Collection of the fee is quite a pivotal aspect of the educational institutions as that's how they can work out their regular and long-term plans. Over the years, there are numerous kinds of payment methods that are used by the schools, colleges, and universities to receive fees from students, rest of such conventional methods have been intact till past few years.
The typical and conventional methods were trustable & reliable, however, with the change in time, the online and cashless methods have started to trend and it is so because of their quickness, smartness and high level of efficiency.
Before digital cashless payment, the conventional forms of payments included demand drafts & cheque payments etc. These methods had the back of most of the users and considered as the easiest for both the staff, management and even parents. Nevertheless, the time has taken a drastic change, since cashless payments have been taking lead for past few years.
Why Cashless Payment?
The world has become a global village and with the help of modern technology the lives of human beings have been transformed totally. The same technology has been adopted in the financial matters. There are plenty of kinds of cashless payment methods which are widely used, including ATM, credit/debit cards, mobile banking, internet banking, POS, AEPS and more.
Online fee collection have revolutionized the payment procedures where rest of these methods have become inevitably important for the educational institutions to adopt. Among many reasons of adopting cashless payment methods instead of a traditional payment system, the most prominent ones are as under:
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Fastest and convenient process
It goes without a saying that the cashless payment methods are modern and convenient especially for the students. Nowadays, the process of online fee payment has provided the platform where students can submit their fee even at the last minute of submission. It’s just a single click and everything will be at your fingertips.
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Quick Updates
It is one of the greatest advantages associated with the fee collection software that the time involved in processing and finalizing is minimal and one is able to get done with the process so quickly. This facilitates the process of updating fee information of students easily and on time.
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Highly secured than conventional methods
As compared to the conventional methods, the cashless payments, due to no carrying of physical currency is considered as relatively secured. Being free complications and any kind of troubles, cashless payment methods are considered as the most sophisticated ones to be adopted by the educational institutions.
Problems faced by parents, staff & management due to traditional payment methods:
- Standing in the long queues originated for the purposes of paying fees for hours and hours.
- Mental drain of paying the fees by reaching on time to wait for one's turn.
- A worry of accurate recording of the fees paid.
- A hectic routine of maintaining records faced by the management and staff of the institution.
- Strict following of the routines and physical presence for financial proceedings is mandatory.
- Immense risk of theft or stealing of tangible money carried by the parents.
- One of the traditional payment methods is cheque which comes with natural hazards like bouncing, damaging and so on.
Advantages of cashless payment for all the stakeholders
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Convenient maintenance & tracking:
With cashless payment, the need of manually keeping the records of transactions is eradicated and there is automatic tracking of the recording which lets one and even the institution to track the transactions quite easily.
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User-friendly for parents & management:
There is involvement of fee management software, which is quite friendly and convenient for all the users on the behalf of an institution or even individual. Parents/students can pay fees online anytime and fees paid by students directly get deposited in institute's bank account.
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Free of risk:
Due to no or less chance of robbery or theft, the risk factor involved with the cashless payment is reduced as compared to a traditional payment system.
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Time-saving:
Time involved in the cashless payment method is much quicker than the traditional payment forms which make it time saving and rapid.
Feepayr is the fastest online fee collection platform in India which offers multiple facilities to educational institutions. This is highly secured and generate reports in a single click.