credit to their cutting-edge technology.”
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).
Instructions for Migrating to the FACTS/NBS Payment Platform
In the days to come, RenWeb will reach out to existing Pay Now customers with instructions and webinars advising them how to migrate from their current payment processor, Tadley, Inc., to FACTS/NBS. RenWeb will also host demonstrational webinars for customers interested in using Pay Now for the first time.
In coordination with Pay Now’s payment processing migration, RenWeb will implement new rules reflecting the current financial environment and focus on consumer protection rights for credit card processing. These new rules will affect the ability of schools in some states to select the option that parents pay the credit card convenience fees when making a payment, as well as the use of VISA cards for schools selecting the parent-pay option. ACH transactions, as well as credit card transactions where the school elects to absorb the convenience fee, will not be affected by the new rules. Click here for details.
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 (www.factsmgt.com) 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.