The 21st century is known as the digital century as everything becomes digitized from the corporate sector to the education sector. Today most organizations employing digitized payments for a successful business and the same is applied by many schools, colleges, universities, etc. It is seen that the education industry is a priority in adopting payment gateways for fee payments.
Now the schools are grown to such level where they cannot imagine the fee payments without online payment gateways because it saves time, effort and resources and beneficial for both the parents and fee department. With the increasing online payment gateways in schools makes them major contributors to the digitized payments in the future.
In the above paragraphs we use online payment gateway many times but what does it actually mean? At any point when you do any cash transaction on the web, the transaction is composed or supported by a payment gateway organization. Due to the presence of payment gateway, both parties sender and receiver makes the payment instantly.
Let us discuss how an online payment gateway helps in the accomplishment of your educational establishment. Have a look at the below brief points.
- Get any amount of fee payments from parents online: The schools having a fee management system with online fee payment gateways can automatically calculate extra fees, fine charges, scholarships, etc of the students and notify parents through push notifications or alert messages. The parents can also make payments of admissions of their children timely and securely within minutes or seconds.
- Accept payments from any time and anywhere across the globe: The use of an online payment gateway in the school fee management system helps the parents to make payments from any geographical location where the internet connection is available. To fulfill this, they just only need a debit card that is compatible with the payment gateway. This feature is very beneficial to international parents who are not able to visit the school location and standing in long queues for fee payments.
- Generate quick and stable cash flow: With the execution of the online payment gateways, the cashflow becomes easier and better than before. Some payment gateways make the transactions within one day or some take few days depending on the cost of a gateway. Therefore the cash flow becomes stable and quick as well as better planned and executed designed for fee collection and daily accounting.
- Instant communication and updates to parents: The usage of online payment gateways create fee receipts automatically, thus reduces the communication gap. SMS, emails, and push notifications sent to the parents which helps in viable communication.
Our school ERP software integrated with various online payment gateways for a smooth and hassle-free fee collection and management. A dedicated mobile app is also available with some solutions for an easy option to pay.