The modernized education system has enabled students and institutes from all over the world to connect with each other regardless of where they are situated. Digitization is the key factor here. The digital tools, gadgets, internet, and the possibility to accept online payments have played a major role here.
The report states interesting statistics for the Education Market in India mentioned below:
In 2025, the Edtech market in India is forecasted to go up to the US $ 4 billion. It was the US $ 750 in 2020. The number of school-going children in India is 250 million which is more than any other country. There was an increase of 146% in 2021 in the applications for the ‘Study in India’ program.
This article discusses the reasons why online payments are the best in today’s time for processing fees and other payments for schools and colleges.
Online Payments – The Best for Schools and Colleges
The manual methods of processing the payments are obsolete in today’s time. The methods to accept payments online have various benefits for educational institutes. Let us review them below:
The smooth functioning of the educational institute
The administration and functioning of the schools and colleges become smooth and hassle-free. Also, it decreases the overall cost, communication channels or hierarchy, and data management.
The students tend to make late fee payments or do not pay at all. When the schools or colleges accept online payments, they can reach out to the students’ parents directly and request them to pay as per the deadline without the need to visit the institute specially for that purpose.
The transparency can be infused and each and every digital entry will be available with the data of the payee. So there cannot be any kind of mashup when the school or college accepts payments online.
For instance, the smart merchant dashboard of PayKun Payment Gateway gives detailed records and enables analytics for the administration staff and head to manage the online payments for various purposes like fees.
Easiest and Safest Method
It is fast and easy to accept online payments through your education portal or even the payment links. Through the integration on your platform, you can easily collect the fees or exam payments. You may notify the students and the parents about it. Your fee collection platform would be available anywhere so the manual staff work will be reduced. The fee payments would be done instantly, which is not the case in cash or cheque.
The security compliances of the online payment system make it further secured and error-free. The security against offline and online threats is possible due to these compliances such as PCI DSS of PayKun Payment Gateway.
Records and Analytics
As specified earlier, the dashboard maintains the records, making the management easy for the staff, teachers, and the students as well. The schools and colleges can analyze through the reports and the graphical representation available in the dashboard tool.
Collect payments periodically
You can notify the students or the parents beforehand about the payments as per the schedule such as monthly, quarterly, or yearly. They can easily make the payment through your website, mobile application, or the payment links that you may send to them with the reminder or the alert. Thus, you can ensure on-spot payments through the alerts themselves. The PayKun Payments Links enables you to accept online payments through 120+ payment modes through SMS, email, or Whatsapp.
PayKun Payment Gateway
Collect smooth online payments for your school or college with the easy integration of PayKun Payment Gateway. You may simply start with its payment links. Digital payments have made the world shrink. It has further made payment processing easy, secure, fast, and hassle-free. The above reasons make it clear.
PayKun has the lowest transaction fees in India and facilitates 120+ payment options. Sign up now!