PayMyFee vs traditional fee collection process. Why Institutes should start using PayMyFee?
The gradual development of technology along with its vast stretches of contribution towards making life easier can never go unnoticed. Gone are the days of the traditional fee collection process. While schools and colleges are advancing to an internet-based system of education, why the fee collection system should be any different? Introducing PayMyFee - a noted fee management software that has revolutionized the aspects of online fees collection. It has an easy to use interface with 24*7 online chat support to help the users.
Check out the basic features and services of PayMyFee and choose the best for your institute:
Integrated Information System
PayMyFee allows you to save all the student information in the most organized manner. You will find everything under one roof- be it their personal details, parental details, documents, phone numbers and many more. Not only this, but you can also create as many fields as you want to maintain a record of all the important data.
All Types of Payment Accepted
We prioritize the convenience of our users and have made way for a wide range of payment options such as internet banking for all reputed Indian banks, credit/debit card transaction, Rupay card transaction, UPI as well as digital wallets. Our motto is to offer everything and make sure that the users have a great experience.
Ready-Made Student Portal
The ready-made fee payment portal at PayMyFee certainly reduces manual labour and makes the job simpler. Want to make it more suited to the tone of your institute? Customize the portal with your logo and choose from a wide range of colours to make it unique. Integrate the portal within your own website and collect fees even more easily.
Unlimited Categories
Creating categories and subcategories will allow you to take a more organized approach towards the online fees collection system. PayMyFee does not impose any restrictions or limitations to the number of courses, programs or batches that are created for a better fee management system.
Generates Customized Reports
After fees payment, PayMyFee helps to generate customized reports of the receipts and send to the students. That’s not all; it also generates reports of the pending amount of fees to notify the students. The detailed reports can be downloaded easily in PDF format.
Always Stay Updated
We believe in proper communication so that our users don’t face any inconvenience. Get notified every time when a transaction is made via SMS and Email at no additional charges. We will also send you an alert or a reminder when a fee is due.
How is PayMyFee better than the traditional fee collection system?
Using demand draft or cheques for collection of school fees has been an integral part of the traditional methods for long. However, the convenient services and constant assistance of PayMyFee will help you look at things differently.
- While a bounced cheque is a common phenomenon that can create inconveniences for the institute, PayMyFee does not make room for such errors.
- You are encouraged to go cashless but in a safe and legitimate way. The various modes of payment offered by this online fee management system are for the benefit of both the parties (the payer and the payee).
- Why spend a lot of time using DD or cheques when the amount can be reflected in your account instantly? With PayMyFee, money transfer does not take more than half a minute.
- Not to forget, but paying through DD will have you incur extra charges. Experience no such issues with the payment of school fees using PayMyFee.
No need to stress about the due date anymore. Pay school fees online through PayMyFee and get notified immediately. Not to mention, but this online fee management software also helps you to pay college fees with a few simple clicks.
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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