Top Challenges in Managing an Educational Institution’s Online Fee Management System
Technology is rapidly evolving in the digital era. In the present situation, where employees work remotely and students take classes from home, educational institutions must adopt and implement Student Management System.
Due to the outbreak of the COVID-19 Pandemic, prestigious schools and colleges experienced many administrative challenges. All of the educational institute’s connected operations are now administered in one platform, thanks to the Student Management System.
Student Management Systems were used before the pandemic but the lockdown aided schools in fully adopting these brilliantly unique technologies. Even now when the campuses are reopening, the educational institutes are more than pleased to employ School Management Systems, Student Tracking Systems, and other ERP Systems.
The Online Fee Management System is one of the key aspects of the Student Tracking System. This module digitally tracks the student’s financial data. The administrators can easily manage multiple charge sheets, produce fee receipts, customize fee receipts, manage and audit fee reports.
Online Fee Management System is a great software to manage fees, but there are some challenges too. Accepting online payments and processing online payments provide some particular issues. Let’s have a look at these challenges and how to overcome them.
Online Fraud
Fraud is nothing new or surprising, but it is startling to see that cybercriminals have discovered and leveraged holes in online payments. This is one of the key reasons why many institutions resist using online payment methods.
However, since then, the technologies and accompanying security have improved. It might occur on both the party’s part of the transaction.
Card payment is the most frequent form of online payment. In most instances, either the transaction is not confirmed by the institution or the money withdrawn from the payer’s bank is greater than the real amount.
Solution
Losing your hard-earned money to cybercriminals is frustrating. Considering this, a series of modifications have been implemented to make card transactions more secure.
This includes the use of EMV chips, increasing the level of encryption, using fingerprint recognition, updating the passwords, and fraud awareness.
Chargeback
Another reason why the students avoid using online payment methods is the extra charge that comes up with the actual payment.
Solution
Institutions and the students should take all the necessary precautions and follow the recommendations given by the monetary organizations, RBI to be specific.
These guidelines inform the payer and the payee on how to pick a payment method that can handle chargebacks effectively. It also recommends the payment processor comply with necessary measures such as EMV, 2FA technology, and others.
Payment Gateway Challenges
A payment gateway acts as a mediator, ensuring that the payments from the students are safely sent to the institution’s linked bank account in the shortest period of time possible.
Many people, however, are still unsure of how to choose the right payment gateway.
Solution
In today’s digital environment, there are a plethora of payment gateway alternatives. As a result, there is competitiveness to provide the greatest services at reasonable costs, making it difficult for the people to select the best one.
In consideration of this, there are a few things that everyone should do to make sure their payment gateway is right for them. The gateway’s suitability for technological integration, security, compliance, payment gateway costs, and support are all factors to consider.
Continuous Updates in the Payment Options
Society is adjusting to the new normal and becoming accustomed to contactless payments. Everyone from an established institution to a small shop is dealing with the requirement to retain at least one online payment option.
Solution
It might simply start with figuring out what the students want and then choosing a system that works for both parties. But it is not that simple. Understanding the need and completing the process might take days.
Contact the customer service departments of leading payment gateway providers to learn more about what they have to offer in terms of facilitating secure online payments and reducing the time and effort required to keep passbooks, cash books, and even change for currency as a means of payment.
User Experience Challenges
It’s one thing to have the institution’s bank account linked to payment services for seamless online transactions, it’s quite another to employ a complicated or time-consuming solution.
This can be critical to both parties. With so many online transactions taking place, everyone expects a user-friendly interface.
Solution
When choosing a payment service, make sure to find one that provides a complete user experience.
Both parties expect simple, rapid, and secure online transactions. These payment methods facilitate payments and improve credit scores.
Conclusion
Going out of the box and adopting something new is never easy. But the world is evolving by every minute, it also makes things easier. So stay up to date on technological developments and handle your transactions smartly and securely.
