A payment gateway is a technology used by schools to accept fees or other payments from parents. It works as the middleman between them, ensuring the transaction is carried out securely and promptly.
The traditional way of collecting fees through cash, cheques, or demand drafts involves a lot of human intervention. The long queues for depositing fees, cash management, etc leads to wastage of time for both administrators and parents. Also, the risks associated with cheques like non-clearance due to insufficient amount or loss of cheques are nullified due to moving to digital payment solutions.
The integration of payment gateway with software helps parents and administrators by simplifying the process of fee payment and automating the fee collection process.