The increasing adoption of online methods of payment due to their ease, speed, and convenience has been encouraging institutes to implement fee collection software to enable easy payment transactions from students, vendors, and others. It allows them to collect course fees, hostel fees, bus fees, mess fees, and others.
If you are looking to upgrade your institute’s fee management process, here are the top features to look for in a fee management system.
Accurate Fees Calculations-
The fee collection software must be able to calculate the fee structure for every student. In any institute, the fee structure of students is different for everyone based on several factors such as scholarships, reservations, fee waivers, courses, duration, exams, and others.
The process is difficult for teachers to calculate fees for every student separately. It is prone to a lot of mistakes.
The school management system offers a fee collection process that ensures accurate calculations for the students. Further, it collects fees for different programs, workshops, and other activities from the students efficiently. This helps the faculty to ensure a smooth process of fee collection in the institute.
High Security and Privacy-
With the rising cyber thefts, data breaches, and malicious attacks, it is important to secure all fee transactions in the fee collection software. The system contains important information such as the institute’s bank details, student bank accounts, transaction information, bank passwords, and other important and confidential data that needs to be kept safe.
A fee collection software must offer high security of data using cloud-based storage and easy data backup. Role-based access to the users ensures authorized access to important information in the system. Moreover, the data encryption technology secures all passwords and bank details for the users.
AI-Powered Dashboard Analytics-
The use of Artificial intelligence ensures a simplified process of data analysis. It enables the institute to get dashboard information about the number of students that have paid the fees, the number of students with pending fees, students paying fees in parts, etc.
This helps the institutes to understand students’ behavior and helps them make data-driven decisions to enhance the Admission experience for the students. Further, the BI tools help in the graphical analysis of collected data and reports.
Notifications and Communication-
The fee collection software must enable easy access for students for connecting with teachers in case of any fee-related issues. Further, the software must be able to confirm payment transactions to the students using e-receipts.
The software must be able to send automatic reminders to the students on pending fees whenever it is due. This helps to improve the communication between students and institutes regarding fee management and processing.
Multiple Payment Modes-
As the entire system of fee management is conducted online, it should offer multiple modes of payment for students at their convenience. It includes credit/debit cards, net banking, internet gateways, UPI payments, and others. It makes the fee payment process quick and easy for the students.
Efficient Data Collection-
The fee collection software must collect all fee transactions accurately in the system along with several details such as bank accounts of students, the bank account of the institute, time, date, etc. Further, the system must be able to bifurcate the data based on the account in which payment is received or the information regarding student batches, courses, classes, fee status, etc.
This can be conducted using filters on the collected information. Further, the system makes real-time changes in the software like changing the status of fees after the student pays fees, admission status, and others.
The fee collection software is an efficient and accurate tool to automate the entire process of fee collection and processing. It has simplified the fee collection activity and reduced faculty workload by conducting all monotonous and lengthy tasks. It can be integrated with the school management system and other devices for smooth workflow of operation in the institute.