Schools, colleges and other educational institutions still collect fees using cash, demand draft (DD) or cheque. The fee collection usually happens either at a designated bank or at an administrative office over a short stipulated period of time. These manual procedures cause hardship to students and parents while making the payment, and later at the institutions during the reconciliation process. Parents and students complain not only of the inordinate wastage of time, often leading to an whole day off from work and class respectively, but also of the risk involved in handling cash and other associated costs.
Parents have begun getting accustomed to paying online for products and services, from buying movie tickets to even paying telephone and electricity bills online. The trust on online payment methods has grown, thanks to security features, ease of use and the advantage of anytime-anywhere. Online payments can be made on any device and they are the preferred mode of financial transactions to many.
Non-digital transactions involve many tasks and across many people, raising the risk of manual error. Institutes have an accounting headache at the end of the financial year. On the other hand, online fee payment will not only provide institutions with accounting information at their convenience, but also help parents in rendering the procedure transparent and forecasting any amount that is due. Most institutions understand the value of enabling online fee payment but have not yet implemented it. This is because setting up such a system takes time, money and IT support and involves maintenance. MapMe fee module helps in breaking down these barriers and enabling institutions to establish and run the system of online payment of fees.
MapMe Fee module is a simple, fast, safe and secure platform to facilitate online fee payments to institution registered with us. Parents/students can pay fees at one go or term-wise depending on the policy of the institution. A receipt of the payment will be done digitally, rendering the process entirely paperless. Information is available at the fingertips, i.e. past transactions, fees due, etc. can be viewed online. Additionally, MapMe is looking on strategies for saving on educational fee. That is, we are constantly looking at innovative business/financial models such as cash back, points rewards, financial aid and loans that may help parents save while they pay.