Do school payment systems impact the education experience? New research suggests they can.

The education payment ecosystem extends far beyond tuition. It can include paying for extracurriculars for high schoolers, cafeteria lunches for grade schoolers or room and board for undergrads. As a result of these myriad touchpoints, school payment systems have the ability to affect the student experience.

To learn more about the evolving payment preferences in education, American Express and Forbes Insights asked consumers to evaluate their experience making education-related payments over the past six months.

Here are five key findings:

1. Multistep Payment Processes Can Turn Off Consumers

41% of consumers feel frustrated when multiple steps are involved in making an education-related online payment, and 21% said the process took too long.

2. Nearly Half Reported Payment Problems

46% of consumers reported a range of issues when making their payment in the last six months, including 14% who said they failed to complete an online, email or text payment.

3. Frustration Also Arises When Credit Cards Aren't Accepted

48% of consumers said they feel frustrated when credit card payment options are not offered.

4. Preferred Payment Methods Matter To Consumers

86% of consumers said it's important that their education provider offer the payment method they prefer, and 67% said they would set up recurring payments or autopay if given the option

5. Limited Payment Options Might Affect Student Retention

Nearly 1 in 4 consumers would consider switching education providers, including camps and extracurricular activities, if they couldn't use their preferred method. Institutions that fail to offer payment options risk more than delayed payments: They potentially risk losing students altogether.

What The Data Tells Us

Education payment systems need to accommodate the payment preferences and varying needs of the students and parents who rely on them. Consumers most of all want a simple process when paying with the method they most prefer.