For any education institute, getting students’ fee on time is integral to its sustenance. If you aren’t careful about collecting fee on time, money crunches’ problems will engulf your school. I have integrated some of the best practices that has benefited me and I am sure you won’t disappoint by implementing them:
Simplify fee payment methods
Don’t be too stringent about fee payment methods. Try to provide convenient options to parents so they don’t have a reason to blame anybody for their dues. Enable online and offline fee payment management in your school. Offline means are best for parents who are not comfortable using any technology whereas those who have over-occupied work schedule can go for online mode. So, whether it is by card, debit order, or cash payments, give parents a variety of fee payment options to choose from.
Get the best fee payment system in place
One of the easiest ways to ensure that students pay their fee timely is by having an efficient online fee payment system in place. Through this software, parents would be able to pay their children’s fee anytime, anywhere. The common reason given by parents for not paying school fee on due date is their busy work schedule.
Many schools have integrated eLite Unified Payment Portal for online fee payment. It is affordable, provides round-the-clock support and user-friendly. Parents also receive invoices for all the payments made using eUPP. You can search on the web to get the best one for your institute.
Sending Timely Reminders
Send text messages to all the parents on their registered number to remind them about school fee payment they need to make. This would also save parents from paying penalties or interest for late fee payment.
These are some of the simple tips, which can help educational institutes of all sizes. Running an educational institute is a herculean task and so is the managing the cash. Use the above mentioned tactics to combat problems related to cash crunches and ensuring all students pay fee on time.