Many educational institutions, such as tuition classes, coaching institutes and learning sectors, schools, colleges, eLearning programs, etc., accept fees in the form of cash, bank transfer, or demand drafts. However, this is a time-consuming and challenging task due to its bulky nature. This means that many students and administration work of all kinds increases around the fee collection job.
Payment gateway solutions offer the best solution to meet all these requirements and simplify the task. The burdensome process would become streamlined with an efficient payment gateway solution. These services would eliminate the possibility of fraud and errors and make it easier to collect fees. In the following article, we will be looking into how payment gateways would help educational institutions collect fees from students.
How can Payment Gateway Solutions help an Educational Institution?
- Rapid Payment Collection: You can accept payments quickly using an online payment link and instantly receive funds from your account. To simplify your daily operations, create bulk payment links, and relax and watch the money flow in! Zaakpay provides a variety of services in terms of payment collection.
- Convenient: You can send payment links online via any medium, issue refunds, and notify late-paying customers, all with one click. Allow faster checkouts and complete your payments in just a few clicks. With nominal payment gateway charges, Zaakpay provides you with a convenient method of accepting fees digitally.
- Tracking Made Easy: With a payment solution, you can access a dashboard that tracks every payment status and manages payment flow with real-time insight from the powerful dashboard.
What can Educational Institutions do with a Payment Gateway Solution?
● Payment Links: A payment link can be sent to parents/students for making the payments. You would not require a website or app for this, just send these links via Email, Whatsapp, and other methods. Payment gateway solutions make it easy and secure to collect fees.
● Direct Bank Credit: The best thing about this is that regardless of the payment method used by the parent, the merchant will receive the money directly in their preferred bank account. You don’t have to do any manual work depositing fees at the bank.
● Merchant Dashboard: The merchant dashboard is the institute representative or the owner’s login account, which is beneficial to them. The merchant can view parents’ payments and confirm them. They can also generate payment links and download reports. Login access can also be provided depending on the status of the staff members.
● Website Integration or App Integration: Most schools, colleges, and institutes have their website and app these days. These can be used to send updates to parents and students. Payment gateways like Zaakpay are easily integrated with these apps and websites using SDKs and plugins. Moreover, they can get free technical support and even help with integration.
Benefits of a Payment Gateway Solution
Let us look at some of the benefits provided by a sound payment gateway solution:
● Automation work is reduced: The manual admin work involving collecting fees using cash or cheque can be pretty time-consuming. It would include maintaining data manually, filling out the forms by parents and guardians, depositing cash or cheque in banks manually, and being cautious in the calculation and errors. All of this is taken care of by the payment gateway.
● There is no room for fraud or error: There is a possibility of mistakes in maintaining student data or checking for fraud. A payment gateway can solve all these problems and reduce the chance of making mistakes to nearly zero.
● Swift and effortless process: Payment gateways will create a memorable experience for students, parents, and users. They would not have to travel to the venue or wait in long lines to pay fees. Users can also be kept up-to-date with technology and receive notices easily.
● Large and miscellaneous payments: All types of payments can be collected at any time, without hassle, no matter how monthly or yearly. Parents can choose the payment method from the many options available, including Debit Cards, Credit Cards and mobile wallets. Payments gateways offer numerous payment options along with a simple and seamless checkout procedure.
● No extra cost: Merchants often believe that online payment gateway charges are a drain on their business’s finances. However, this may not be completely true. With the help of a payment gateway solution, It becomes quite affordable to provide services that enable businesses to accept digital transactions. It is much cheaper to maintain the payment gateway charges. This is because the revenue generated by their help is far greater and can be easily incorporated into the overall operating budget. This saves the business a significant amount of money on travel and labour costs associated with cash depositing at the bank. Automated transaction data can be generated and directly transmitted to the accounting system and management. Payment gateway solutions also offer customer support to protect merchants from suspicious or fraudulent transactions. This, in turn, helps reduce losses incurred due to fraudulent transactions.
● Secured: You must make sure to check if your chosen payment gateway option conforms to the PCI DSS standards and is PCI DSS compliant. This ensures that you can make online payments securely. Zaakpay fulfills both these requirements and offers a safe and secure mode to accept fees.
● Online Database and Records: A payment gateway allows parents and institutes to view each payment record online. This allows for proper management, necessary control, and required maintenance. This is also used to aid in decision-making.
In conclusion, there are many online billing and payment options for colleges and universities, which should be used in place of traditional fee payment methods. Whether you are a public or private institution, there’s a solution to help you get into the modern way of collecting fees. In addition, you can speed up your progress with payment gateways like Zaakpay.