In this post we will be looking at the meaning of online school payment system, methods of online payments, Advantages and basic functions of online payment systems.
INTRODUCTION.
School administrator’s setup fees and activities for students to purchase online or in person. Fees can be assigned to a school or schools, grade, teacher or to individual students. They can also be assigned to courses and specific teachers. Pricing can be assigned for Free, Reduced, Full Pay students as well as Staff. Details of the fee include a description, contact information, resource information and start and end date as well as order deadline date. Fees can be setup to allow quantities, sizes, and colors. Questions can be assigned to a fee requiring answers from the user. Collect payments for all kinds of categories, such as sports, tests, school apparel, yearbooks, clubs, after-school activities, labs, field trips and many more. Online School Fees can also track ticket purchases for events, along with donations and fundraisers. Whatever the need, Online School Fees offers a variety of tools to securely collect and track payments.
WHAT IS ONLINE SCHOOL PAYMENT SYSTEM?
Enable schools and administrators to collect payments from parents for a variety of areas including activity fees, school supplies, and more with one easy-to-use payment platform. An online payment system is an application or software that assist with the services of making a financial transaction to another person, company or institution using a computer, smartphone, or tablet. Most online payment systems work by getting your banking information and assisting in the transaction of money from your bank or credit card to another person. Typically, most small online transactions occur in a few seconds. However, some of the more complicated transactions or large transactions can take a day or more to verify and complete.
METHODS OF ONLINE PAYMENTS
Before the digital era, the activities performed on this day were necessary. But the advent of modern digital solutions and school management software has made all these obsolete. With a digital payment system, parents can pay their children’s tuition fees with a click of a button, and educational institutions can keep all the details and information in a secured database. The following methods school fees can be paid online with different payment options available such as: Cash, Checks, Debit cards, Credit cards, Mobile payments, electronic bank transfers. This can be done via Pay-pal, Amazon Pay, Google Pay, American Express, Apple Pay, Stripe, Square, Visa Checkout, debit card, credit card, net-banking, and e-payment either from a website or mobile.
ADVANTAGES OF ONLINE SCHOOL PAYMENT SYSTEM
The digital payment system makes the fee collection system more efficient and improves students’ outcomes as administrators dedicate more time to creating effective syllabi and exam patterns. It also helps institutions in making their offices and transactions paperless. The following are benefits of digital payment systems in educational institutions:
- Ensures the timely payment of fees: In the traditional way of fee payment, it’s not uncommon to find some parents paying their children’s school fees several days after the due date. There may be different reasons for that, but some get late due to their busy schedules and no reminders. A good digital payment system, such as School Software Pro however, can take care of the problem. It will send parents notifications before the due date, and the automated fee reminders and SMS alerts will remind them that the payment date is near.
- Convenient and saves time: When parents can pay fees with just a click of a button, they will prefer to visit the institute and standing in long queues to make the payment. Parents also can pay using a variety of payment facilities, including net banking, mobile apps, or UPI transfer. It guarantees quick operations as the entire transaction will take a few seconds, and parents will be able to download fee receipts as physical evidence. The digital payment system in School Software Pro will also save administrators’ time as they don’t have to handle all that wads of cash, count it, and store it inside the safe.
- Economical and saves costs: A good digital payment system is extremely cost-effective and saves many costs for both institutions and parents. It saves the costs of ledgers, registers, fee cards, and other paper-based documents for educational institutions. It saves the transportation costs for parents and gives them the freedom to pay from their offices or homes. The timely notifications and reminders also save them from paying late fees.
- Minimizes chances of loss or theft: When parents digitally pay the academic fees, the amount goes straight to the institute’s bank account. The storage and security systems in a bank are far safer compared to that of any educational institution. This minimizes the chances of loss and theft. By adopting a digital payment system, parents and students don’t have to carry cash to pay the fees. This reduces their risks of losing their hard-earned money or getting robbed.
- Facilitates in paperless administration and office work: Many schools and educational institutions have made their administrative and office work paperless using advanced school management software, and many more are looking to do the same. They are considering converting paper-based documents into electronic ones and adopting a digital payment system to collect fees. Many educational institutions are looking to adopt complete digital solutions to equip their students for the future in the digital world.
- Safe from harmful pathogens and germs: old paper currency and coins (in circulation for a long time and changed many hands) carry many pathogens. They pose a risk to those who handle it regularly and become extremely hazardous in a global pandemic or a local endemic disease. Digital payment, however, eliminates the risks associated with traditional money. During the coronavirus pandemic, digital payment increasingly replaced traditional monetary transactions.
- User friendly: Advanced digital payment system and school management software such as school software pro is extremely user friendly. Apart from providing various payment facilities, it shows real-time analytics, is built for quick operations and helps users view all the details. Parents can also pay the fees during nonoffice hours with a few simple steps.
- Provides greater value for money: Digital payment solutions can provide greater value for money than traditional payment. Some schools offer cash-back and discounts when parents pay the tuition fees digitally. Some also provide attractive discounts in the case of advance or on-time payment of fees. Also, the digital payment system encourages parents and students to develop healthy fiscal habits.
- Enables better recording and tracking: Some parents may need the fee receipts and cards for professional reasons. In such a case, they would search for the paper documents stored over the months and choose the ones they need. With a digital payment system, they can get the past transaction reports and all the payments in a particular time period in one place. Also, educational institutions can get all the fee details of a particular student in one place. A robust school management software will enable them to view all their transaction history.
BASIC FUNCTIONS OF ONLINE PAYMENT SYSTEMS.
With the advancement in telecommunication, electronic payment systems are rapidly replacing the traditional modes of payment that involved personal contact between buyers and sellers. Electronic payment systems entail online financial transactions that utilize some form of a digital financial device, such as e-tokens, e-cash and checks. E-payment systems present a number of benefits to both
individuals, institutions, organizations and businesses. The following are the functions of online payment system:
- Variety of Choice
- Reduced Costs
- Reliability
- Security
CONCLUTION: Overall, online payments for schools are excellent for establishments that are looking for an easier and faster way for parents to pay their fees. With just a few clicks, a parent can make a secure online payment with their preferred payment method, and the money will appear in the school’s account soon after.