Government wants everyone in India to enter into a cashless economy to make every transactions transparent and it is encouraging in too many ways.
By welcoming this move towards cashless economy, CBSE (Central Board of Secondary Education) has announced that from January, the school fee for the students has to be collected through non cash modes. i.e Digital Modes.
“ The Board has been directing its affiliated schools to disburse salary to staff through bank transfers. Further, with a view to reduce cash transactions at school, all CBSE affiliated schools shall introduce fee collection from students only online or through non-cash mode from the next quarter commencing from January, 2017 on wards. “ – Joseph Emmanuel
Now these question has to be seriously debated,
What are its pros and cons ?
Ways of welcoming it.
How schools can achieve it?
Effective Record Management: Earlier the records were managed manually in the registers or in the form of hard copy, which demands for more manpower. But the advancement in technology has enabled all the institutions to manage their records electronically.
Convenience: Completely eliminates the parents coming and standing in a long queue for paying the fee. Payment can be done at anytime, anywhere, its enough to access to an internet.
Tracking and Maintenance: With access to reports and comprehensive financial history, an electronic payment system gives management and other authorized users easy access to snapshots and detailed reports to improve decision-making and process efficiency.
Time Saving: Increased automation is a key feature of a robust electronic payment system, which reduces the manual work of generating reports, last minute preparation for auditing, since everything is been accounted.
Reduces limit limitations: With the usual fee payment method, a school can collect fee only to the limited number of students due to various limitations like limited resources, limited time, etc. Now even the school can be able to collect fee from all the students. I.e no limit on number of transactions.
Transparent Transactions: When these cashless mode of transaction is adopted, all the transactions that are carried out in the school are more transparent which will eliminate the unaccounted or illegal transactions.
Adaptability: It is difficult to get adopted by all the parents of the schools, especially in rural and remote areas. By awareness program, this can easily be minimized.
Necessity of Bank accounts, internet facility: Since everything has to be done through online, it is a must of having bank accounts, internet banking and other related things which cannot be handled easily by all. Government should come forward in opening of bank accounts to all in rural areas with the respective banks around them.
Security: When coming to digital transactions, then hacking, security threats along with it. So it is everyone’s responsibility to keep their account information confidentially, else it may lead into some unnecessary security threats.
Ways of welcoming it !
The way forward is to adopt to this digital initiative. By automating the fees payments and receivables through cashless mode seamlessly the administration can better control its budgets and develop transparency in accounting. One of the best way is to get partnered with solution providers like EDUMAAT who have solutions that can handle all this so simply and easily.
How schools can achieve this?
EDUMAAT helps in a better way to achieve this, since we examined and evaluated, analysed all the technical aspects of achieving it.
An user friendly, easy, step by step approach is adopted in EDUMAAT to handle this cashless transaction easily. EDUMAAT provides an online portal to all the parents and one or many logins for the school as well which promotes self-service management of fee payables. EDUMAAT can be integrated with highly secured payment gateways, which enables the parents to transact with the schools. i.e paying school fee.
Simple 5 Steps to pay Fee through parent’s portal:
- Parent logins to his/her account, it will show the list of fee that is to be paid.
- From the list, one or many fee items can be selected.
- Now it will show the total amount of fee to be paid, along with the fine and discounts if any.
- When entered into the payment panel, parent can enter the confidential bank credentials.
- After the simple verification process, the fee will be credited to the schools account, i.e fee is paid.
How schools setup to receive payment?
- With simple setup process, the bank account number to which the fee has to be credited is to be given.
- Invoices for all the students is to be generated, apply discounts or fine if any.
- From Reports and dashboards the schools can get the fee paid list, defaulter list,month wise report, class wise report, etc based on the type of report they want to see.