It’s a fact that money is an integral component in the educational ecosystem, and digital payments can greatly simplify and secure money management in this sector. Hence, like any other sector, the digital revolution has made a foray into the education system as well, leaving a positive impact. This has further helped parents, students, and institutes to automate fee payments and take the first step towards making education a “digital-first” sector.
Before the advent of the digital era, fee payments were a cumbersome process. But modern-day online payment solutions have made this activity simple, transparent, and streamlined. With a digital payment system, parents can pay the tuition fees with just a few clicks, and educational institutions can maintain payment details in a secure database. To help you gauge more benefits, here’s a blog to know more .
Why are Digital Payments a Boon to the Education Sector?
According to a report by Deloitte, over the years, while educators have invested in digitizing classrooms, the administrative processes have remained manual and prone to challenges. There is an increasing capability to digitize administrative processes in the education sector with technological progress.
Digitization of school payment transactions drives efficiency, reduces the risk of errors, and improves the overall experience. The transition to online payment systems can be done systematically to minimize implementation risk. Additionally, digitization of school transactions and administrative processes can be achieved with limited efforts and cost with the emergence of competitive solutions. Online payment can further help institutions in making their transactions and offices go paperless and entirely digital.
With the increasing complexity of transaction systems in schools, colleges & educational institutions today, several administrators are looking to digitize their back-office operations and payment systems. Implementation of a payment gateway in India can effectively address issues such as:
- Inefficient manual processing
- Risk of loss and fraud
- Poor user experience
Furthermore, digital payment system are a boon to the educational sector for the following reasons:
- Reduction in payments costs.
- Better control, visibility, and reporting.
- Quicker processing times, approvals, payments, and receipts generation.
- Effective use of staff time and capital investment.
Four Reasons Why Educational Industry Requires Digital Payment Systems like Zaakpay
Ensures the timely payment of fees
In the traditional fees payment process, a few parents end up paying their children’s fees many days post the due date. The main reason for this delay was their busy schedule and lack of reminders. An effective digital payment gateway in India like Zaakpay can help prevent such lapses by sending timely reminders and notifications before the due date. SMS alerts and automated fee reminders will help them prepare in advance if the payment date is close.
Digital payment solutions also offer a greater value for money in comparison to traditional payment options. Some schools offer discounts, cashbacks & discounts when parents opt for digital payment.
Convenient and time saving
Parents or students can enjoy the facility of paying the fees with just a click of a button rather than standing for hours in long queues in between their hectic schedules. Payments can be made easily via a payment gateway solution like Zaakpay via a variety of modes such as credit/debit cards, net banking, UPI transfer, and other modes.
Online payment services guarantee quick operations as the entire transaction will be completed in just a few seconds, and one can then download fee receipts right away for their record. The digital online payments solution also saves the administrative department’s time as they need not handle huge amounts of cash or safeguard it.
The online payments system is also extremely user-friendly. All information can be viewed on a single dashboard that facilitates quick payment, shows real-time analytics, and offers a comprehensive view of all the details. Parents can make payments whenever they wish without waiting for the school office hours.
Facilitates in paperless administration and office work
Before the digital era, at the beginning of the school year, there were long lines to pay fees, and the administrative departments were inundated with the paperwork of collecting and recording the payments. Advanced school management software in the form of digital payment systems has considerably reduced administrative and office paperwork in schools and colleges. They have converted paper-based documentation into electronic ones, and fees collection has also been made simpler through digital means. Many educational institutions are working towards adopting complete digital solutions to equip students to be digitally future-ready fully.
Enables better recording and tracking
Sometimes, parents or students may require the fee receipts and cards for official and professional purposes. In such situations, the administrative staff may need to spend hours searching for the papers stored for months together. An online payment system like Zaakpay helps to effectively organize the payment records and transaction reports for a specific time period in a centralized location. A robust online payments service can enable the user to view the entire transaction history and the specific fee details for a student, all in one place.
There is also increased security with digital payment systems. When one pays online, the amount directly gets deposited into the institution’s bank account. This greatly minimizes the chances of theft, loss of money, and other fraudulent activity as there is no direct cash exchange. In addition, payment gateways like Zaakpay, which are PCI-DSS compliant, ensure that the customer’s sensitive card information is handled with utmost safety. They encrypt the cardholder’s data with their Transport Layer Security, minimizing the scope of data theft or data misuse.
Conclusion
Digital payment systems in educational institutions benefit both parents and staff. A payment gateway, like Zaakpay, can help parents & students pay fees timely, while the administration can record, keep track, and view transaction details whenever needed.
Online payments services are economical for educational institutions for more reasons than one. It saves the cost of registers, fee cards, ledgers, and other paper documents. Parents save time and cost of traveling to schools as they can pay from the convenience of their homes or offices.
To sum it all, Digital payments solutions guarantee security, save time, and enable a quick move towards paperless fee administration in the educational sector.
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