Every parent wants the best for their child when it comes to education. But with the constant hike in the admission fees and the struggle to secure an admission in the best school, often creates challenges for parents who can’t afford it. What if the parents could start utilising the EMI model resulting in hassle free payments via online payment gatewaysIJ
Today many schools and other educational institutions are associating with payment gateway solution providers for easy online billing options. More than 1,500 educational institutes, out of which 40 per cent are K-12 schools and pre-schools, 40 per cent are colleges and universities, and 20 per cent are education service providers like coaching and training institutes are making use of payment gateways to collect fees. These easy billing options not only allow parents and students to pay fees easily and on-time, but also gives them option to pay fees in installments using their credit cards. As the credit line is already open for the cardholder, so the approval is automatic. The system will ascertain his overall credit limit when the card is swiped and recover the payment in monthly installments. This ensures the timely payment of fees and saves the money on interest rates, that otherwise would have been levied on educational loans etc.
Hence, the use of online payment gateway and credit card is opening new avenues for school and colleges to offer convenience to students and their parents. With easy EMI options available on credit card payments along with the payment solutions offered by the educational institutions, it’s simpler for parents to pay school fees without getting overburdened and having necessity of taking educational loans.
Prominent schools who have adopted such mode of payments are Heritage School, Shikshantar, lancers, little Millennium, St lawrence (Mumbai), Sentia Global School (Hyderabad), Calcutta International School (Kolkata) and Wisdom School (Pune). Universities include Amity University, Punjab Technial University, Punjabi University, Maharaja Agrasen University, Anna University, Amravati University. With payment industry revolutionising at a rapid pace and education sector easing the process of paying the school fees, it certainly acts a boost to the future of the country.
The writer is Shailaz Nag,co-founder and CEO PayUMoney.