Accounting Management, Attendance, SMS Messaging, Even Keep Students



Scene #1
Master Park (31), 3 year school owner in Incheon, Korea, has three major concerns. First, 10 students out of his 70 do not make tuition payments on time. Some have not made any payments in the last three months. Second, the additional charges for credit card processing. With the convenience of credit cards, one cannot simply ask for cash these days. Third is the lack of funds in the company's account, being that majority of the tuition is paid by either cash or credit cards. Cash usually ends in thrift spending. Master Park stated, "It is expected for one to two months of late payment. It is the most difficult thing for masters to collect money. Especially when majority of the parents pay with credit cards, the margin is simply not there".

Scene #2
Young Sook Kim (35), a mother of two Taekwondo students, contemplate every month if her children should continue training Taekwondo. She developed a habit of constantly fondling with the membership fee envelope. With the economy struggling, making payments for Taekwondo school is a constant reminder to consider if it is worth for her children to continue training.

These two scenarios is an issue that the masters and the parents must figure out. The relationship between "person who needs to collect" and "person who needs to pay" exists for every school. Few masters decided to setup a system so that parents can physically deposit funds at the bank or go through the hassle of internet banking. This is no different dealing with membership due envelopes.

While there are over 10,000 Taekwondo dojangs (2009 Estimation) in Korea, everyone is thinking "money, money, money". Recently, there are 50 Taekwondo masters who no longer focus on money, but finally are able to concentrate on teaching and instructing. Since July of 2008, 50 dojangs have used the “Taekwondo CMS?(Cash Management Service) from HyoSung FMS Inc.

One master described the results as, "We found shocking information. When we switched from membership dues through envelopes to automatic CMS system, students continuing to train increased by more than 1.5 times".


Not Just Taekwondo, but All Martial Arts Schools



Theory is very simple. Between the dojangs and parents, "Taekwondo CMS" acts as the mediator. The school's tuition, testing fees, and extracurricular activity fees are paid automatically by the company with parents' consent. HyoSung FMS Inc. works with the 19 financial institutions in Korea, so there is no hassle involved. All the master has to obtain is one payment form from the parents of new and existing students. Taekwondo CMS takes care of accounting management, attendance, and SMS (text messaging) system. To put it simply, it takes care of the entire office operation of the dojangs. HyoSung Inc. worker stated, "Art, music, language tutoring schools all inform their parents with their children's attendance through text messages. Taekwondo schools should not fall behind technologically. CMS helps in everyway of operating, not just financially".

The most effective impact of Taekwondo CMS on the 50 dojangs is lengthening students training. One master stated, "Many parents who planned to have their children drop out of the school end up staying for an additional month because the automatic payment posted their tuition. This gives an opportunity that never existed for the school to convince the parents to reconsider. Before this system, most parents quit without making the last payment and there was nothing we could really do. CMS helps to keep our students".

CMS companies like HyoSung Inc. plan to cater to all the martial arts schools, beyond Taekwondo. Estimated time to branch out to other businesses is about one year.

-Dae Gil Jung (info@mookas.us)

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