The Future of Online Fees Payment
With the unfortunate rise of corona hazard, the world of education has been compelled to bring about a huge shift in paradigm, from classroom learning to online learning. Consequently, the students are asked to pay their fees through an online fee collection system. PayMyFee is a one stop solution for all kinds of online fee submission. This fee payment portal enables the students and the institutes to transact online fees while providing a wide range of options, like Mobile wallets, Internet Banking, UPI and Debit and Credit Cards.
Why is fee payment software better than physical transactions?
- Available for 24x7
The online fee collection system is available at every possible hour of a day and every possible day of a year. So, whenever the students decide to pay school fees or pay college fees they can do so without any delay. In offline fees payment, the students have to wait until the bank is open. If the bank remains closed for a day, students have to wait as well. This is totally avoidable in a fee payment portal.
- Available everywhere
The system of online fee collection is totally convenient for students and institutions because it eliminates any geographical boundaries on part of the students. They can submit their college fees online from anywhere in the world. In the present day, many students avail online education for many reasons. Whether for a health risk or other reason, students who take online classes, can use this kind of online fees collection software from anywhere. This online fees payment system is highly efficient for overseas students.
- Fast transactions
In offline fees payment, the transaction needs 24 hours or so to be completed. It involves the physical submission of the money on part of the students, bank transaction and then the educational institute is acknowledged that their account has been credited. This takes time, which can be lessened or totally eliminated with the option of online fee submission. Through the highly equipped online fees payment software, the students can pay school fees now, and the money is credited to the account of the institute the next moment.
- Lower risk of theft
There are times when students get mugged by anti-socials on their way to the bank. It is highly risky to carry such a large amount of cash all the way from home to bank branches. It can be theft or lost. Online fees collection system offers a very convenient system of fees payment, where the students do not have to step a foot outside their homes. They can accomplish the whole process sitting on their couch through portals like PayMyFee, the students are offered many options to pay college fees online. Moreover, these portals are secured with high quality purchase protection. Therefore, there is no risk of online forgery.
- Explicit information
These portals for fees payment are nicely designed and keep records of the payment. The institutes can go through the records if anything inconvenient happens. The students also have a valid proof of fees payment. The students have to submit their KYC to use the portals. So, there is no question of misuse or lack of authenticity.
- Convenient
After all, the online fees payment system is convenient for every other reason. The students can pay online fees without being bothered to go out and stand in a queue for hours. They can do it with their Mobile Wallet money, or by UPI or by their Credit and Debit Cards. So, mode of payment will never be a problem. No time is wasted, and no service charge is required using the fee payment portal.
For such reasons, online fees payment is going to be or rather has already become the ‘new normal’.
Frequently Asked Questions
Here's what you need to know about PayMyFees, based on the questions we get asked the most.
We follow a 'T + 2' settlement cycle, meaning the payment will be settled into your bank account in 2 working days from the successful transaction date. This is the same bank account details of which were provided in your KYC documents.
Generally an identity proof with photograph and an address proof are the two basic mandatory KYC documents that are required to establish one's identity.
For KYC, one needs to upload copies of PAN Card, Aadhar Card & a Cancelled Cheque (without signature).
The objective of KYC guidelines is to prevent businesses from being used by criminal elements for money laundering activities. It also enables businesses to understand their customers, their financial dealings so as to serve them better and manage its risks prudently.
For KYC, one needs to upload copies of PAN Card, Aadhar Card & a Cancelled Cheque (without signature). If someone does not upload the KYC documents, settlements to the partner Institute will not happen & shall be withheld. To start settlements to your bank account, we need your bank account details & your PAN details.
Students can be added one-by-one or imported from an Excel file. Format of the Excel file can be found in the panel itself.
Unlimited. There is no limit on the number of students you can add or import.
Students will receive an SMS with their login details on their mobile phones immediately after their account is created in the system - either when you import student details in to the system or when you create their account individually.
Unlimited. There is no limit on the number of Courses, Programs or Batches you can create.
No. You can copy the fees structure & rename it as per your needs. You can also modify, add or remove fee heads if needed in the copied fees structure.
PayMyFee supports & accepts payments from all major Credit & Debit Cards (VISA, MasterCard, RuPay, AMEX, Diners), Internet Banking (All major Indian Banks), Mobile Wallets (Paytm, Mobikwik, JioMoney, etc.), UPI & Prepaid Cards. PayMyFee also supports acceptance of International payments.
As a payment aggregator partner, PayMyFees is required under RBI (Reserve Bank of India) guidelines to complete KYC (Know Your Customer) and AML (Anti-Money Laundering) verification for every institute before enabling live payment collection. This protects your institute, your students, and the payment ecosystem from fraud and ensures your settlements are processed without interruption. We collect two categories of documents:
Authorized Signatory's Documents — to verify the identity of the person authorized to operate the account on behalf of the institute (Aadhar Card, PAN Card).
Institute's Documents — to verify the legal existence and banking details of the institute itself (PAN Card, Cancelled Cheque, Registration Proof, GST Certificate/Non-Enrollment Declaration, Authorization Letter or Board Resolution, and a UBO Declaration where applicable).
All documents are stored securely and used solely for verification purposes. Once verified, your account is activated and you can start accepting payments immediately.
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