Nowadays Colleges/Institutes are the latest to adopt payment gateways for fee payments. Now the trend has grown to a level where colleges can’t even imagine operating fee transactions without digital payments from parents as it saves time and human errors. By the end of the ongoing decade college and the educational market will be one of the major contributors to this valuation of digital payment.
What is an online payment gateway, then?
A payment gateway provider manages and supports every financial transaction that anyone conducts online. For instance, when you pay online, the money doesn’t travel to the bank right away. An intermediary or third-party company that accepts payment from the card or bank and notifies the institutions that the payment was successfully received will process and support it. After a few hours, the bank or payment gateway operator sends the funds to the business or the recipients. So the person can experience the transaction instantly if a payment gateway is present.
So how can an online payment gateway prove to help in the success of any educational institution. Following is the list of benefits with brief descriptions:
1.Produces a Stable & Quick Cash Flow: The management of the institution may rely on online payment gateways to ensure cash flow availability much better than it could with demand draughts and checks. There are some payment gateways that transfer the amount up to a day in advance. Online payment gateways of any bank typically transfer the transacted amount for a day within the next few hours. In order to learn more about the status of your transaction, visit your payment gateway. As a result, other operations can be planned and carried out more effectively using the resources typically allotted for fee collecting and daily accounting when there is a steady flow of incoming funds to the institution’s bank account.
2.Ignore the Typical Difficult Traditional Payment Process: When fees are paid in cash or demand draughts, there are numerous human interactions and lengthy lines for depositing the payments, which wastes a lot of administrators’ and parents’ valuable time. Moving to digital payment solutions also eliminates the risks associated with cheques, such as non-clearance owing to inadequate funds or within a certain time frame.
3.Collect any Payment Amount for Any Fee Head from Parents Online: The institution uses an online payment gateway not only for school fee heads but also for any form of payment from parents, such as any additional fees or fine amounts. It may also involve the sale of admission tickets. Administrators can use the Online payment gateway in a variety of inventive ways once it has been allocated to the institution.
4.Minute-by-minute reports at your fingertips to aid in rapid decision-making: All fee transaction data would be available in a single dashboard with minute details about the collections once a digital payment gateway has been integrated into the institution. Administrators can create graphical reports and view the total fees collected day by day, week by week, etc. Administrators can view any unsuccessful transactions as well as fee payments where fee receipts are created but the transaction is successful. These all-instantaneous reports will be based on the most recent transactions. Payment gateways from different banks may differ in their payment gateway flexibility and report clarity.
5.Accept Payments from Anywhere, Anytime Around the World: Thanks to the establishment of an online payment gateway, parents can send payments from anywhere in the world. They can make payments from any location in the world that has an internet connection. Only a working bank account that is compatible with the payment gateway is required; this information will be made abundantly clear on the payment page. This is useful for all parents, not only those who live abroad and don’t have the time to travel to the school and wait in order to pay tuition.
6.Payment Collection operates nonstop, 24 hours a day: The traditional payment collection was rigid, operating only during school hours. There are no working-hour restrictions when using an online payment gateway. Parents can make payments whenever they want, whether it’s early in the morning before they start their day or late at night after they get home from work.
7.Payment methods are not restricted: Parents may pay using a variety of methods, including credit cards, debit cards, net banking, UPI, and several online wallets like Paytm, PhonePay, and PayUMoney.
8.Instant Communication and updates to Parents: 8. Parents are updated instantaneously, and there is little to no communication lag because fee receipts for online transactions are generated immediately. Effective communication is aided by sending notifications via mobile app, SMS, or email to parents. This aids the parents in determining whether or not the transaction was successful. Therefore, there is no need to get in touch with the school separately to get the receipt. The receipts are generated by the ERP software that is integrated with the payment gateway and may be downloaded and saved for further use.
JhaMobi ERP comes with various online payment gateway integration for a smooth & hassle-free experience of a collection of fees. We support all major payment gateways like RazorPay, PayU etc. Same day reconciliation.
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