An education institute, no matter how good quality education it offers, faces a lot of challenges during payments. As educational institutes need to send and collect payments in bulk, keeping a record of these payments as well as managing these payments becomes tedious for the finance team. PayG aims to reduce this burden and streamline payments with a tinge of automation.
The key payment challenges found in educational institutes are:
Be it a primary/high school, a college/university, or any training (exam/job) institute with only 100 students – it needs huge resources to operate. Hence, there will be high-value vendor payments. Similarly, there will be multiple educators, and paying them on time also needs huge manual effort.
At the same time, fee collection is a troublesome task because different students may have different fees. Just to collect the fee, the parents have to come on a specific day. The fee collectors need to check the record of each learner and confirm the course details to ensure the correct amount. Then, they convey it to the parents so that they can scan a QR or click a link to pay.
Arrangements of the donation and sending it to the authorities are equally difficult tasks. Few people first have to collect from particular sections and submit it to someone else who will send it to the concerned organization after subtotalling.
Because of a huge number of records and entirely manual operation, it's very likely to miss out on entering one or two transactions. Be it vendor/salary payments or fee collection – anything can be missed out. As a result, the whole record becomes unacceptable and the finance team has to put much effort into reconciliation.
Education institutes can get rid of all these problems simply by integrating PayG Payment gateway. The solutions of PayG are built after carefully observing the dominant problems the education industry faces during payment collections.
PayG records all the payments (sent and received) automatically – no matter how many vendors or employees got payment or how many fees are collected - it is always recorded. Merchants can see these records as reports right from the PayG Merchant Dashboard.
Be it 5 or 500 – Not a single payment detail will be missed here and there will be no manual error, so reconciliation will be easy. Finance people can apply filters to these records or sort the way it is needed, and they can also download it as a report.
Using PayG Pay Profile, institutes can create their unique profile with all learners’ details. They can do it just once manually or by uploading a CSV file. These profiles are shareable, so, parents can complete the payment by entering the unique enrolment number of the learner and pay via UPI, Cards, Net-banking or Wallets without coming to the premises.
With Pay profile, it is possible to create a donation profile. It gives the flexibility of fixing the donation amount as well as keeping it open. Donors can send the amount right from their comfort zone, so that the institute can get it in one place. No one needs to subtotal the collection from different batches again and again before the final submission.
Disbursing salaries or fixed vendor payments will no longer be a problem because all these can be scheduled beforehand with PayG Payouts.
Merchants first need to create a virtual account, and after PayG verifies the details, they can transfer the amount to it. Then, add Payouts contacts (beneficiary details: name, account no, amount, etc.). Once PayG verifies these details, automatically the amount will be transferred to these accounts. Here beneficiary details can be added one-by-one or in bulk.
By integrating PayG payment gateway, all payment-related tasks will be effortless, streamlined, and error-free. Be it paying the vendor or employees, it will never be delayed. Collecting any kind of payment will be super quick and the fee day will be relaxing. Let your learners and educators enjoy the learning environment more and focus more on learning – PayG will be there to take care of the payment hassles