Fee collection is important source of revenue stream for institutes. If managed professionally then it can provide huge benefits in terms of fund management and administration and cost saving during fee collection process.
Article Contents
Current Process
Most of the times parents need to visit institute to make payment of Fees using challans. There are multiple times of challans for Deposit, Tuition Fee, Refundable Deposits, laboratory fee, development fee etc. Managing fee payments and analysis has become challenging task for education institute.
For each type of fee separate Challan is to be filled and it is to be submitted to College Fee Collection Center. Such process involves manual form filling and manual cash / Challan management. There is no facility where applicants parents can simply go for online/credit card payments. Certain no of people from admin/ accounts need to manually verify Challan to manage accounting of it.
Students and parents face lot of trouble during this process as it is time bound and need to be completed during bank working hours only. Most of the times there are long queues to collect Challan , submit Challan and make cash/ DD payment along with Challan.
Online Fee Collection Management
Online Fee collection Management process is efficient as students, parents can log in to check their dues and can select option to make payment using Challan/ Online/ DD etc. Such process removes manual intervention and reduces errors of fee collection management.
Students can view historical fee payments and can download receipts when ever required. Institute can keep track on payment summary and can easily integrate / export data to their financial system if needed.
Accepting Fee with EMI facility of credit card
Online payment facility provides options to accept fee using credit card with EMI facility. Such facility can help parents to make fee payment in installments while institute need not have to follow up for the remaining fee.
Administrator can define total fee to be paid by individual student along with late fee charges. Students can login to the system to see amount due and can select options to make fee payment. Such automated process can save huge cost of administration.
Accounting Report
Such system can generate reports related to accounting for each individual as well as for the group of students.
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