Pricing plans in YourVirtuoso are a way to capture how you want to charge your customers. You can create one or more plans and then apply them to your curricula (class defaults) or directly to classes.
Background - How is pricing and payment information stored for a class
- If you go to the Plan Details page for any class you will see the key pricing and payment options for that class.
- The actual tuition cost for the class is set during class setup, and will initially use the default value set for that curriculum. It can be per session or per month. When a student registers for a per month class the total tuition price will be calculated by multiplying the amount by the number of months that specific class spans. e.g. if the class starts anytime in September and ends anytime in December the per month price will be multiplied by 4
- The way that the class fees are collected (payments scheduled) is determined by a Pricing Plan. The plan selected above for this class is called "Monthly payments" and it specifies the registration fee (if any), what deposit is required at the time of registration, and how the remaing balance is to be paid (by scheduling payments)
So the tuition for a class is pretty straightforward. Just remember that it can be per session or per month, and that a new class will default to whatever is set for the curriculum (Setup/Curricula).
Pricing plans have a few more twists and turns, so lets look at how to create one in more detail, and then run through an example of how it is set up and used at the time of registration.
Add a Pricing Plan (or clone)
- First navigate to the Pricing Plans page under the Setup menu
- To create a brand new plan, you can click "Add a Pricing Plan" and start with a clean slate, or
- If you know you have one that is close to what you want you can click clone next to it on the right.
We'll go through option 2 above to start a new one from scratch.
Name the Plan
- The name of the plan may be seen by your customers on the website, so make it descriptive.
- Pricing plans include your policy for registration fees. These are not tied to any specific class so they are set here rather than in class setup.
- The deposit section is where you start to define WHEN the customer pays. It defines a payment required at the time the customer registers.
- The rest of the payment schedule is defined here and specifies when, relative to the class and/or session dates, you want payments scheduled. It does not specify actual calendar dates so that you can use the plan for future sessions too without needing to update it every session.
Click on Set Registration Fee (2) and we can get into the details...
- First you select if you need a Registration Fee included. Select Flat Dollar Amount from the drop down.
- Enter the amount for your registration fee. This amount, if applicable, will be ADDED to any tuition and materials fees when a customer registers.
- Choose Who defines whether you want the registration fee applied for each family, or each student. If you select family, and siblings enroll in a class or classes, only the first registration will have the registration fee added.
- Choose Timing has several options:
- per Class will add the fee for every registration (for the family or student based on (3) above)
- One Time will add the fee one time, but never again - even in a new class or session
- per Session will add the fee if it has not already been added for that family/student in that session
- per Year will add the fee if there has been no registration fee charged in the last 12 months
Note: Discounts and Coupons can also be applied to registration fees as a way of managing who gets charged in more detail, if required.
5. Click to Save your Changes and lets move on to Set Deposit Amount
- You can pick different ways to calculate the deposit: None, Flat amount, % of class cost (including registration and materials), % of just tuition or just the registration and/or materials fees
- Enter the $ amount or % if applicable to the option you selected
- Unless you picked no deposit or % of total cost, you can check this box to add the registration fee to the deposit
- Unless you picked no deposit or % of total cost, you can check this box to add the materials fee to the deposit
The deposit is based on the various fees after discounts have been applied where applicable, and is a required minimum payment at the time of registration.
Click Save Changes and then Set Payment Schedule to get to the last part of the pricing plan.
This section defines how the remaining (discounted) class fees are to be paid after the deposit has been taken.
- The top section reflects what you have already completed. Namely that there is a deposit to be paid (due) at the time of registration.
- The bottom section defines when the rest of the fees for the class should be paid. For example, if you have a plan with a $15 registration fee and a deposit of $50, and a customer registers for a class which has $100 tuition and $20 materials, the total fees will be 15+100+20 = $135 (the deposit is not an extra fee, just a definition of what part of the class fees should be paid at registration). After the deposit is taken there will be $85 remaining and this section defines when you want to receive that $85. The default selection in the drop down is to collect it all at registration which means the entire cost will be collected at registration. This is how the "Up Front" pricing plan works.
Other options in the drop down provide more complex payment schedules as follows:
Full amount due by a certain time
- The date for the balance payment can be specified as above on the first class, but options are available to use the first, last, middle or a specified class number.
- Instead of class you can also specify a given week or month for the balance, relative to the start of the session. If you choose a week or month, you can then also specify if the payment should be at the start or end of that week/month.
Payments divided equally over session
- This option will take the remaining balance ($85 in our example above) and split it according to your selection. If you had a class that met for 10 weeks starting in September and ending in December, the per class option would schedule 10 payments of $8.50 on the dates of the classes. If you pick per week, it will schedule 10 payments of $8.50 on the Monday of each class week (assuming you specify start of week). If you specify per month, it will split it into 4 payments in our example of $21.25. The first will be on the first day of class (in September) and the rest will be on the first day of October, November and December (weekend payments will be moved to the following Monday)
- If your deposit includes some of the tuition (a flat $ rate or % of tuition for example) you can have this "tution deposit" removed from the first tuition payment(s) by selecting this checkbox. If it is not checked, the deposit will be removed from the total due and divided across all the scheduled payments.
