Press Release

How fintech companies are solving payment collection problems in the education industry

 New-age technological advancements have been transforming classroom learning for quite some time now. The widespread adoption of innovative digital solutions by educational institutions has made learning more accessible than ever. Gradually, conventional teaching methods are taking a backseat and more teachers and educators are employing these tech-driven teaching-learning methods. Simultaneously, modern automated technologies are taking the place of manual administrative processes at educational institutions.

Technology: Redefining administrative processes at educational institutions

As with every organization, ensuring seamless operations at schools, colleges, and teaching academies can be tiresome. Interestingly, tech-enabled solutions now manage everything from student records to details of financial transactions. Not just this, emerging fintech-powered payment solutions have completely changed how fee collection mechanism works. They take the burden off the shoulders of administrative, accounting, and finance departments by streamlining day-to-day processes. Needless to say, it enhances operational efficiency while cutting down manual efforts and costs.

Improves payment collection capabilities

The education sector is rapidly growing and is expected to reach $225 billion by 2025. This is majorly driven by ongoing innovation that increases accessibility and improves internal processes. With payment-centric fintech solutions entering the market, educational institutions no longer have to worry about collecting and reconciling fee payments from parents. They can easily digitize fee collections and track all financial transactions, whether library fees, canteen charges, tuition fees, or other academic dues.

Keeps real-time track of all financial transactions

As a result of the tech proliferation, digital solutions have gone beyond just payment collections. Unlike traditional systems, fintech solutions equipped with modern technologies provide a single dashboard for managing student admissions, online fee collections, automated reconciliation, fee payment tracking, and generating reports.

In addition, they also streamline workflows. API-powered payment solutions, for example, are now providing educational institutions with a complete system for tracking course and batch-wise fee installments, reminding payment dues, reconciling payments, and sending payment reminders.

Reduces wait time in queues at educational institutions

By supporting digital processes, these API-backed SaaS solutions and integrated payment gateways also reduce hassle for parents and guardians. They can easily carry out all administrational activities ranging from admission to fee payment digitally. As a result, no more waiting for hours in queues at schools, colleges or universities.

To sum up

In recent years, modern fintech firms have gradually strengthened the education sector by offering customized financial operating solutions via technology-based APIs. While guaranteeing payment security during digital transactions, PCI DSS-compliant SaaS-based payment solutions have simplified payments and other administrative work for educational institutions and parents. With the increasing accessibility and affordability of fintech solutions, we will witness its large-scale adoption across schools, colleges, universities, and other educational institutes.

 

 

(This article is written by Rohit Prasad, MD & CEO, Easebuzz, and the views expressed in this article are his own)

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