Author: Bhanushreya Sharma
There is a proliferation of electronic payment systems in the 21st century. Debit and credit cards have become the norm, and cash has become obsolete. Digital Payment has proved to be the most popular option among a large number of people these days. It has almost shadowed the traditional form of cash payment while doing any kind of transaction. The Government of India has the vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Digital payments are very popular as it requires little time and works conveniently, with this, online payments are done with a tap on phone from anywhere and anytime with your convenience. As part of promoting cashless transactions and converting India into a less-cash society, various modes of digital payments are introduced as under:
While the options look good to implement and use from all trusted partners but There may be few hurdles and problems in using digital methods and techniques. In this article, we try to understand the challenges that an institute might be facing while trying to get on the bandwagon of digital transformation, first step of which is the institute’s presence on the web for accepting transactions digitally and be a part of the cashless society.
Poor security and data theft
A recent report states that 1,000 respondents in the country with 36 percent of Indian adults detected cyber fraud over the past 12 months. Around 45% of Indians have experienced identity theft to date.
Around 14 percent of these victims were impacted in the past year alone which means that over 27 million Indian adults details. Also, the card-not-present transaction, pharming, Trojan, and worm result in unauthorized frauds and thefts. This malicious act can be prevented by having litmus tests of the safety and security of the online payment portal that an institute is selecting to integrate.
Handling bulk payment
Receiving money from various channels in one go can be cumbersome, which can decelerate the huge traffic for processing the surplus transaction. Excess payment transaction gateways all at once can result in intractable mismanagement of the proper sequence of data. Restricted cash flow can delay the seamless transaction of fees too.
Institutes should choose a correct payment processor that caters to a comprehensive user experience when adapting and managing the receivers’ information. The payment portal should ensure smooth, secure, organized stats of transaction information while simplifying the process of handling the bulk data. Institutes should opt for portals that provide clear analytical data of fee transactions to the sender and receiver ends. With proper payment receipt or records, parents can have access to the invoice of the transaction which optimizes the workflow at both ends while transferring the money.
The slow and complex process of automation
The process of integrating the system also plays a vital role in determining the functionality of the payment platform. Complex integration and slow data flow can result in a negative impact on the management. The platform should have the right customizing features along with the quick installation of the system.
Systems that provide good service availability and great performance with fewer steps in embedding the system with fast response time should be preferred over the other versions. To accelerate system performance, choose one of the best systems, replacing the slow process of manual invoices and error-prone automation to enhance financial performance. The complex automation process should be simplified and run smoothly while integrating.
Frequent Technical mishappening is also a root cause that can degrade the B2B user experience of the portal. Faulty database connection and bottleneck bandwidth can immensely affect the transaction workflow of the institute. Loss of power, hardware malfunction, operating system crashes, and network partitions can make servers go down which can hamper the process of transactions.
To minimize the impact of failure events, institutes should aspire for portals that have reliability and availability of server instances in a domain. Online Portal that has properly maintained servers with updated operating software consisting of routine and preventative hardware and software maintenance (PM) on the server should always be preferred. The department should also have data retention and security practices to prevent threats from catching enterprise networks off guard.
Accepting payment through finite modes
Another big hurdle could be having only a single digital payment system. In any institute, payment gateways play a critical part in customer experience. The evolution of financial technologies has resulted in new alternative modes for transactions.
Partner with a trusted payment gateway that supports international transactions, allows instant payment processing, access to payment channels, cross-border connectivity and enables flexible integration options. Parents should have convenience while paying fees A small failure in the system will collapse or halt the institute. Hence it is highly recommended to have multiple digital systems.
Poor support system
The concept of a good support system emerges as a brand differentiator when you are dealing with B2B and B2C industries. A poor support service can affect the programmability of the whole system. An efficient support system with great response time can help in navigating the institute through the various processes and solve the queries in a faster and seamless Way. Putting customers on hold, and transferring calls again and again with a slow response time can have an adverse impact on the institutes as well as on the parents. So gateways with good customer services are required to integrate a user-friendly comprehensive gateway portal in the institutes. Lack of a good support system will eventually bring blockage of execution of transaction.
And who is at the forefront of this experience?
Your support system, of course! Choose Wisely for the future of your online presence and collection of payments that would be the backbone of your ecosystem.
Further Online payment is not fool proof as friendly as we think, till we make it with help of experts. A good management system and a team of highly qualified professional in the particular field are required to make it user friendly and seamless transactions.
To have one stop solution to all these problems and remove all obstacles in digital / online system we offer our best services. eLite Unified Payment Portal provides all the required support and features for a highly friendly and supportive payment partner for you. It provides high data security with multiple payment option, good support system with quick automation. You can effectively start taking payments online for your institute in less than 3 hours from registering your institute for the services on offer.
For more information about products and to discover how we can help your institution make a technologically advanced school, please call at 1-800-212-1737 or email us at email@example.com