If there is one single, critical problem in the process of fee collection, it is the payment method you choose for your institution’s fee collection process. You might go online to find countless payment gateways shooting at you to integrate them into your institution’s mode of payments, inclusive of the many Banks your patrons could be a part of. Often you would wonder about the benefits of these payment gateways in your fee collection processes as compared to the other payment methods you are willing to employ for your institution.
Here are a few pointers as to why Payment Gateways should make it to the top of your list:
Problems solved by Payment Gateways for Institutions
How many of your patrons would be comfortable walking in with a wad of money to pay their ward’s fees? How many times has a cheque been bounced humiliating both your institution and the patron for no reason?
One of the primary concerns in the payment process is the success ratio of the payment, be it through cheque or internet banking. Nothing beats the success ratio of direct cash payments. Payment Gateways have the highest success ratio of payment right after direct cash payments. The card validation and processing in real time and they don’t depend on the availability of the patron’s bank’s server, the payment is made from the patron and the money is transferred immediately to your institution’s fee account, if the bank’s server is down, the gateway stores this information and proceeds to make the transaction when the bank’s server is back up, making it a reliable, faster and convenient mode of payment. Reports are auto-generated for users and the patron gets a notification for every successful transaction.
My Patrons don’t like the early due dates I impose on my institution’s fee collection. How can I make it flexible?
Payment Gateways get rid of these due dates completely! Institutions that employ Payment Gateways can give flexible options of fee payment to their patrons as the transactions are done immediately without any delay, making it possible for late admission fees to get processed immediately as well. Patrons can also choose to pay 24×7, making it a far better option than having to take the time to come to your Institution’s accounts department during their working hours. Payment gateways give them the option to make the payment right from their work/home.
How do I reduce the process and time taken for refunds and wrong fee payments?
Payment gateways can easily help you refund the transaction directly back to the Patron’s account without any hassles and the least amount of time, allowing your Patrons to repay the correct amount or receive any refunds on time.
How do I convince my Patrons to use the Payment Gateway? (or) Why would my institution’s Patrons use a Payment Gateway, when they find it easier to pay through cash/cheque/internet banking?
For starters, Payment gateways can be accessed through any device your Patron owns, a laptop, a mobile or a tablet. Payment gateways can also be accessed at any point from the convenience of your Patron’s house or office or anywhere as long as there is internet available, they are the most secure way of payments online and provide refunds in less than 3 days. They do not involve any third party access to information on both the merchant and user side. Payment Gateways can also allow your Patrons to pay with different currencies, different payment options all through just one portal, making it one of the most versatile yet secure modes of payment. They also come with a rewards system, like credit points and cashback opportunities which the patrons can redeem at leisure.
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