Modernising Payment Processing in Educational Institutions
The landscape of payments within colleges and universities encompasses various groups, from young students to their parents or guardians, all engaging in different payment methods. Adapting payment processing for educational institutions must cater to this diverse payment preference spectrum.
Across all spheres of life, digitalisation remains pivotal, evident in the surge of cashless payments, which, according to PWC, have increased by 42% globally. This trend emphasises a sustained focus on critical facets such as cybersecurity and the evolving regulatory environment for organisations handling payments.
Achieving precision in these areas is paramount for entities managing payment processes within educational institutions. Offering diverse payment choices in higher education is essential for providing quality service. While many favour contactless transactions, older demographics may still prefer traditional payment routes like phone payments. However, catering to multiple preferences can pose compliance challenges, necessitating active measures to mitigate risks of fines or data breaches.
Implementing advanced payment processing technology empowers universities and colleges to maintain a repertoire of payment options suitable for varied audiences and payment scenarios. With the right tools, finance teams can seamlessly handle online, face-to-face, telephone, and contactless payments. Expedited payment processes positively impact cash flow and revenue generation.
Common Challenges in Educational Payment Processing Solutions
Current legal standards mandate specific card payment processing requisites, including encrypted data transmission across public networks, staff user authentication, and stringent guidelines for Primary Account Number (PAN) data handling. Complying with these standards manually proves inherently challenging, if not impossible.
Handling phone payments poses security challenges, where inadvertently retaining card details after payment authorisation or discussing sensitive information within audible range can contravene PCI DSS procedures, potentially leading to breaches.
Benefits of Payment Processing in Education
- Upholding Security Protocols
Incorporating robust security measures like encryption, tokenisation, and strict adherence to PCI DSS compliance standards within payment processing software for educational institutions protects sensitive payment data from breaches or malicious activity.
- Regulatory Compliance
Ensuring auditable compliance with standards like PCI DSS is crucial. Payment processing software tracks a comprehensive audit trail across payment lifecycles, safeguarding against non-compliance penalties, monthly charges, or withdrawal of card payment capabilities.
- Automation and Compliance
Introducing automation into payment processing aids finance teams by automating compliance checks, fraud prevention, and adherence to transaction limits, enhancing efficiency and reducing risks.
- Integration and Streamlined Processes
Modern payment processing software integrates seamlessly with institutional systems, facilitating faster processes, increased accuracy, and ease of reporting. Effective integration enhances efficiency, eliminates redundant data entry, and promotes accurate reporting.
Adopting sophisticated payment processing solutions tailored for educational institutions mitigates compliance burdens, streamlines processes, and reduces risks across various communication channels, ensuring a secure and efficient payment environment.
If you are looking for affordable pricing and need help with your payments?
At FastPay, we help a multitude of businesses and organisations take care of their payments. From our Direct Debit Managed service and Powerful Integrations to the FastPay Direct Debit Bureau, we’re committed to providing a payment solution tailored to our client’s needs.