The education sector has undergone noteworthy changes, streamlining various administrative tasks using technology. A prime example is fee collection and management, which has significantly improved with the introduction of education fee payment platforms. These platforms provide an array of features, simplifying fee collection, tracking, and management for educational institutions. However, with numerous options available, selecting the right education fee payment platform can be a daunting task. In this blog, we will guide you through 10 essential factors to consider when choosing the ideal one.
Must-have Features of an Education Fee Payment Platform
- Collect Any Type of Fee
First and the foremost thing to look out for in the any fee education platform is its ability to empower you with the most basic- collecting multiple types of fee payments. Whether it is admission, tuition, examination, transportation, certification, crash course, course material, or hostel fee, you should be able to collect all kinds of fees through all student touchpoints and channels.
- Collect Fee Payments From Any Source
Offering a frictionless checkout experience to your students with the flexibility to pay via the payment mode of their choice is an experience that elevates the complete enrollment journey. It must enable you to seamlessly accept online payments via Credit/Debit Card, UPI, Wallets, and net banking and manage offline transactions from the same checkout page or enable instant financing (digital loans).
3. Accept Fee Payments From Any Mode
One of the most advantageous features of an Education Fee Payment platform is how it enables your educational organization to accept fee payments from multiple secured channels and student touchpoints like your Website, an ERP system, or personalized payment links.
4. Automatically Collect Fee Payments via Workflows
To equip your teams with higher efficiency by automating their daily tasks, an ideal platform must allow users to design multiple workflows for a seamless fee collection. You should be able to create conditional payment workflows and collect any type of fee- one-time or recurring with ease and convenience.
5. Easy Payment Settlement or Bank Routing
Another feature that is a must to look for while evaluating or choosing an education fee payment platform is bank routing. This means, that it should route your fee payments to the right bank accounts automatically. For instance, the course fee for MBA can be routed directly to the MBA Bank account and the hostel fee to the Residential Committee’s account. Along with this, it shall offer you a quick settlement view.
6. Reconciliation and Settlement Report Generation
Manual reconciliation requires day and night effort and is prone to human errors. Thus, your platform must accelerate how you reconcile and recognize transactions. It shall map all your transactions and generate settlement reports to give you complete visibility of settlements against each student and transaction.
7. Creating and Sharing Discount Vouchers or Scholarship Plans
The right education fee payment platform must enable you to boost your conversions with intuitive discounts, scholarship plans, and voucher management, during promotional campaigns. But why? It’s because offering student-specific discounts, creating and distributing vouchers becomes a piece of cake while using the right platform.
8. Automated GST & Surcharge Handling
The GST calculators in an ideal education fee payment management software or platform automatically split taxes into SGST, IGST, and CGST based on your and your student’s location. Additionally, they also configure surcharges and convenience fees to streamline the fee collection for you.
9. Detailed Payment Ledger
An ideal platform must have a system with a robust dashboard that enables you with a drilled-down view of your complete cash flow based on filters like paid, unpaid, partially paid, and more on a single platform. This will ease your fee collection and management like nothing else.
10. In-depth Visibility of Your Complete Finances
Dashboards that offer 360° visibility of your finances with real-time insights are no less than bliss. They allow you to stay on top of all your fee payments and collections with real-time transaction reports. An that is what is a testimony of a good education fee payment platform.
Collexo- A Purpose-built Education Fee Payment Platform
Transform your fee collection process with Collexo. Our all-in-one platform lets your finance team collect any type of fee – one-time, partial, or recurring – quickly and securely from any student touchpoint. Whether it’s through your website, payment links, or existing ERP, Collexo makes fee collection a breeze.
With Collexo’s robust reporting engine, you can track student transactions in real time and generate hassle-free settlement reports with automated reconciliation. Our advanced finance dashboards allow you to design fee payment workflows, automate payment reminders via SMS, WhatsApp, or email, track overall and student-wise fee collection, and estimate cash flow – all with just a few clicks.
Join over 1000 educational institutions that trust Collexo to automate their fee collection process and improve their financial management. Schedule a demo today!
