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Education

Use of Digital Payments in Education Industry

Education - Use of Digital Payments in Education Industry
Healthcare
Receiving Payments Simpler, Faster, Digital
India Student Population
Follows Traditional Method of Payment

Every academic institution's first weekday the administrative staff is busy collecting payments from parents in the admin office. Parents queue for long periods of time, waiting to deposit the fees and rush to work. The administrators, on the other hand, spend most of the day collecting payments, inputting data, and issuing invoices.

Let's understand the traditional method of payments

Establish Collection Program

Establish Collection Program

  • Develop list of school expenses such as uniform, books, fees, picnic fees, library.

  • Create a hardcopy for the parents for these expenses.

Data is collected through the print out forms received from parents.

Collect Data

  • Data is collected through the print out forms received from parents.

  • Different forms for library, school, uniform, picnic fees.

Collect Payments

Collect Payments

  • Send cash through their children for payments.

  • Parents use Bank NEFT to pay school fees.

  • The cashier maintains records manually for the transactions.

Recheck Data Processes

Recheck Data Processes

  • Staff checks all the details filled by parents.

  • Manually start entering receipts.

Settlement

Settlement

  • Cash is deposited in the bank.

  • Parents receives a notification that the payment has been successful.

Issues with Traditional Methods of Payments

Risk of mismanagement of documents

Risk of mismanagement of documents

Time consuming to check if data is correct in all the papers

Time consuming to check if data is correct in all the papers

It is resource intensive

It is resource intensive

Manual processes may lead to uncertainty in financial transactions.

Manual processes may lead to uncertainty in financial transactions.

Parents have to pay interest rates if they forget to pay

Parents have to pay interest rates if they forget to pay

Steps AuroPay takes to Solve the Above Problems

Steps AuroPay takes to Solve the Above Problems

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