The traditional methods of accepting tuition payments, cash, cheques, or even credit cards are causing unnecessary headaches for schools in the UAE. These outdated processes are costly, time-consuming, and prone to errors, leading to cash flow issues and inefficiencies for school finance and operations teams.
With more than 1.54 million students across the UAE, the education sector represents a significant opportunity to modernize payment systems. However, many schools and parents continue to rely on traditional methods, which create challenges for busy parents and overburdened finance departments alike.
Considering the substantial annual tuition fees, ranging between AED 30,000 and AED 75,000, it’s crucial for schools to adopt payment methods that are both efficient and convenient. Modernizing these systems benefits not just schools but also the parents they serve, making payments smoother and stress-free.
The Shift Toward Digital Payments: A Survey by Lean
A recent survey conducted by Lean Technologies of 30 UAE schools revealed a strong trend: the demand for digital payment solutions is growing. Specifically, schools are increasingly looking to accept tuition payments via bank transfers, moving away from cash and cheques.
This is where Lean’s Pay-by-Bank solution steps in, offering a game-changing way for schools to collect payments seamlessly and securely. Let’s take a closer look at the benefits of Pay-by-bank:
- Seamless integration with school systems: Schools can integrate Lean’s pay-by-bank option into their existing online portals, creating a centralized system for managing tuition and activity payments. This not only simplifies the payment process for parents but also streamlines operations for schools, reducing administrative burdens.
- Convenience: Pay-by-bank offers parents the convenience of direct transfers from their bank accounts via mobile apps or online platforms. No more trips to ATMs or writing cheques—parents can complete payments in just a few clicks, saving time and effort.
- Speed and security: Transactions are processed instantly, ensuring that payments are received without delay. Additionally, these payments are encrypted and secure, reducing the risks of fraud or loss associated with cash and cheques.
- Improved transparency and record-keeping: Digital payments provide a clear transaction history, simplifying budgeting and tracking for parents while ensuring schools can easily reconcile payments. This transparency minimizes discrepancies and builds trust between schools and families.
To learn more about how Lean Technologies is transforming school payment systems, contact us below and discover how your school can join the new era of connectivity
