From the CEO
Greetings,
We are very excited about the positive responses we are getting from our customers and the prospects we are talking to. As more and more users are managing dollars through our platform, we are learning about the cost savings of ClassWallet compared to doing it “the old way.” The checks, reimbursements, purchase orders, receipts, re-keying of data, fraud, etc…the process costs add up to an estimated $100 per transaction! Our team is energized by the productivity and cost savings we are providing to our customers.
Exciting News
Broward Education Foundation Signs with ClassWallet
Broward Education Foundation, serving the Broward County School District which is the country’s 6th largest, distributed its first cohort of grants through ClassWallet! Before, Broward Education Foundation Program Director Coco Burns issued checks to teachers. The teachers deposited the checks into their personal bank accounts and used credit cards to make the purchases. They saved the receipts and ultimately returned them, and sometimes unused money, back to the foundation. Burns would have the inglorious task of chasing down teachers, reminding them about remitting the receipts and then manually extracting and inputting purchasing data. Burns shared,
When ClassWallet approached us, we were able to look at the current process with a fresh perspective and realized how inefficient it was. Literally, ClassWallet took an entire box of paperwork from my desk and made it go away.
Harrington Park School District Turns on ClassWallet
Harrington Park began onboarding teachers and parent teacher organizations to ClassWallet. Harrington Park is looking to reduce the amount of cash and paperwork involved in managing student activity dollars and supplemental monies from parents. According to Superintendent Adam Fried,
Historically the student activities and philanthropy dollars – even when put together – are relatively a small account compared to my overall budget. However, it’s the one that creates the most pain in our budgetary process. Getting accurate accounting from all of the cash and receipts that come through the business office is time as a school leader I would like to use moving the agenda forward. ClassWallet has created a solution to a problem that we thought could never be resolved. It is giving me the ability to lead my district rather than manage a problem.
Studies Show ClassWallet Saves Foundations, Schools and Districts Lots of Money
When it comes to managing grant dollars, student activity funds and other supplement monies that come in the form of cash and checks, the cost of re-keying data and the human errors associated with the paperwork is very expensive. According to a report by the Center for Advanced Purchasing Studies, the average cost for processing purchase transactions is approximately $97 ranging between $59 and a whopping $741. The same study showed the average purchase order size to be $217, which means the cost to process can range from 27% to a money losing proposition. ClassWallet evaporates this cost, saving our customers tens of thousands of dollars in expense and lost productivity.
ClassWallet Hires Melody Page as Newest Sales Manager
ClassWallet is excited to announce that Melody Page has joined our team. Melody has 14 years’ experience in B2B sales, with 10 years specifically in the K12 education space. She was a top sales performer for both SchoolFusion and CrossTec, two leading classroom management platforms. Welcome Melody!