If you hadn’t noticed, we completely redesigned our website. It was a super exciting and busy time getting it all up and running, but now that it is, we couldn’t be happier! Part of our redesign included adding a few new tools and features to our website. The one we are most proud of is our ROI calculator tool.
This tool asks a few simple questions about your registration process, and calculates how much registration and payment processing is costing you, and how much you can save with Regpack as compared to other popular registration software on the market today.
The calculator asks for 3 simple bits of information:
- Current number of admins managing your registration.
- Average number of applicants you process every season.
- Your estimated annual payment processing amount.
We are able to then calculate your exact savings based on a formula we came up with which originated with the data from our clients. When our current clients move through the calculator, 9 out of 10 report the numbers are accurate for them as they made the transition to Regpack!
Check out the tool for yourself, below.
The calculator is broken down into 6 parts:
- Time Savings
- Cash Flow
- Reduced Accounts Receivable
- Higher conversion and completion rates.
- Lower Payment Processing Costs
- The Cost of Using Regpack
Let’s break down how we made these calculations.
Because an online registration software automates many of the admin tasks around registration, we estimate you save on average $15 an hour you’d otherwise pay an admin to do the same work. We multiply $15 by the number of admin hours you would otherwise need to calculate this savings.
Our clients have seen payments arriving 30-60 days faster when switching to an integrated payment processing system for registration. These quicker payments give you cash flow a boost. When you look at the savings on interest with 45 day faster payouts, and multiply that by the amount you are processing each year, we get your cash flow savings.
So if you process $5 million, you multiply 1.72% Libor interest rate at a 45 day faster payout, you get a savings of $129,000.
Reduced Accounts Receivable
One of the biggest time suckers of registration for admins is chasing down late or missing payments. Our clients have seen their accounts receivable lower 46% once switching to an online software with integrated payment processing and automatic billing. The average accounts receivable for registration is 3%. This means we are able to lower this to 1.38% as compared to the average 3%. Depending on your processing amount, this is a great savings!
Higher Conversion and Completion Rates
Of our over 5,000 clients, 3,876 of them embed their registration process directly on their website. They have seen, on average, 19.5% more paying clients as a result of this.
Not only are conversion rates higher, once they convert, users are finishing the process more quickly (in 1.16 sessions on average to be exact). This means less work and support cases for you!
Finally, our clients have reported that on average they have a rise of 16.5% in completed applications after they switched from a paper process or other online option. So for this calculation, we took 62 day faster payout times the Libor interest rate of 1.72% times the value of your applicant provided in the tool.
Also, since you are also saving time here, approximately 14 minutes per applicant, we multiply that time savings by $15 per hour of an admin salary.
Lower Payment Processing Costs
With an integrated payment solution paired with your registration software, you have a lot to save!
The cost of a secure site for payment processing ($1,467), PCI compliance ($2,767), opening a merchant account ($654), and compliance monitoring ($1,267).
We are able to lower your processing cost by offering eChecks. We look at the different processing cost of manual payments, eChecks, and credit cards as a blended rate. Credit car processing is the highest, manual payments are $0 and eChecks are right in the middle. Achieving a low blended rate comes mainly with offering eChecks strategically. You can read more about eChecks here, but Regpack clients who offer eChecks as a payment option, have users choose it 24.3% of the time.
Most registration software companies do not offer eChecks as an option. When switching to Regpack and offering eChecks, you can lower your processing rate by 18.92% for every transaction. Which is a huge savings on any processing amount you do annually!
Actual Cost of Using Regpack
This is the only section where there is a COST vs a savings, but we still think it’s pretty compelling!
Regpack’s full pricing can be seen here. In addition to a one-time setup fee of $350, where a dedicated project manager will build your entire system, you pay per ADMIN using the system. You can see different software pricing models and why we thinks ours is the best here.
In addition to paying per month for every admin, part-time admins can be added for $1/hour and view only admins are always FREE. So you might think you need 3 admins when really that 3rd admin just needs to log on for a few hours every month, and your cost to use Regpack is even lower!
We also don’t require contracts, so you can use Regpack when you need it, and stop paying when you don’t. This is a great way to save money, especially if you are a seasonal organization. Compared to other software companies that require a contract that might not fit your time needs, Regpack is always month to month!
I invite you to use the tool, above, and see how much YOUR organization can save by switching to Regpack!