With the rising demand for modern educational services, schools and universities are coming up with innovative ways to provide better services, while reducing costs. To make that possible, many institutions are integrating their systems with payment gateways so that parents and students can pay tuition fees or other student activities fees online. Therefore, they’ll be expecting digital payment portals to be easy to use, secure and reliable. So let’s take a look at the 5 reasons why integrating your system with payment gateways is a great idea for your institution.
1- Less paper work & reduced operational costs
A significant reason behind businesses switching to digital payment gateways is the convenience they offer. With such an innovative solution, you don’t have to worry about paper-based transactions and maintenance of cash flow.
The traditional method of payment has to be manually processed, which is not the case when using a convenient payment gateway. Cash and cheques have to be manually deposited in the bank and to be made as transactional entries by an accountant. This increases labor costs for the institute and also opens the door for inadvertent errors. Digital payment gateways will efficiently save those operational costs for your institutions, as you will simply integrate your existing learning machine system with a payment gateway that is built with modern technology and security features. Therefore, you will reduce the cost of cash reconciliation and cash handling, as well as, reducing the amount of printing and maintaining of invoices.
2- Streamlining operations
When you integrate your system with an Omni-channel acceptance payment gateway, you’ll likely see benefits related to operational efficiency. As you’ll be able to accept multiple payment methods, provide your users with a smooth consistent payment experience and single user experience across all your online channels. That way, you’ll be able to streamline your operations and ensure that all your online channels are powered by a single system.
3- Convenience of paying anywhere at anytime
Online portals do not have any work constraints, as it stays open 24 hours a day and parents could pay the tuition fees any hour of the day or night, as per their convenience. An online payment system is particularly beneficial when the institute is located in a different city.
4- Generate invoices and financial reports
Through the payment gateway’s portal, you will be able to generate automated bulk invoices with the schools’ or universities’ tuition fees and will be instantly sent as a payment link on parents’/students’ phones for them to pay the fees using their debit/credit cards or even in installments. The institution will be able to easily track and check their transactions status from the available reports. This makes the tracking and payment process easier, as you can use it to filter out students whose payments are due, therefore it will help you in reducing the issue of having many overdue invoices. Also, you will no longer worry about lost receipts or invoices as now it’s an automated process.
5- Increase in the sales of e-learning platforms
E-learning platforms have also seized the opportunity of having convenient digital payments, which increased the adoption of digital payment gateways. Not only for those platforms but for the offline schools as well. Students and parents at offline schools can now use digital payment channels to pay for the courses and other services offered by the schools. Most digital payment gateways also offer a great solution for both online and offline educational institutions. You can customize your platform and offer great benefits to your customers. This is one of the primary advantages of digital payment gateways.
Payment gateways are gaining immense popularity across different sectors. The flexibility and convenience offered by these platforms help businesses reach more people and increase sales. Furthermore, digital payment gateways help reduce operational costs and costs of running a business. Now you can easily integrate your IT or payment system with the payment gateway. This makes digital payment gateways a must-have for the education sector as well. With all these advantages, it is clear that digital payment gateways are a great choice for the education sector.