Reasons Why Online Payments are Ideal for Schools and Colleges

The modernized education system has enabled students and institutes from all over the world to communicate with one another regardless of location. The key factor here is digitization. Digital tools, gadgets, the internet, and the ability to accept online payments through an online payment gateway all played a significant role in this.

The following are some interesting statistics from the report for the Indian Education Market:

The Edtech market in India is expected to reach $4 billion by 2025. In 2020, it was $750 USD. India has the most school-aged children (250 million), more than any other country. The number of applications for the 'Study in India' program increased by 146% in 2021.

This article discusses why online payments are the best option for processing fees and other payments for schools and colleges in today's world.

Online Payments – The Best for Schools and Colleges

Manual payment processing methods are no longer used in today's world. The methods for accepting payments online have a variety of advantages for educational institutions. Let us go over them again:

The smooth functioning of the educational institute

The administration and operation of schools and colleges become more efficient and trouble-free. It also reduces overall costs, communication channels or hierarchies, and data management.

Students frequently pay late fees or do not pay at all. When schools or colleges accept online payments, they can contact students' parents directly and ask them to pay by the deadline, eliminating the need for them to visit the institute specifically for that purpose.

Transparent system

Transparency can be infused, and each digital entry will be available with the payee's data. When a school or college accepts payments online through the best online payment gateway, there can be no mashup.

For example, SifiPay Payment Gateway's smart merchant dashboard provides detailed records and analytics for the administration staff and head to manage online payments for various purposes such as fees.

Easiest and Safest Method

Accepting online payments via your education portal or payment links is quick and simple. You can easily collect fees or exam payments by integrating your platform. You may notify the students and their parents. Because your fee collection platform would be accessible from anywhere, manual staff work would be reduced. The fees would be paid instantly, which is not the case with cheques.

The online payment system's security compliances make it even more secure and error-free. These compliances, such as PCI DSS of SifiPay online payment gateway, enable security against both offline and online threats.

Records and Analytics

As previously stated, the dashboard keeps track of records, making management easier for staff, teachers, and students. Schools and colleges can analyze data using the dashboard tool's reports and graphical representation.

Collect payments periodically

You can notify students or parents ahead of time about the payment schedule, such as monthly, quarterly, or yearly. They can easily pay through your website, mobile application, or payment links of the best payment gateway that you may send to them with a reminder or alert. As a result, you can ensure on-the-spot payments via the alerts themselves. SifiPay Payments Links allows you to accept online payments via 120+ payment methods via SMS, email, or Whatsapp.

SifiPay Payment Gateway

With the simple integration of the SifiPay Payment Gateway, you can collect smooth online payments for your school or college. You can start with its payment links. The world has shrunk as a result of digital payments. It has also made payment processing simple, secure, quick, and painless. The preceding reasons demonstrate this.