New Feature: Flexible Payouts & Refund Reserve
Leave a CommentWe’re pleased to announce a new CourseStorm feature that adds new flexibility for payouts and refunds that we’ll be rolling out in the next several weeks!
How does it work?
The Problem
In order to maximize your ability to refund a charge, we’ve historically only paid out funds for a class the Monday after it begins. This meant that you were guaranteed to have the funds in your CourseStorm account to cover the refund should one come in before the class began.
One issue with this approach, however, is that many education providers take registrations far in advance of their classes and need the cash early to buy supplies, rent space, and pay their instructors.
Beyond that, it has always been just plain complicated to explain the payout process to new customers. We knew there was a better way.
The Solution
We’re very excited to announce that our crack team of Engineers has devised a way to solve this problem using a new feature we call Refund Reserve.
This feature allows you to get monthly or weekly payouts, but also control how much money you’d like to leave in your account to cover refunds at any time.
Let’s say you’re a program that offers summer classes and you open for registrations in February. You can use this new feature to get paid for last week’s registrations while still leaving a couple thousand dollars in the account for potential refunds. Then when the summer begins and you’re ready to clear out your account, it’s as simple as changing the Refund Reserve to $0 and your next payout will include all of your funds.
Even better, because your CourseStorm account is so much more flexible, you can also now refund a class at any time, regardless of if the original funds have been released to you or not. If you have money in your account, that money can be used for refunds. It’s as simple as that!
🚀 Launching Soon
These new features will be the default for all new customers starting in October. If you’re an existing CourseStorm customer and are interested in using these new abilities, please reach out and we can discuss your options for migration.
One More Thing
Although you can’t see it on the surface, there’s a really important detail about this feature behind the scenes: it’s built on a brand new financial system that lays the groundwork for many more features which create greater flexibility in transaction handling!
With this new underpinning, we can begin to tackle support for scholarships, mixed payment methods (ie, paying part credit card and part check), account credits, and more. We’re very excited for everything this foundation unlocks for the future and can’t wait to release more features that help you save even more time!
Thank you!
We’d like to thank all of our customers who helped us define and beta test this brand new system. Your feedback has been invaluable in the creation of these great new features!
And a special thank you goes out to our initial testers at Finger Lakes Community College in New York and Civic Theatre of Allentown in Pennsylvania. Thanks for being on the vanguard!
