Know the inside story of how Paytm Payment Gateway helped over 8000 teachers during the pandemic

Know the inside story of how Paytm Payment Gateway helped over 8000 teachers during the pandemic

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Paytm Payment Gateway : When the covid pandemic hit India, education was one of the most affected sectors. Overnight, schools and colleges had to adapt to the new conditions and accelerate the adoption of digital platforms. Although many video streaming apps provided the facility of teaching and learning to the teachers and students in a hurry, but the teachers had another problem – collecting the school and college fees from the students and parents at fixed intervals, because Many students and parents had gone to their hometowns due to the uncertainty around them.

Fee collection system before Kovid-19-
Let us first understand how educational organizations usually collect fees and why fee collection became a problem when schools were closed during the pandemic. Fees were usually paid either by visiting the bank or through cash or challan. Typically, payment reminders were delivered to the public through circulars, emails, or direct calls. Thereafter, the accounting team used to check the payments made through bank deposits.

The online infrastructure for most educational institutions was limited to specialized databases and their own logistic collections. After this, there is usually another round of cross-checking of payments and generation of challans. Prior to Kovid-19, the meetings and agreements of institutions regarding payments were directly with the vendors.

Transaction glitches and the inability to cross-check them with everyone working from home became a real problem for many. With the pandemic not showing any clear sign of an end, institutions were not understanding where and how much to invest to upgrade their systems.

Paytm Payment Gateway allows you to collect fees online automatically.
Paytm Payment Gateway provided a simple and easy way to link the ERP of the institutions with their payment gateway with minimal technical knowledge and minor documentation to solve the fee collection problem. ERP system is used extensively in school and college. Therefore, it was important to integrate the entire ecosystem with the payment gateway, along with managing the logistics and database. In fact, Paytm Payment Gateway linked its payment gateway with over 200 education ERPs during the pandemic. It also had solutions available for teachers who did not have a website.

Since its launch, the fee collection from Paytm Payment Gateway has been effective, with more than 8000 merchants now using this payment gateway. So far more than 2 crore fee payment information has been recorded in this (and this number is increasing). Here is how Paytm Payment Gateway played a leading role in online fee collection. Also, know in simple steps how cash flow issues for educational institutions were resolved.

  • Paytm has provided a better payment infrastructure with high success rate.
  • Dedicated to the betterment of Educational Institutions, India’s Largest Payment Platform with 330M+ subscribers, meeting the need of the hour, without altering the payment infrastructure.
  • As the online payment load increases significantly during the fee payment cycle, the company has increased the scalability to 3000 transactions per second, thereby ensuring proper timing of transactions even during system peak load.
  • The in-house banking infrastructure saves us from many problems and ensures speedy transactions.

Speaking about the system, Prakash Chandra Bhatt, Senior Manager, Accounts Section at Genesis Global School, says, “Paytm has been our digital collection partner for a long time. In this, there is facility to deposit fees and solve problems easily with the help of excellent support team. According to me, Paytm is one of the best PG with great features. Most of the parents prefer to pay the fee through Paytm.

  • Schools typically use individual enterprise or ERP systems to manage their logistics and data base, although most such systems do not have a built-in payment gateway.
  • Taking a lead role, Paytm has integrated its payment gateway with 200+ Education ERP to support this sector.
  • This also reduced the manual time and effort of the accounts team in these institutions, as they can now easily access the payment dashboard and get reports generated automatically instead of manually matching accounts.
  • Paytm’s payment gateway also provided the facility of split settlement. Due to this, the fees automatically started getting divided among the bank accounts of various vendors and departments within the institute.

When the pandemic first broke out, most institutions that had switched to the digital system now find themselves in a better position than ever before. As Archana Jain, Chief Finance and Accounts Officer, Jagran Lakecity University, says, “We still remember that the sudden spread of the COVID-19 pandemic left us with innumerable challenges and uncertainties. At such times, we understood the importance of digital modes of payment and fortunately, we did not face any challenges due to the support of the already existing Paytm. Paytm has now become a one stop solution for our university and we are extremely happy to be an end-to-end cashless university.”

Taking this further, Aparna Magi, Head, Ramagya Group of Schools says, “Parents are happy and satisfied with this app as it is user friendly. The accounts department in Ramagya Group also feels that this app has made their work easier.”

It is no wonder that educational institutions especially appreciate how this company has helped institutions in providing quality education to their students without worrying about payment crunch.

  • Paytm’s payment gateway not only helped in the field of education, but also made it easy for parents and students to pay fees through one-click checkout options with the help of Paytm Wallet and Paytm Postpaid.
  • Paytm’s system is linked with the saved 350M+ devices. Hence, parents do not have to enter the card and account details again and again.
  • The system also provides the facility of reminder of fees, which helps people to avoid late fees and timely payment to educational institutions.
  • With affordable options like attractive EMIs and cashback, this gateway has also made the teaching-learning system affordable.
  • Apart from cutting fees, payment gateways have also reduced the cash flow issues as schools are under pressure to pay teachers salaries and manage the entire system.
  • Perhaps its best feature is Paytm Payment Gateway’s predetermined and fast T+1 settlement with no discrimination, even during bank holidays.

Vikram Ruia, Chief Admin Officer, Mahadevi Birla World Academy, believes that Paytm’s payment gateway is one of the best fintechs in the industry. He says, “We use Paytm for our fee collection. Its payment gateway features are state-of-the-art, with options like quick check out, high transaction success rate, superior dashboard and above all, faster solution delivery approach.”

  • This gateway helped in payment of fees with the help of Paytm app for low technology and no ERP institutions. Schools in T2, T3, T4 cities that do not have a website/ERP can use this platform for convenient fee collection through just an Excel spreadsheet.
  • The Paytm app is used by millions of users every month, so it’s also a great way to promote educational institutions and increase student numbers.
  • This payment gateway properly understood the need for innovative solutions for collection of fees for events/seminars and other special occasions.
  • With the help of Paytm’s payment gateway, institutions can easily create and send payment links via email, SMS and WhatsApp to deposit fees across all payment sources.

For Paytm, helping thousands of students continue their education, easing the hassle of paying fees for parents and supporting the education sector at a time when traditional methods of fee collection are taking over with this payment gateway. , was icing on the gold. After all, we all remember that after the announcement of demonetisation, Paytm helped millions of Indians adopt the digital payment ecosystem. Thus, the role of this company in once again supporting India’s education system in the challenging times of the pandemic has proved to be very important by providing convenient services and easy and fast platforms to bring every Indian into the digital payments ecosystem. The point is proof.

For educational institutions, visit Paytm’s website for more information about Paytm PG.

Tags: business news in hindi, Paytm, Paytm Mobile Wallet, Paytm’s Vijay Shekhar Sharma

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