Educational institutes nowadays are fee-based knowledge providers who need to operate in an error-free manner in terms of fee collections. Further, students need to clear the fees at regular intervals to continue their courses. During the course of education from schools to colleges and universities, there are fees of various kinds that need to be paid. These include course fees, exam fees, admission fee, library fee, lab fee, fine payments, transport fee, fee for accommodation and canteen in case of boarding students.
With the introduction of the National Educational Policy 2020, the education system of India is completely set to be revamped in the next couple of years. Plenty of scope for digitization has been included, hence schools and colleges have to embrace edTech to be at par with the world. One such aspect of technological advancement is the fee collection system. Online fee payment systems are here to replace the traditional way of fee payment and collection.
This blog will enumerate more on the benefits of using online fee payment tools and how they can be a boon to parents, educational institutes, and students in numerous ways.
Defining school fees payment portal
Before we jump to discuss the benefits of the online fee payment system, let us understand what they are. The fees management system can be defined in simple terms as a tool capable of facilitating fee payment transactions, maintaining transaction records, receipt generation, automating and sending fee payment reminders to students and parents, and doing a lot more in a convenient and digitized manner.
OpenEduCat is an exemplary ERP software offering numerous solutions like fee payment systems and much more for educational institutes.
Advantages of student fee management software
Here are the top eight reasons why educational institutions must install and embrace online fee payment system.
- Automate & Integrate Fee Management
Fee payment, making fee structure based on courses and student category, collection of various types fees and fines, keeping track of payment activities, and much more has been automated and integrated by the fee management system.
- Easy Calculation of Taxes
The fee payment system is enabled with features to calculate taxes and discounts. Besides this, it also helps to refund fees and generate plenty of reports.
- Digitally Manage Student Accounts
Digital payment software helps to manage student accounts in a secure digital format with all their payment records.
- Secured Online Fee Payment Provision
Online fee payment is handled through secured payment gateways with multi-layer encryptions and two-factor authentication.
- 24*7 Technical Assistance from the ERP Vendor
You can get round-the-clock assistance from the cloud-based ERP vendor to help with any technical glitches regarding fee payments.
- Quick Generation of Invoice & Bill Reports
Making school fees payment online is now an easy process because the tool can generate payment receipts instantly upon successful transactions.
- Facilitates Multiple Finance Management & Budget Monitoring
An ERP software can help educational institutes manage the collection of a wide variety of fees beginning from the course fee, admission & exam fees, scholarships & sponsorships, etc. It does so by integrating everything on one platform.
Besides this, it can also help you manage the budget and expenditures and keep track of everything by pulling reports from the financial database.
- Easily Send Payment Notifications
Now fees management systems can not only help you keep track of payment due dates but also helps send payment reminder notifications to students and parents in advance via SMS or emails.
Conclusion
So now you see that fee payments and collection can be done in a hassle-free manner with the help of school fee payment system. With the endless benefits that they offer starting from automating and digitizing the payment transactions to sending payment reminders, maintaining records of payments and due date misses, and monitoring the budget, one thing is certain that they must be installed by schools and colleges quickly.
OpenEduCat 