How education institutes can define strategy to Automate Fee Collection Process
Fee Collection Process is one of the largest administrative process for Indian education institutes and universities. In the entire lifecycle of the students education entities need to collect various kind of fees at various stages of the academic year. No of administrative people involved in fee collection process is large and administrative cost is also high.
Fee collection is recurring process. There are various types of fees collected by the education institutes.
1.Admission Form Fee:
It is collected during admission form filling process. Online admission system can easily automate digital form filling and online form fee collection. Online admission form can be filled by students, parents from mobile phones or website. It helps to scale admission process.
2. Tuition Fee
After admission is confirmed for the students, it ix expected to make fee payment in defined timeline in order to confirm admission.
3. Hostel Fee
Education institutions having hostel facility need to manage hostel form filling or hostel yearly/ 6 monthly fee collection process. Hostel fee payment can also be linked to collect it online.
4. Exam Form Fee
There are various types of exams conducted semesterwise, year wise, special tutorials etc. Institute/ University need to collect fees from the students in additional to filling exam forms.
5. Laboratory Fee
In case of science and technology students it is expected to pay for laboratory related fees.
6. Library Fee
In most of the cases there is library fee/ deposit to be collected from each student by library section.
7. Category wise fee
In case of Govt aided/ affiliated universities/ institutes fee structure for category based students is different compared to general students.
Digital or online fee collection process can be implemented for the institute which can help to save administrative cost and entire status of fee collection can be checked using online dashboard.
Digital platform and online fee collection dashboard
Following are some of the key advantages of Digital Fee Collection
- Admin activities can be automated
- Facility to collect various types of fees hostel fee , exam fee
- Reporting and analytics can be generated.
- Administration can be simplified
- Parents can make payment using credit card as well and it can be converted to monthly EMI based on credit card offers to simplify their payment of education fees.
- Alerts to be sent using email sms for pending fee payment
- Students or parents can login to the system and make fee payment.
- Many banks and credit card issuing entities are providing loan or EMI facilities so that parents can convert their fee payment into monthly installments.
- Reduction is cash handling can save significant cost of administration. Many education institutes are befitted with this approach.
- Various rules related to late fee delay calculations can be automated so that students can directly make payment inclusive of late fees while making online fee payment
- Fee receipt can be downloaded digitally from the system. Overall Audit Process of institute/ university for fee collection is also simplified.