- If your session dates result in just one or two classes in the final month, you can choose not to charge for that month. In our example, if there were 3 classes in September, 4 in October, 2 in November and one in December, this option would allow you to skip the December payment and divide the balance over 3 payments.
Variable number of payments in session
- Here you enter the number of payments you want, and
- Whether the payments should start on the first day, or end on the last day.
In our example, if the first day of class was September 20th and the last was December 9th, there would be a payment every 8 days starting on 9/20, then 9/28 and so on, with a final payment on 12/1
In general this is a flexible payment plan, but it results in payments on random days of the week and dates in the month.
Once your plan is saved, you will need to associate it with your classes.
- If you have created the plan before creating classes, this will be relatively simple. Just go to Setup/Curricula and edit each of the curricula you use that need this plan and under the top curriculum details pick your new plan as the Default Pricing Plan. Then any class you create will pick this plan up.
- If you have already created classes, you will also need to edit each class; go to the Plan Details page, edit the settings, and pick the plan there too.
Example - School Year Monthly Payments
Let's take the example of a group piano class that mets from August 13 to May 13 for a total of 36 weeks (after taking out holidays).
We would like to charge $100 per month tuition and have a $20 registration fee for new families. Materials for the class are $30.
Registration and materials are collected at enrollment, tuition is on the monthly schedule.
Example - Class setup
We can check the defaults for the class are correct by selecting the Plan Details blue link on the main class pages.
If they need changing we click Edit and
- Set the correct amount ($100) and the per month option for tuition. This ensures the website shows a price of $100 per month also.
- Pick the Pricing Plan we have created.
Example - Pricing Plan
- We can check/edit the pricing plan under Setup/Pricing Plans
- We set the registration fee to $20 per family per session
- We set the deposit to cover registration and materials
- To ensure we have monthly tuition fees collected we edit the Payment Schedule settings
Example - Payment Schedule
- The deposit is, by default, always collected at registration. In our case this will take care of the $20 registration and $30 materials.
- This leaves the balance - in our case tuition. Note that because we allow mixing and matching different combinations of per session or per month pricing with different ways of scheduling payments it is important to understand how this tuition balance is calculated: With our $100 per month tuition fee set for the class, when a customer registers the system will look at how many months remain in the session. Before the session starts, this means August through May which includes 10 months, so the tuition will be set to $1000 total. For a family regsitering anytime in December the tuition would be set to $600. In this way tuition is prorated to the month.
- The per month payment scheduling option is then applied. For enrollment ahead of the session start the session includes 10 months, so the $1000 is divided by 10 and 10 payments of $100 are scheduled. NOTE: If we had not collected a deposit, the total cost of the class with registration and materials ($1050) would be the balance used, resulting in a monthly scheduled payment of $105 even though the website shows the tuition as $100 per month.
- The Start option means that the dates will be the first day of class in August, and then Sept 1st, October 1st etc. (unless they fall on the weekend).
- If we had included a flat $ amount or % of tuition in our deposit - Let's say $50 - this would have been taken at enrollment time, and reduced the total remaining balance to $950 and this would have then scheduled 10 payments of $95. As the class cost is shown as $100 per month, it may be preferable to check this box and have the deposit removed from the first tuition payment, leaving all the rest at $100.
- If the session dates and holidays meant that the last class actually fell in early June, the pricing system will calculate total tuition based on 11 months (August to June) and schedule 11 payments of $100. If the intent is to have 10 payments and not charge in June, this check box will remove one month from the total cost and remove the last payment from the schedule.
Recap - How it all fits together
When a customer registers a student the following is the outline of the process YourVirtuoso uses to set the fees and payment schedule:
- The base tuition is calculated from the class tuition setting. The actual session price or the monthly price multiplied by the number of calendar months in which the class meets. If the "No Payment for final period option is checked, one month will be deducted from the total.
- Discounts and coupons are applied to get the final tuition
- The registration fee is taken from the pricing plan in force for that class, and discounted or waived based on the settings and prior regiostration fees paid
- The materials fee is taken from the class default and discounted if necessary
- The deposit is calculated from these numbers based on the pricing plan settings
- The deposit is scheduled as an immediate payment
- The deposit is deducted from the total class fees (registration + materials + tuition) to get the remaining balance. If the option is selected to apply tuition deposit to the first payment this amount is not deducted at this point
- The Balance is split (if needed) according to the balance payment settings in the pricing plan, and payments are scheduled in the customer's AR (accounts receivable). If the option is selected to apply tuition deposit to the first payment, this amount is removed from the first payment(s) as needed.