The first weekday of every month is a busy day in every academic institution. This is the day when parents go to the administrative office with their children’s fees. They stand in long queues, wait for their turn to pay the fees, and rush to their workplace after making the payment. On the other side, the administrators spend most of the day collecting the fees, entering the data, and providing receipts.
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 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. In this blog post, we discuss nine benefits of digital payment systems in educational institutions.
1. 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, 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.
2. 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 educational institutions 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. User friendly
Advanced digital payment system and school management software 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.
8. 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.
9. 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.
In closing,
The digital payment system in educational institutions benefits both parents and administrators. It enables parents to pay their children’s fees on time, at their convenience, and download the fee receipts and all previous transactions. It enables institutions and administrators to keep the money safe, save time, and move towards paperless office work. At MyEdu, we provide a digital payment system integrated with our school management software that will transform your institution. Reach out to us today to know how we can help you with our solution.
FAQs
What are the advantages of digital payment system? ›
Since electronic payments are made digitally, funds are transferred much faster relative to traditional payment methods like checks. ePayments allow users to make payments online at any time, from anywhere in the world, and also remove the need to go to banks.
What is the advantage of online payment for students? ›Instant Payment
Online payments are faster than traditional payment methods such as cash or cheque. There is no time or location constraint when it comes to online payment. You can make the payment from anywhere in the world at any time.
Transactions performed through digital payments systems are faster, easier and more convenient than traditional banking transactions performed physically by visiting the branch. DIgital transactions are cheaper than the traditional payment system.
What are three advantages of using digital devices? ›The major advantages of digital technology over traditional media are automation, communication speed, better social interaction, security of data and quick access to information.
What is digital payment in schools? ›Digital payment system takes the responsibility of handling, processing and tracking payments out of teachers' hands. It also can include things like permission slips within the transaction to track receipts and avoid the risk of data loss.
What are the benefits of paying school fees? ›- To ensure a healthy Credit Score.
- To ensure you don't ruin your reputation.
- To ensure you don't cause harm the Relationship you and your Child hold.
| Advantages | Disadvantages |
|---|---|
| Proper strategies on social media content management help to build customer loyalty with customized and engaging messages. | Reaching a global audience also increases competition with global brands. |
Benefits of Online Transactions. Online transactions provide convenience for both consumers and business owners. This is because online transaction payment systems such as BRIVA and Direct Debit allow an instant process of payment verification. Consumers don't need to manually send their proof of payment.
What are the five advantages of digital computer? ›- Have made possible many scientific, industrial, and commercial advances that would have been unattainable otherwise.
- Less expensive.
- More reliable.
- Easy to manipulate.
- Flexibility and Compatibility.
- Information storage can be easier in digital computer systems than in analog ones.
Digital information is easier to manage as it is accessible from any location via a number of devices. This makes it easy for teams to collaborate and interact over a particular file or document. The digitisation of records also makes retrieval times and approval processes more streamlined and faster.
What are the advantages of digital transformation in education? ›
There are many benefits to digital transformation in education. For one, it helps improve learning outcomes for students. In addition, it makes schools more secure by protecting against cyber threats. And finally, it provides IT support to manage and deliver on the requirements of a digital learning environment.
What is the advantage of using digital media in teaching and learning? ›The main benefit of digital media in education is that it can increase student engagement. In addition, it helps students work through difficult concepts with multiple resources. Digital instruction also helps show difficult topics that are often hard to understand.
What are 2 big opportunities to improve education digitally? ›- Improved accessibility and access. ...
- Personalized learning approaches. ...
- Virtual reality. ...
- Cloud-based learning opportunities.
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.
What are examples of digital payments? ›- Credit and debit card: This is one of the most commonly used and oldest payment methods worldwide. ...
- Mobile payments: Aside from smart watches, millions of people worldwide prefer paying with smart phones. ...
- QR payments: This payment alternative is fast, convenient and secure.
Benefits of Digital Payments In India
A major benefit of digital payments is that it speeds up the payment process and eliminates the need to fill out lengthy information. There is no longer a need to stand in line for an ATM or carry cards with you. Digitized Services will eliminate the need for these hassles.
Paying students for good grades would encourage them to keep doing good in class. “When students are paid for good grades they learn that working hard and making good choices does have its rewards. They will try to make better grades in the hopes of earning more money,” says Debate.org.
Why is paying for college important? ›According to Forbes, students who graduate with a bachelor's degree earn significantly more than peers with only a high school diploma. Despite the rising costs of college tuition, having a degree still pays off; education is an investment in a secure future with higher pay rates and lower unemployment rates.
What are the pros and cons of digital education? ›- Pro: Using Technology Can Excite Young Students. ...
- Con: Use of Technology Can Distract Students. ...
- Pro: Prepares Students for the Future. ...
- Con: Removes Children from Opportunities for Socialization. ...
- Pro: Technology Encourages Spontaneous Learning.
The benefits of digital communication far outweigh any drawbacks it may have. With digital communication, you can reduce turnover, create an inclusive work environment, increase engagement, provide seamless experiences, promote transparency, and ultimately save both time and money.
What are 4 advantages of technology? ›
Advantages of technology
Communication is thus enhanced, and companies can communicate more easily with foreign countries. Research is also simplified. For companies, progress in implementing strategic technology trends is helping them save time and therefore, money. Exchanges are faster especially with the internet.
- Real-time communication. ...
- Increased productivity. ...
- Enhanced tech skills and training. ...
- Increased knowledge sharing and innovation. ...
- An expanded talent pool. ...
- Increased employee retention.
Electronic payment allows customers to make cashless payments for goods and services through card, mobile phones or the internet, it presents several advantages, including cost and time savings and reduced transaction costs.
What are the top 2 benefits of digital payments? ›- Increases security.
- Fast and convenient payment.
Customers can pay for their purchases quickly and easily, it is a very secure process, the activity is online and does not require the installation of any programme, the charge is received instantly, the risk of non-payment is reduced and it allows payments to be accepted with a large number of cards.