Diamond Mind, MasterCard and NBOA Research Indicates Growing Trend in Electronic Payments

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Diamond Mind released the first of a five part research report on issues affecting independent schools managing electronic payments.

These findings confirm the trend we’ve seen, independent schools are steadily adopting electronic payments campus-wide..."

Diamond Mind Inc., the recognized leader in electronic payment services for K-12 independent schools, today released the first of a five part research report conducted with MasterCard and National Business Officers Association (NBOA). The research focused on the trends and issues affecting independent K-12 schools relative to implementing and managing electronic payments. The research involved surveys at 135 independent school schools, follow-up phone interviews with 22 business officers, and surveys of nearly 200 parents of children currently enrolled in a K-12 independent school.

The first report entitled, “Effective Electronic Payments Begin with End in Mind,” presents the current situation for the independent school business officers and reveals the level of complexity and headache related to providing a streamlined and consolidated electronic payment experience campus wide. Business officers agree that they need to solve this issue as 41% expect their schools to accept electronic payments for all payments, including tuition, within five(5) years.

“These findings confirm the trend we’ve seen at Diamond Mind, independent schools are steadily adopting electronic payments campus-wide,” stated Katherine Novikov, CEO, Diamond Mind. “Diamond Mind, and our clients, have collaboratively engaged as pioneers down this path since 2003.”

The research also reveals that 3 out of 4 Business Officers reported varying levels of difficulty and frustration in streamlining and reconciling payments campus-wide. Business officers reported the need for better technology and reporting dashboards. Novikov added, “The need for more sophisticated technology and reporting systems supports Diamond Mind’s investment into developing new product solutions designed specifically for independent school business officers.”

The research can be downloaded at http://www.diamondmindinc.com.

About Diamond Mind, Inc.

Diamond Mind is the nation’s leading provider of electronic payment services and technology to over 600 independent K-12 schools in 45 states. Diamond Mind is devoted to helping school business managers consolidate and streamline payments campus-wide to reduce costs, minimize risk and improve the payment experience for parents and the business office. Diamond Mind maintains direct relationships with the four major card brands, global financial institutions, leading technology vendors, and business officer associations. As a result, Diamond Mind is authorized to create campus-wide cost effective solutions for online giving, tuition, admissions, bookstore, summer programs and purchasing card. Diamond Mind was founded in 2003 and is headquartered in Potomac, MD.

For more information about Diamond Mind, please visit our website at http://www.diamondmindinc.com.

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