Improve student fee collections & minimize outstanding payments
Today, the number of financial tools available are aplenty. But what if you have don’t have to login to a separate software all the time and have the features of a finance module integrated with your own admin software? Sounds too good to be true? No, it isn’t. Creatrix fee management system offers a simple and easy-to-use finance module which works efficiently to provide accurate data when combined with other modules in the Creatrix Campus ERP software system. This module provides seamless integration with other existing systems or third party applications to make it a financial wizard. It can also be easily integrated with other payment gateway systems.
The Creatrix Finance is a nifty little module which offers a wide range of functions and gives high priority to institutions during the crazy admission periods or other times. It has several powerful and out-of-the-box features which enable administrators to increase students fee collections and minimize outstanding payments from students.
Create custom invoices to improve cash flow
Some of the tough challenges faced by administrators include tracking of various fee structures for the different categories of students during the admission season. With Creatrix Finance module it is not only easy to create and configure various fee categories, but also easily customize it easily making use of fee components.
Colleges can identify and create student groups to whom different categories of fees apply. This can be effectively used for weaker and backward student community, and apply discounts to them. Create new group of students who have obtained scholarships and provide them additional discounts and concessions as applicable. This will ensure that each and every student fee payments are tracked without any lapses, without impacting fee collections in any manner.
Each of the different fee structures can be configured to allow discounts and taxes wherever applicable. The fee management system also supports multi-currency invoicing, which is a plus which is applicable to international students applying for various programs.
Flexible instalment payment plans
The Creatrix Finance module also conveniently facilitates administrators to give options to students to pay their payments in flexible instalments and track their outstanding payments. This ensures that students are offered various fee payment options at different time intervals.
The students will be sent automatic reminders recurring invoices based on the payment schedule chosen by them. Also students and parents will receive timely reminders through automatic email notifications and SMS alerts. As mentioned above, bulk invoicing option is available to students of a group to ensure that the same fee structure applies to large number of students. This flexible invoicing option is especially useful at the beginning of a semester. Students can remit fee payments either online or directly at the institute premises. When they choose online fee payment option, the payment can be made through any of the leading payment gateways like Paypal, Visa, MasterCard or American Express. Payments remitted via online and mobile devices are fully secure and protected with SSL encryption.
Get all your fees paid on time
Another highlighted feature of the Financial management software is the ability to apply fine rules for late fee payments for different fee categories. This can be easily done not only for admission fee processing but also other instances where late fees are collected like library book returns. The late fee can also be waived off based on certain criteria; the system is flexible enough to allow exemptions in some cases.
One click financial reports
The Creatrix Finance dashboard is a portal which displays a varied bunch of powerful visual reports with charts and graphs which displays the amount of fee collection that has been made, number of invoices sent, number of fee payments outstanding and so on. All of these reports can be obtained in various formats (pdf, excel, etc) in a single click and can also be exported to the accounting software wherever it is used. This will ensure that you can track revenue generation in real-time via fees payments or late fee processing.
