Setting up your new school for financial success: A modern approach to fee collection
Turn fee collection into your school’s strongest system from day one.
As the founder of a new school, you’re busy with curriculum planning, hiring teachers, and creating a great learning environment. But there’s another key area that’ll determine your school’s success: how you collect fees.
Your fee collection process should include:
- A reliable system to setup and track fee information - Know exactly who is due, who has paid and who hasn’t
- Flexible payment plans - Give affordable installments and convenient payment options
- Automatic reminders and receipt generation - Use technology to communicate with parents without any manual effort
In this article, we’ll show you practical ways to make fee collection efficient while using it as a tool to attract more students to your school.
The hidden cost of inefficient fee collection
New schools have unique money challenges. With heavy initial costs and ongoing expenses, steady cash flow is vital for surviving the early years. Many new schools don’t realize how important it is to set up proper fee collection systems, which can lead to problems such as:
Read in detail: The hidden crisis in Indian education: How fee collection delays are crippling our institutions
Building your fee management framework
Implement a complete fee management system that organizes fees into:
- Individual student profiles with standard OR custom fee structures
- Component categories (tuition, transportation, uniforms, etc.)
- Discount / scholarships / sibling benefits
- Multiple instalment plans - lumpsum or quarterly payments
With in-built communication features that automatically:
- Send fee due circulars with payment links on pre-scheduled dates
- Share payment receipts
- Send timely, personalized reminders in the preferred language of a customer
- Send messages on email / Whatsapp / IVRs (so parent never misses a payment)
And instant reconciliation of payments with detailed analytics on:
- On-time fee collections v/s over dues
- Grade-wise collection trends
- Student-wise fee dues or payment histories
- Revenue analysis by fee category
Fee collection system
One of the most overlooked strategies for new schools is using convenient and flexible payment options as an enrollment driver.
Offer flexible installment plans via Jodo Flex
Breaking annual fees into smaller, more frequent payments makes fees seem more affordable to parents. Jodo Flex automates on-time fee collections of instalments using eNACH and UPI autopay mandates.
With Jodo Flex you get:
Provide EMI options via Jodo Cred and get fees upfront
Give parents the ultimate flexibility of monthly installments while the school receives the full fee amount upfront.
With Jodo Cred you get:
Simplify instant fee collections via Jodo Pay
Jodo’s state of the art instant collections system provides all convenient digital options to parents to pay their fees.
With Jodo Pay you get:
Over the past year, 66 new institutions (founded post 2022) have adopted these strategies using Jodo’s products to see: 42% higher enrollments, 98.6% on-time collections and Zero fee-related disputes.
“Offering flexible payment options dramatically increased our appeal to parents. Will recommend Jodo to all new institutes“ notes the chairman of one of our schools.
Moving forward
The modern approach to school fee management balances institutional financial health with convenience and offers flexibility based on the need of the parents. Finding this balance allows a new school to thrive academically and financially from day one.
Jodo is at the forefront of this transformation, providing a stable financial foundation that allows educational institutions to focus on their core mission.
Book a free demo call with a fee collection expert now!
For more insight into how Jodo is revolutionizing fee collection, connect with our Co-founder, Raghav Nagrajan on LinkedIn.
