Post pandemic with the rise of Edtech industry, payment gateways have played and are still playing a crucial role to the success of the industry, as they are what enable an educational platform to accept payments—both online and in-person. Payment services in the educational industry are vast as it includes school fees, tuition payments, college fees, competitive exam charges, etc. Payment processing for the education industry is a tough job. It needs a right payment system to process students’ payments. To help, we’ve rounded up the best 5 payment gateways for educational platforms to find the suitable one.
1. Cashfree Payments-
Cashfree Payments is a reliable payment gateway that can manage online, mobile, and offline payments. Businesses with high transaction volumes can go for it, as it has a centralised control and an advanced dashboard.
● Payment modes- It offers 120+ payment methods to customers, including cards, 65+ net banking options, Paytm, UPI, other wallets, payment links and Pay later options like EMI or Buy Now Pay Later (BNPL).
● Cashfree Payments collect course fees or platform subscription fees, manage fees collected on a course level and more on your website or app. For auto collect you can create a unique virtual bank account and UPI IDs for each of your courses and track payments on a course level.
● Subscriptions- An institute can automate recurring payment collections for course fees, platform fees, etc with e-mandates for cards, net banking and UPI.
Easebuzz is a full-stack payment solutions platform with a mission to become a one-stop Financial Operating System for businesses. Easebuzz’s payment gateway is robust, easy, developer-friendly API plugins for faster integration with a powerful integrated dashboard to provide statistics and reports on fee payments. Educational Institutes like Schools, Colleges and Coaching Centers can digitise and manage their entire fee collection life cycle with ease.
● Payment modes: Educational institutes can accept fee payments for different courses via different virtual accounts, Collect student fees via IMPS, NEFT, RTGS & UPI and Accept payments only via authorized remitters. It also offers a QR based payment option for offline fee collection.
● Services: Digitise student admissions with forms, Installment-wise fee collection, Offer fee concession, Manage fee refunds, Manage student fees batch-wise and course-wise, Identify fee defaults, Create GST-compliant invoices, etc.
● Pricing-The payment gateway tool of Easebuzz comes with customised pricing suitable for every business need. Avail zero setup and maintenance fees with robust security.
Paytm Payment Gateway has enabled 8000+ educational Institutes to automate online fee collection. They manage payments end-to-end so that you can focus on your students.
● Payment modes: Paytm PG is the only major provider that allows students to pay via Paytm wallet, the one-click checkout option loved by 330 million+ Indians. With 250 million+ tokenized and secured saved cards, students and parents never have to enter payment details time and again while paying fees. Give students a plethora of affordability tools like EMI, Paytm postpaid & attractive cashbacks.
● On boarding: Get onboarded within 15 minutes with no paperwork and start accepting payments instantly. Paytm PG offers the fastest settlements in the industry, predictably credited into your account even on bank holidays.
Razorpay is India’s first full-stack financial solutions company. It allows a fast checkout facility by enabling customers to save their card details which can be used for subsequent payments across the Razorpay network. The payment gateway is developer friendly integration with any website/ app and provides 100+ payment modes including EMI and PayLater
● Payment modes: Institutes can share payment links via Whatsapp, FB, Instagram, and can set automated reminders for collecting fees. One can create multiple free customer identifiers with Smart Collect and Customise Convenience Fee bearer
● Freelance Coaches & Tutors can easily collect fees without a website with customizable templates and 100+ payment modes including EMI & PayLater options
● Pricing- It has two plans for their product-
○ The standard plan for startups and small and medium enterprises at 2-3% per transaction with no setup and annual maintenance fee.
○ Customised plans from bigger companies.
5. Instamojo –
Instamojo is India’s largest on-demand payments platform that empowers over 15,00,000 micro-entrepreneurs, startups, MSMEs, to start, manage, and grow their business online across mobile and web, with just a bank account and phone number, in a few minutes. Instamojo is a free payment gateway in India with no setup and maintenance costs. It is 100% secure with integrated online payment gateway services and supports net banking, credit, and debit cards, UPI etc.
● Payment modes- Institutes can create a payment link and share it with parents and students, and get paid. Customers can pay via debit/credit card or Net banking or wallets or UPI.
● Pricing- The standard pricing for every successful transaction is at 2% + Rs.3/-