The PayMyFees Blog

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.