The Digital revolution has transformed the way people make payments – be it for shopping, premiums, paying vendors, or even paying fees at schools and colleges. Online payment is making life convenient and straightforward. Educational institutions especially gain the most from this. Earlier, this was done via depositing a cheque in the institution that the accounts department would get cleared. This week-long process has now been reduced to simple steps that can be done in under one minute.
How can Educational Institutes Simplify Fees Collection?
Education institutes need to collect fees from a large number of students at regular intervals. Generally, the volume of transactions for a medium-sized institute is in multiples of thousands. This figure runs into lakhs for prominent institutes. Research shows that the union budget for education in 2020 was pegged at Rs. 93 billion. Vast volumes of expenditure on education from different parts of the country contributed to forming such staggeringly high statistics. It can be a cumbersome task to manage such volumes of payments manually.
Not to mention the added expenditure that would be spent in just handling such volumes of payments. Integrating a payment gateway system into the sector can remarkably simplify the process of fees collection. It would streamline accepting payments from anywhere through any mode, making it convenient for the parents. On the other hand, institutes can enjoy the benefits of automated invoices, reminders, lower labor costs, and a more stable cash flow with payment gateways in India.
Using Payment Gateways for the Growth of Educational Institutions
Creates a Stable & Rapid Cashflow
A steady cash flow is essential to sustain any business. It helps to plan future activities and allocate a sustainable budget to them. Cash flow becomes more stable with an online payment gateway than in traditional cash, cheques, or demand drafts. This is primarily due to the faster processing speeds in online payments. It is also more reliable because the payment is authenticated immediately compared to cheques, which can bounce.
With the best online payment gateways like Zaakpay, institutes can quickly cash out the money from their merchant account. It also provides a simple tracking feature to track the status of all payments. This can also be used to filter out students whose payments are due.
Accept Payments from Anywhere, Anytime
An online payment system transcends geographical boundaries when it comes to accepting payments. It makes the fee payment process seamless and convenient as the parents can make the payment anytime and from anywhere in India. This saves a lot of time and effort of having to visit the institute campus to make the payment.
An online system is also not restricted by any working hours. The portal remains open 24/7, and parents can pay the fees even at night or early morning, as per their convenience. This also reduces the problem of due payments as it takes minimal effort from the parents to make the transaction. An online payment system is beneficial when the institute is in a different city.
Reduce Manual Administration Work
The traditional mode of payment has to be manually processed, which is not the case when using the best payment gateway. Cash and cheques have to be manually deposited in the bank. An accountant has to manually make entries in the accounting software for all the transactions. This increases labor costs for the institute and also opens the door for inadvertent errors.
With online payments, the fees get directly deposited in the institute’s bank account, eliminating any need to visit the bank regularly. Automated statements are also generated, which can be fed directly into the accounting software, reducing administrative workload. Best payment gateways in India, such as Zaakpay, provide detailed reports of all transactions that can be regularly generated and monitored.
Quick & Detailed Database Reports at Fingertips
The best online payment services are equipped with databases that store details of all transactions. The status of all payments can be tracked from the dashboard in real-time. Institutes often have to analyze the payment information to filter out students with due payments.
Merchants and customers can contact Zaakpay’s customer service 24/7 to track down incomplete, suspicious or fraudulent transactions.
With automated statements from the online payment gateway, such reports can be generated within minutes. Institutes can use this feature to identify transactions that failed and need to be re-initiated.
Send Reminders to Parents by SMS or Email
Most parents today remain busy with their engagements. Often, the thought of having to pay their ward’s fees escapes their mind, even though they don’t intend it to be that way. With a payment gateway service, reminders for the payment can be sent to the parents at regular intervals. A simple SMS or email notification of a due payment can significantly boost the institute’s number of on-time fee payments.
Generate Invoices and Smart Reports
Online payment systems can generate automated invoices immediately after payment. This increases the trust of the parents in the institute as they receive a quick confirmation of the fee payment. Facilities to store the invoice for future reference are also available. This eliminates any case of lost receipts as the invoice or report is directly stored in the portal.
Accept diverse Payment Modes
There are only a handful of payment modes in the traditional method. The institute can accept payments through credit cards, debit cards, UPI, mobile wallets, net banking, and various other ways with a payment gateway. Parents can pay the fees using whatever means suits them the best, increasing convenience. By registering with Zaakpay, institutes can provide more than 100 payment options to parents.
The Takeaway
Changing times demand changing ways. With the rising popularity of digital payments, there is no reason for institutes to wait anymore before opting for a payment solution. The best payment gateway for institutes to streamline their payment collection process is Zaakpay. It supports all major payment options in India with staggeringly low chances of payment failures. The merchant account is also approved in less than 24 hours.
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