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Education leaders are advising decision-makers on improving school outcomes and rethinking school system at every level.
School administrators are seeking ways to transfer successful digitization experience from the classroom to the back office. The need for a transparent, secure, and user-friendly payment solution arises from the complexity of the current school transaction ecosystem. With up to 20% of the funds handled by schools being paid directly by the parents, the existing manual system creates multiple challenges:
Education sector can also benefit from the digital disruption. Adopting cutting-edge PayTech solutions for handling student and parent payments is one of the most promising developments. Implementation of modern payment applications results in significant efficiency increase and savings. There are some schools that rely on card-based payment systems, but they do not realize the full potential of the end-to-end PayTech solutions that benefits all stakeholders. These benefits include:
Reduction in the cost of payment processing (by up to 60%) demonstrates enormous saving potential for a sector that suffers underfunding and is continuously facing the challenge of delivering the best educational outcomes without increasing the budget.
PayTech solutions require upfront capital investment and ongoing fees. Most solutions apply a fee based on the transaction value. Beside monetary expenses, schools also have to invest time into promoting the adoption of digitized payments and educating stakeholders on using the chosen PayTech solution. But despite initial time and resources investments, improved efficiency and shortened processing time reduce the overall cost of handling transactions.
Early adopters showcase the impact of custom PayTech solutions on school payment ecosystem without significant expenses and disruptions. Their digitization journeys display following common steps:
Use cases of PayTech solutions, such as Qkr by MasterCard, adopted by schools demonstrate significant time (268 days annually) and cost (60%) savings. Education leaders appreciate the potential and are advising decision-makers on improving school outcomes and rethinking school system at every level.
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