4 Reasons Why Education Industry Requires Digital Payment System

Every industry has gone through a radical change during the last 2-3 years as a direct result of the global pandemic. Not only the way we conduct businesses have changed, but the ways we operate have also changed. The time reflects more of what’s required now, than what was considered to be the norm a few years back.

It is true for the education industry as well, as constant lockdowns forced them to shift their focus to online education rather than classroom-based teaching. Moreover, with students, and teachers both stuck at home, it was the need of the hour.

If you are from the education industry or thinking of entering the industry in the coming months or years, then this piece is going to explain why you need an online payment platform to grow and prosper in this changing new world!

Streamlined Processing of Fees and Salaries

Timely processing of fees and salaries is the most integral part of keeping everything up and running. It is no longer considered to be wise to force people to visit in-person to pay their child’s school fees. 

Moreover, it’s inconvenient as people neither have the time nor the risk appetite for leaving the house without a valid reason. 

And with every kind of billing happening online, from electricity, water, broadband connections, and phone bills, among others; there is no reason why you shouldn’t move your fees and salary payments entirely online.

Cash is no Longer a Feasible Option

People have become more cash averse in the last couple years. Very few people want to deal in cash as it comes with the risks of contracting the disease, and most of us would rather avoid that. 

Therefore, it has been quickly replaced with more modern, new-age payment options such as credit/debit cards, digital wallets, UPI, etc. They offer a level of comfort and convenience that cash-based transactions simply lack—the power to pay from anywhere!

Ensures Timely Payments

Going digital with your payments system can ensure that people make timely payments. You can send out timely notifications via SMS, and email to let people know about the due dates in advance. It will also notify them in case of non-payment without having to send out physical reminders such as notices, letters, etc. All of which is both time-consuming and not as fast as simply sending an SMS or email notification.

Set up Recurring Billing, and Payments

This is the best part of the deal with going digital with your payments system. You can encourage people to set up automatic billing for timely payment of fees by enabling auto debit features. 

This eliminates the need to send reminders, as it’s a one-time setup process – however, you need to understand and follow the RBI guidelines for recurring payments. Once the process is set up, amount is deducted monthly/quarterly/yearly making the entire process overall smooth and convenient. 

Payment gateway providers like Pine Labs Plural Gateway can get you up to speed in no time for setting up your digital payment system.

The education industry needs an overhaul to grow and prosper in a world where the realities have changed, and the way we live our lives has been impacted in more ways than one. So, get your digital payment system ready to focus on imparting education rather than processes!

Leave a Reply

Your email address will not be published.