Education providers are adapting to new opportunities that arise from technological advancements in the education sector. The adoption of student information systems (SIS) by education providers is on the rise, with services and amenities being streamlined into simpler digital processes that benefit all stakeholders including students, parents and staff.
In combination with using a SIS, there remains an opportunity for education providers in digitising their payment processes. Between education providers and students or parents are high volumes of payment touchpoints ranging from one-off or recurring fees to paying for excursions, lunch orders, textbook purchases and more. These payment touchpoints result in large annual totals of payments, presenting significant potential to improve stakeholder satisfaction and reduce administrative costs, saving on time and resources.
Education providers face a series of payments challenges including:
- Lack of payment channels
- Reconciliation of multiple revenue streams
- Limited IT resources
- Adoption of new payment methods
- Providing secure payment experiences
Education providers looking to implement a holistic payment solution must consider all payment touchpoints to provide a seamless experience for their stakeholders, cost-effectiveness, compliance and ease of implementation.
This paper provides a summary of the education sector market through different levels of education in Australia, the opportunities and challenges education providers face in digitising payment processes, and best practice approaches to addressing them.