With rapid technological advancements, it was already high time for educational institutions to replace their manual methods with tech-enabled systems, such as ERP software. However, the pandemic left them with no other choice but to adopt digital solutions more rapidly. Along with providing online classes, they now need to ensure virtual methods to collect fees, to avoid any hassle or delays. It is quintessential for colleges and HEIs to opt for an online student fee management system to let students pay their fees conveniently.
One reason that we are emphasising fee collection is that nowadays, educational institutions are struggling a lot with their fee management, especially after the lockdown. Also, we can’t ignore payment reconciliation, data reporting, and other redundant tasks that make the process daunting and time-consuming. Moreover, parents face a lot of issues with manual fee payment procedures.
We have listed a few more reasons that justify why fee management software is the need of the hour.
- Automatic Fee Calculations
After considering all the factors, including e-learning classes, scholarships, extra-curricular activities, discounts, library & tuition fees, etc., fee scheduling and fee collection software sends automated alerts to students so that they never miss a deadline. The administrative department simply needs to add students to the portal according to their courses and the system will take care of the rest. It also allows different departments to filter data and generate accurate reports within minutes. - Secured Online Fee Payments
Due to increasing online fraud and cyber thefts, most parents and students refrain from using digital payment gateways. However, the advanced fee management software gives the utmost importance to data security, ensuring that no unauthorised person can access the information. Its cloud technology with a multi-layered encryption pattern keeps all transactions secure. Moreover, payment methods are tested by experts to make them ideal for online transactions. - Student Account Management
Processing fee collection and keeping records manually can be time-consuming and prone to errors. Also, it will divert the attention of staff members from other core tasks. All their time will be spent sorting records according to students, their departments, and classes. Accounting software comes with a separate student portal that contains digital profiles of all scholars along with their contact details, fee payment due dates, and other information. It maintains accurate student accounts and streamlines the process to mitigate any chances of errors or omissions. - Automated Receipt Generation
The secure student fee collection platform not only lets parents and students pay fees online with just a few clicks but also generates automated receipts. This auto-generated invoice assures them that their online payment is successful. - Timely Alerts & Notifications
There is always constant anxiety among parents that they might miss the last date for fee payment and have to pay a penalty. These cases have increased tremendously now with virtual classes. Fortunately, using the student fee management system database, the system helps them avoid such scenarios as they get automated alerts and notifications way before the deadline. - Data Visualisation
The fee automation system generates insightful and meaningful reports on receivables, instalments, dues, bad debts, and other crucial factors. It reduces the chances of errors and administrators can view all the information with a single click. As colleges would have easy access to reporting tools and data visualisation, they can take instant action to improve the fee collection process and reduce additional expenses.
Conclusion
The above-listed benefits are just the tip of the iceberg, fee collection software offers several other perks and advantages to help you gain an edge over contemporaries. It caters to your needs round the clock and supports all types of payment options. In addition, a dedicated student portal provides all crucial updates in one place.
CollPoll offers robust student fee collection software that can be customised to suit your specific needs. You can add your college logo and import students’ data in no time. Moreover, in case of any technical glitch or trouble, our experts are just a call away to assist you.
