2019 is the age of digitization & automation. Millions of people are turning to online payments which are done in a few clicks. There are also payments done in “one tap”, which is turning out to be highly convenient for payers.
Implementation of automation simply adds value by reducing manual labour, saving time & improving efficiency.
So why not automate the fee payment process as well?
Automating the fee payment process would make things easier as you can pay quickly, in a timely manner.
Every educational institution has to go through a lot of hassles when it comes to collecting fee payments from students. Fees payment collection & management is a critical aspect for institutes & it has to be intervened carefully. Manual intervention in such critical aspects can be tedious, prolonged and error-prone.
What is Feesbuzz?
Feesbuzz is a payment cum domain specific solution to educational institutes.
This platform is a CMS driven dashboard with complete reconciliation functionality that drives end to end payment facilities from your own control. This is the only platform which offers an end to end reconciliation with student instalments on your own dashboard.With Feesbuzz, the educational institutes can provide online fee payment as an option to their students. Feesbuzz enables you to seamlessly conduct your fees related activities with maximum accuracy, efficiency & automation.
How Feesbuzz simplifies your fees collection & management?
Feesbuzz provides a CMS driven dashboard to institution where in the institution can control core fees related activities.
Fee structure creation
You (Institute user) can create a fee structure as per the course & allot the created fee structure to respective batches. The fee structure consists of the course, batch & the amount for the particular course & the batch to whom the course is to be assigned. You can also create fee structures with respect to certain student categories like general, OBC etc.
For every fee structure you create, you can create installments on the total amount of the fee structure, that student will pay as per the due date of the installment. These installments can be created on any created fee structure which is assigned to any particular batch.
There are some parts of the fees which are compulsory for the student to pay; like university fees, exam charges, tuition fees etc. Also there are some parts of the fees which are dependent on the choice of the student.
For example – If the student chooses hostel accommodation, then the installment of “Hostel fees” will be applicable to the student. Similarly other installments like ‘Mess fees’, ‘Gym fees’ are totally dependent on the student, whether he chooses these services or decides to opt out.
Keeping the above scenario in mind, Feesbuzz lets you to create optional installments for students, which will be applicable only if the students wish to have the particular facilities. All the installments are created with a due date and so that you can expect payment from students in a timely manner. Also in any case, if a student fails to pay the respective installment before its due date, you can easily manage the installment & extend the due date for that particular student.
Discounts – Enable discounts on the installments of your fee structure. Simply just select the fee structure on which you wish to enable discount. You can set a new payable amount for the installment, which will differ from the initial installment amount.
Assigning installments to students – Now assign the created installments to a whole batch of students in a single click. Simply upload a CSV file containing student details & done! All the students will be populated & have respective installments allocated.
Share Fees payment URL with students – Once you have created the fee structure with all the details, you can share the URL across your student base to let them pay online. You can share this URL on your website or by any other mode of communication.
How students pay their fees – We at Easebuzz understand that paying the hefty installment amounts online is a big deal for student & his family. This is why, before paying fees online, the student has to verify himself to avoid any risks regarding payment. The student, after accessing the fees payment URL will verify himself with his PRN number or any Unique Identification Number as per the institution’s record & only after successful verification, the student may proceed to pay.
Fees Payment Reports – As the students pay according to their installments,you can have a detailed report of students’ payments. These reports can be generated for the whole batch in a single click or you can even generate transaction wise reports. Also you can manage refunds raised by students from the dashboard.
Split Payouts with Feesbuzz
Education institutes that collect fees from their students include various categories according to their fee structure. The fee structure breakup will have a certain amount of tuition fees, library fees, hostel fees, project fees, library fees,etc.
So the fees that are collected from a student, is the total payment with respect to the fee structure. Having collected that, the institute will decide to make splits out of the total fee structure amount & those split amounts will be routed to respective accounts to map the purposes.
Like, a certain percentage of the total fee amount will be routed to institution’s tuition fees account, another percentage of total amount will be routed to library fees account, rest will be routed to hostel fees or any other account depending on the institute & its purpose.
As Feesbuzz is integrated with our online payment gateway named Easebuzz, you can avail split payouts to your multiple bank accounts. You being an institute user, will provide us a ratio of the splits which you wish to route to your accounts & we will route your payment to your bank accounts as per the split ratio that is provided by you. In the above case, if a situation of refund arises, we route the refund amount from your bank accounts to the customer’s bank account.
How Feesbuzz reduces manual intervention & boosts productivity
The above radar chart displays the difference in the performance of all the above aspects with Feesbuzz & without Feesbuzz i.e the traditional method
This is how Feesbuzz makes life easier for both institutes & students by eliminating all the tedious and prolonged processes of fees payment. Also automating the above aspects will ensure in accuracy & time will be saved at a greater extent, improving overall efficiency.