contract renewals

Martin Temple’s Guide to Renewals

It’s easy to sometimes forget about service renewals, even when receiving multiple reminders in the form of letters and emails, either because of time limits in both home and work lives, or how essential the service itself is. As a result, it’s normal to sometimes let things slip under the radar to auto-renew.

In busier times, commitments like house insurance may slip by, though I know its importance, I’m just not sure about its annual fee. Not long ago, because of the stress that came with moving house and starting a new job, I waived the car insurance through and quickly forgot about it. My assumption that the renewal would be close to the previous year’s premium turned out to be wrong, and I only realised this once I noticed the surprising amount on my statement. I called to ask about the premium price increase, considering I hadn’t made any changes or been involved in accidents, but the answer I got was just that I should have checked back on it.

If your college is tied to subscriptions such as payments providers, it’s essential to conduct a market research before auto-renewal, considering your budgets and what other options and deals are available around you.

How markets change over time

Trusting the supplier whose service you’re subscribed to and believing they are the best and offer the best price sometimes turns out to be a mistake. For example, when subscribing to a mobile phone contract, we used to be charged per text message, then packages became available with text messages included in the monthly bill, and now we do the same for our mobile data. You need to be ready for markets and offerings to change and evolve as well as your own needs and circumstances.

This is why your college staff need to be conscious of what might or might not change within your payments provider before you renew it (or let it auto-renew). Here are some questions to ask yourself:

Does this service still fit your needs?

Your requirements may have changed over the past year, you may need more or less of this service. You may need a platform that offers you choice and variety.

Are you getting the best price for your service?

Think about the text message analogy: as well as comparing the bill with last year’s, look around and check if there’s a different pricing model in the market that might be better for you, such as an all-inclusive rate or a multi-year agreement.

Does your service use the right technology?

You want a provider that is guaranteed to save you time and make things easier for you. Choose an interactive app over accessing a website. At WisePay, our app makes transactions more efficient for staff, students, and families, as it’s quicker than having to remember to login to a website and pay.

These questions should hopefully help you in the process of finding a new service or renewing the one you are already using, without the risk of regretting an auto-renewal. If you are looking for a new provider for your college this year, WisePay might just be what you’re looking for. Speak to our team to find out what we can offer your college before you get stuck into a new contract you’re unsatisfied with.

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