Back in the day, parents or students used to stand in long queues waiting for hours on end to pay the dues.The last couple days to clear the dues were usually the most troublesome with everyone wanting to make the payment as soon as possible which created a mess for both the administration and fee payers. But digitalization has effectively eliminated the need of any kind of queues. With fee management software and digital enablement of the educational organizations, things have become smoother, faster and more accurate.
Fees can be collected online via the fee collection app or a website. In both the cases, fee can be collected without any physical transaction which is done almost instantly. An online portal for fee collection is specifically designed and integrated for better security, compatibility and management. It is based on a robust and reliable system which ensures hassle free automation of fees collection.
Following are the five major advantages the institutions are gaining by employing online fee management system
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Automated calculation of fees:
Estimating fees is a tedious task because it is required to be calculated differently for every student. Age, gender, caste, category, religion, merit etc are the factors to be taken into consideration while estimating the fee amount. Hence a unique formula is needed for each student and the process becomes lengthy. Also the chances of errors are increased. Automatic calculation of fees is done by the system, thereby making the complete process speedy, effortless and efficient.
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Highly secured payments via role based access:
An online transaction is secured by providing role based access to each of the key members who carry out the necessary tasks. For instance, a parent will have login credentials which will provide access to only payment portal and no other page. Similarly an administration staff will only have access to his respective domain. Also, many safety measures are implemented for keeping the data and transaction secure from external sources.
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Ease of tracking payments:
An extensive amount of data can be retrieved by a single click. This data is in the form of graphics which gives a gist of the situation in just a glance, which makes the process of going through it quite simple and undemanding.
5 Reasons Educational Institutions Should Invest In Fee Management Software
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Prevention of fraud and faults:
Even a small error, whether intentional or not, can lead to a huge loss which may be irreparable. This leads to a negative impact on the whole organization and they may have to incur financial or reputational losses. There is no place for errors, mistakes or violations in a completely digitized process. Any type of mistakes can be avoided and the performance can be enhanced which in turn leads to better outputs with minimum efforts.
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Timely reminders to parents/students:
In today's world where everyone is involved in multiple tasks on a daily basis, it's difficult to remember everything which is to be done. So, sending a notification on the mobile phones of the concerned person can act as a reminder which will make them clear the dues well before time. This process can again be automated, notifications can be sent automatically to the registered mobile numbers of the persons whose dues are not paid. Once the payment is made a notification of payment acknowledgement is sent in real time which makes the process transparent.
Online fee collection via Feepayr enables the staff as well as the upper level management to manage all the operations efficiently, since it makes analysing of such a comprehensive amount of data effortless. Many different types of reports can be generated with the use of various kinds of filters. The data that appears is in a graphical format which makes it easier to read, understand and examine it instantly. This proves helpful in better and timely decision making, thereby guaranteeing success at a fast rate.