Education fee collection constitutes the primary source of income for institutions. But the steps involved in accepting and managing education fees are not as easy as they may seem. Before the rise of online payments, most educational institutions used to keep stacks of loose papers and folders containing payment receipts. Other than keeping them safe, they were also overwhelmed with the risk of errors in manual bookkeeping, late payments, and forgotten reminders.
While Paytm has made things easier for educational institutions to collect fees online, many of them ask for further improvements or better solutions to overcome common payment challenges they face. While striving for success, Paytm has always been on the lookout for the scope of improvements in our payment solutions.
If you run an educational institution and want to further simplify online fee collection, this guide is meant for you.
How to Make Payments Simpler For Parents With Large Payment Collection?
The process of streamlining education fee collection doesn’t end at the successful integration of a payment gateway. Common issues may still persist unless you inform the payers about the exact process to be followed for fee payment.
Once you have the Paytm Payment Gateway integrated on your institution’s website, share the following process with your students/parents for a hassle-free large payment collection (in lakhs) experience:
VAN generation
The first part of this payment process involves generating a Virtual Account Number (VAN). This will involve the following steps:
- Students/parents need to visit the payment page on your website and fill in the required details. Once the checkout is completed, each student will receive an account detail where they can send the payment using IMPS/RTGS/NEFT. This is their respective VAN which acts similar to a normal bank account and payments received in this account can be traced back to the linked student.
- They can download or save their VAN details for later use.
- Once they have obtained the VAN details, they can log in to their preferred banking application and add their VAN details as a beneficiary for IMPS/RTGS/NEFT transfer.
- It may take up to 24 hours before they can send any payment to the beneficiary account, depending on the preferred bank they use.
Payment Process
- Upon successful addition of the beneficiary, students/parents can proceed with paying the education fees online.
- Besides this, it is crucial for them to make the payment within the given period and of the exact amount mentioned in their checkout. If there is a mismatch in the amount or the payment is made after the given time period, the payment may fail, leading to the reversal of funds back to the source account. In such situations, students/parents are advised to wait for some time before retrying to make the payment.
- In case the payment cannot be completed within the given time, the students/parents need to generate another order in the order generation steps given above to complete the payment.
- Post the successful payment completion, your administrator will receive the details about the students and the payment received from each of them. Now, payments don’t need to be reconciled manually.
Switch to Paytm Payment Gateway for online education fee collection
Most school’s ERP software does not have an in-built payment processing system, which is why you need to compare payment gateways to select the right one. Whether you face problems while accepting payments from different payment options (credit cards, debit cards, etc.) or with manual reconciliation, Paytm Payment Gateway can make things easier for you.
By integrating Paytm Payment Gateway on your institution’s official website or app, you can benefit from:
- Easy integration with the current ERP system in use
- 100% online onboarding and instant activation
- 100+ payment options for your students, including Paytm Wallet and Paytm Postpaid
- Industry-best success rates
- Next-day settlement into your bank account with no holiday delays
- Dedicated support for your payment-related queries
Also Read: What Makes Paytm The Best Payment Gateway in India?
