Today's technology provides sophisticated and secure payment solutions for educational institutions to collect and manage fee transactions. Implementation of online school fee payment system empowers banks and encourages accounts division in K-12 educational establishments to adapt modern electronic payment methods to collect, record, and manage all sort of academic, tuition, hostel, meals/lunch fees transactions; grants; reimbursements; scholarships; etc.
Additionally, the system software seamlessly integrates with the Student Information Management System thereby allowing school administrators to create, allocate, and charge custom fee structure for different students in different classes and sections. Moreover, it simplifies payment process for parents/ students by facilitating them with online payment gateways to pay fees remotely from any location via UPI Apps (PhonePe, Paytm, BHIM, MobiKwik, Google Tez, etc.), Net & Mobile Banking, Debit Card, Credit Card, and mobile e-Wallets such as PayUMoney, Mobikwik, and many more.
Majorities of the people these days avoid paying in hard cash and prefer much more secure and instant modes of payments i.e. via checks and online transfers while depositing fees. Adapting to online school fees management system for digital e-transactions help schools as well as parents/ students to track and trace cash flow, invoices, receipts, and other essential documents thereby averting carelessness and errors.
In India, schools generally prefer cash but have moved on to opt better and sophisticated modes of payments. Meanwhile, college and university institutions favor net banking and drafts. The necessity for proper maintenance in transactions gave rise to Web & Cloud-based online ERP management applications designed exclusively for educational institutions to simply and automate administrative operations such as fee payment and collection, invoice/ receipt generations, database management, etc.