Is Your School Ready for Cashless Payments?

Following the demonetization of 500 and 1000 currency notes, schools have planned to make fee payments online from January 2017. This is however a new era for cashless transactions in educational campuses via School Management Software. Debit card payments and e-wallets are becoming the new normal, but the question is can schools in India predominantly run on a cashless system? Are they adaptable to these technological advancements? Does the fee management system completely shift to a cashless mode of payment? 

Innovative Thinking

•  These modes of payment have become the heart of school transactions. Moreover, they have evolved as cloud-based software which enables schools to proceed with hassle-free fee collection, fee updation, and track due payments. Schools may have full control over resource allocation and administrative time.  
• The majority of schools are facing budget issues and challenges. Efficient time and money saving however manage the productivity of educational institutions. 
• Through the fee management system, the entire fee payment can be tracked. Further, reports are generated which helps to make informed decision making. 
• Get rid of COVID spread across the entire campus using a cashless payment system. During the pandemic times, online payments have played a vital role in resuming fee transactions without any loss of data or miscommunication. 

Did you know?? 

Vivid cashless payment systems have an alternate option to receive cash. During the lockdown, these options were switched off, and contactless cards were introduced to avoid handling cash by person. 

If your school has the right technology, definitely the productivity of the campus increases. Below are the most common questions or queries that every school should inquire before implementing this mode of the system. 

1. Is your school safe from cyber threats? Are your schools’ payments 100% secure?

Changing banking passwords, advising users to change debit card pins, etc would help to a certain extent in reducing the risk of cyber threats. Downloading unverified apps and software can compromise security. Parents and staff should be encouraged to download apps from a trusted source. 

As a result, choose the digital payment solution that adheres to industry standards to ensure standardized security. Encrypting, tokenizing, and authenticated transactions are further steps you can take to improve security. 

2. Why is your school’s digital infrastructure important?

Many schools in India lack infrastructure, particularly the schools in rural areas, which might be the biggest setback for a cashless system. In other words, access to advanced banking facilities and digital accounts has not reached many schools. 

All you need is a strong online payment system to function effectively. Above all, high-speed internet access and technology knowledge is vital for digitizing educational campuses. Losing internet connection during transactions, cheated by hackers are the most common fears of schools, colleges, and universities. On the other hand, some schools have the most brilliant infrastructure but they have limited knowledge about the system. Schools are also advised to organize seminars and training to help students and their parents cultivate the habit of making payments online.

3. Do you use software to manage your school digitally?

To facilitate daily school operations that are as simple as student registration to complex exams to marks management, you need top-notch School Management Software. This helps administrators and teachers to gather student information needed to manage and improve decision-making. Rather than spending minutes and hours to track the details of fee payments, let the online system collate and automate the records for you.  As a result, you could focus on improving students’ outcomes as well. You can also save on your printing costs by producing digital receipts in the form of SMS and emails. 

To sum up

Before taking the next step towards a fully operational cashless system, ensure that you have integrated school management software in place that works seamlessly with your school’s digital infrastructure.