Modern education has evolved rapidly by adopting more technologies into curriculums and delivery mechanisms in the classrooms. The coronavirus outbreak has only expedited this digital revolution, resulting in the largest remote learning experiment. This process has impacted 90% of enrolled learners worldwide. Thus, the education industry needs efficient payment collection methods for the expansion of diverse learning environment.
The students are always looking forward and keen to utilising advanced technologies in the classroom. They are curious about how new technologies can bring difference and make life easy. However, the adoption of digital technology for administrative tasks and payment procedures has been a slow move. The majority of the schools still follow the traditional payment system, which is antiquated and inconvenient for students, parents, and administrators.
Digital payment technology is a revolution in financial technology validated via the evolution of digital technology. Therefore, the programmers are creating new innovative digital services for financial technologies. The payment processor analyses and process payments. They offer a convenient approach when the payments are made via different options and in different geographic location. For example, cash or cheques got replaced by payment apps and mobile Payment.
This shift of technology from manual payment to digital payment has provided a competitive advantage to financial institutions and businesses. They can quickly offer a custom-based comprehensive advancement in payment. This solution has provided a seamless customer experience as the Payment for any products or services are directly integrated—for example, frequently used services such as mobile bills, Uber bills or Netflix bills.
Moving forward, the trend of digital payments digitally has positively impacted the education industry. From childcare, schools, universities to a private institute and tutoring centre, digital payment is replacing manual payments. Historically, payment was used as a tool in an exchange of value. However, new mobile apps and emerging technology have added value to this industry. They provide an end solution for businesses and institutes that are beneficial for long term sustainable growth.
Why Consider Digital Payment For Education?
Back to school has been more challenging in 2020-2021 due to COVID 19. From education facilities to administration and teaching resources, each department is not able to function smoothly. They are in the process of figuring out how to bridge the gap between in-person and remote learning.
By eliminating outdated, error-prone manual methods and updating automated operations, innovative technology has provided a win-win scenario for both school administration and students. While, online classes, virtual group discussion, and online examination are the new platform for students to study. Similarly, digital payment processing is the new channel of payment that has enabled easy and timely invoicing fees. It provides seamless fee management, accessible disbursement collection, and better record-keeping as neither parents nor students want to take the hassle of visiting schools to make payments.
The digital process of taking payment has reduced the burden of chasing payments. It has made the administration staff more productive and reduced the Risk associated with data theft and fraud. The PCI DSS compliance associated with the payment processor protects against fraud and cybercrime. They provide an encrypted version of customer’s data where it covers personal information and card details. They are more manageable and efficient than traditional methods.
Education and tutoring are the early adopters of digitising student. They are motivated by different challenges related to manual processes. Here are few reasons why educators and students are considering digital payment option:
- Significant reducing teacher and administrator time
- Minimising the Risk of theft or fraud
- The security risk of holding credit and debit card details
CloudBanking payment processor has designed payment for the education and tutoring industry. It has reduced the processing payment methods and provides convenience by offering a greater degree of control to the administrative staff. Moreover, the CloudBanking system verifies the transactions in real-time and provides a secure way to accept fees. It provides a streamlined and efficient payment processor from child care centres to schools, universities, and private education. This is how the education industry can take advantage of digital innovation in payment.
With ever-increasing student numbers and a lack of technology, implementing digital payment has been more challenging. However, these payment methods increase the efficiency and productivity in managing schools and education for future success. Every education system needs to collect payments from parents or students for services not covered by government funding or school fees. Here are some reasons why digital payment system is beneficial for collecting payments:
Benefits Of Digital Payment System
Every division of education requires payment collection for fees not covered by funding. Thus, managing a wide range of payments can be challenging for education administrators. Adopting a digitised back-office management system offers various benefits that save time and resources, including:
- Reduction in payment costs
- Better control and visibility
- Faster processing times
- Increased approvals
- More efficient use of staff
In addition to better allocation of resources and funds, innovative payment technology offers a more secure environment. Manual processes expose institutions to greater Risk. On the other hand, Processing education payments through a secure online network provide heightened security and maintain a compliant environment.
Recurring Payment For Online Education
Online Education has been challenging for few students. However, changes in digital technology and innovation have brought a positive impact on customer satisfaction.
As a result, students can save their payment card details and make payment at their fingertips. Recurring payment allows the system to work as subscription billing. This system automatically receives payments from students in the given period.
Furthermore, it helps each student stay focused on their curriculum and avoid the burden of outstanding fees. The payments are then automatically transferred to the institute’s bank account. CloudBanking has different tools that can fine-tune the costs for online learning via the website. It provides various payment options from card payment to direct bank account (ACH payment). Furthermore, students can even pay remotely via any device with an internet connection.
Use Of Convenient Dashboard
A client interface is a convenient tool for managing all payments. Via CloudBanking Dashboard, you can track all your client’s payment generate payment link, view payment history and track statistics. It is simple and easy to understand as it is constantly updating the system as per the users’ convenience. It even comes with informative graphics and intuitive functions.
Moreover, the Developer API feature can help extend your website’s capabilities by creating custom with payment solutions. It helps your student’s to make Payment via your website. Moreover, it helps in preparing analytical and financial reports and monitoring the current state of your business.
Migration from a manual approach to an end-to-end digital solution leads to a new interface with innovative processing tools. However, it significantly reduces the payment processing cost and time and manages administrative activities. As a result, in an average decrease of ~60% in total payment processing costs.
When extrapolated across a broader system, these savings are significant. It can represent an opportunity for the education system which are facing funding challenges. It can invest those saving in providing scholarship or discount in fees for the needy ones. Those funds can even help in delivering improved educational outcomes without increasing overall school budgets. Furthermore, it can help in providing merit to an additional investigation by policymakers in the education sector.
The latest payment technologies allow for growth in the education sector. CloudBanking Payment solutions provide faster, convenient, and secure payment methods. Additionally, this allows for flexible payment plans that can accommodate a more widespread range of education-related services.
Thus, to successfully integrate payment technology with your existing systems, rely on the Education and Tutoring payment facility provided by CloudBanking.
Moreover, it offers a personalized relationship, unmatched expertise, and extensive support within a robust platform of versatile payment solutions. It facilitates automation and simplifies payment collection so you can focus on providing quality education.
Learn more about CloudBanking education and tutoring payment processing. Contact us today.