The digital transformation in education is not only about online classes, assignments, and examinations; it’s also about the comfort and convenience of managing tedious and repetitive tasks, such as fee management.
Although educational institutions took time to embrace online fee payment systems, many are now clearly seeing the importance of automating fee processing and are willing to invest in a capable online fee management system.
14 Benefits of Using Fee Processing Software
- Reduces cost & increases efficiency
- Creates fee estimates & proposals
- Provides ease and convenience for parents & students
- Auto-categorizes the fee structure
- Create different fee types
- Offers better transparency
- Auto-generates fee invoices
- Collect online & offline payment details
- Sets up automatic fee reminders
- Optimized for mobiles
- Track fee collection
- Scholarship management
- Student loan integration/financial assistance
- Enhanced visibility on penalty and dues
Managing fee records in college is difficult if done manually. Keeping track of multiple fee structures, various departments, and numbers of students is tedious and time-consuming. Moreover, it lacks flexibility, transparency for parents and students. The biggest benefits of using a fee management system are increased fee collection and recovery.
Here’s how automating fee processing using fee management software helps:
1. Reduces cost & increases efficiency
Investing in a fee management system saves you money that you would normally spend on resources, paper, infrastructure, and stationary. Moreover, automation in fee payment leaves your staff more time to focus on the most important aspects of their job profile.
2. Creates fee estimates & proposals
Preparing a fee schedule manually can be frustrating and tiring. A fee management system allows you to create fee quotes, estimates, or proposals. You not only generate the most accurate estimate, but you also save a lot of time and money.
3. Provides ease and convenience for parents & students
The school fee management system allows parents and students to check the fees due by logging on to the portal using a secured log in password. Parents can pay fees in full or in instalments and get an e-receipt instantly.
4. Auto-categorizes the fee structure
The fee management system allows you to create fee structures with categories that can be customized for activities, grades, etc. For example, hostel fee management can be integrated into the fee payment system, making it easier for students & parents to check if they need to pay fees differently for hostel or if it’s included in the fees management module.
5. Create different fee types
The fee processing software allows higher education institutions to create different fee types – tuition, library, exam, hostel, etc., as per quota and assign a settlement order to each fee type.
6. Offers better transparency
The fee payment management software is cloud-based and saves all the details of the fee and other transactions online. This ensures safe and secure payment, increases transparency, improves cash management, and gives students a better experience.
7. Auto-generates fee invoices
The fee processing software automatically generates invoices, sets their due dates, adds late fees and other fee waivers if applicable, and notifies students. This increases fee collection and recovery.
8. Collect online & offline payment details
The cloud-based fee payment system allows you to track students who made payments using online and offline modes. This helps easy reconciliation of fees collected from students and improves profitability.
9. Sets up automatic fee reminders
The college management system automatically sends notifications by SMS and email to notify students of invoice unpaid, fee overdue, or late fee reminders.
10. Optimized for mobiles
The fee management software is mobile-optimized so that the users have a smooth, clean, speedy, and safe mobile experience. With an option of integrating multiple payment gateways, fee management system provide students with an enhanced fee payment experience on their mobile devices and institutions with higher payment success rates.
11. Track fee collection
The automated fee management software allows you to set fee collection parameters to suit your needs. It automatically calculates pending fees and previously paid details to help you keep track of fee collection transactions.
12. Scholarship Management
The college fee management software makes it easier for you to manage the entire scholarship process – from application management and eligibility screening, to review, approval, and post-award tracking. It also allows you to settle delayed scholarships against respective fee plans.
13. Student Loan Integration/Financial Assistance
The fee management software provides higher education institutions with the power of a cloud-based technology platform to administer a successful financial aid and student loan integration program.
14. Enhanced Visibility on Penalty and Dues
One of the key features of college fee management software is that it automatically calculates the penalties, fines, and dues for every student. The simple interface allows you to check for multiple clearances required for a student before the academic year ends.
Technology in education is evolving. Due to the unprecedented pandemic, learning has moved online, making it difficult to manage college finances. The fees management system allows you to remotely access data, manage fee payments, view reports – all on one platform.
Do you want to streamline the fee management process in your college? Let CollPoll help you go digital. Book a demo now.