Transforming payments in educational institutesA case study
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Case study: Transforming payments
in educational institutes
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Problem identification
• Time consuming: Billing and payment are two independent activities
• Human errors: Entry of card numbers & approval codes
• Excessive manual efforts• Double debits adding to customer worries
• Double debits adding to customer worries
• Tedious MIS reconciliation at backend
• Extra man hours leading to additional costs
• Quality concerns
• No EMI’s
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Proposal
• Integrates billing tender modes with e-payment acceptance to reduce reconciliation concerns
• Centralizes all transactions in cloud for least cost routing (LCR) & automatic settlement
• Aggregates payment options – point redemption, EMI, CC to simplify cashier process and enhances customer experience
• Helps cut costs through fraud prevention and improved productivity
• Helps in packaging services based on patient insights• Supports marketing programs by offering an
unparalleled view of patient transaction analytics
uniPAY – Innoviti’s automation system for accepting credit/debit card payments
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Existing transaction & reconciliation flow
Ramesh comes to the bill counter of
Alpha Institute
He stands in the queue & submits
the application form
Cash collected.Txn closed
He swipes the card/ inserts it in EDC to
facilitate transaction
Txn info gets transferred from EDC to acquirer bank server thru phn
network
Acquirer bank transfers data to issuer bank thru
VISA/ MASTER for authentication
Txn gets approved.Charge slip is
printed @ EDC
Money transferred to Alpha Institute’s
account
Cash
Card
Billing process initiated.Billing amt reflects on
billing system
He decides on payment mode.Transaction gets
initiated
Suresh – the cashier manually enters bill amt into bank EDC
Suresh handles the time consuming manual settlement @ EOD
Finance & Back end teams of Alpha Institute
are consumed by manual reporting
Suresh is unable to present EMI options to support deserving students without financial back-up unavailable
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Streamlining the flow using uniPAY
Ramesh comes to the bill counter of
Alpha Institute
He stands in the queue & submits
the application form
Cash collected.Txn closed
He swipes the card/ inserts EDC to
facilitate transaction
Txn info transferred from EDC to acquirer bank server thru phn
network
Acquirer bank transfers data to issuer bank thru
VISA/ MASTER for authentication
Txn gets approved.Charge slip is
printed @ EDC.
Money transferred to Alpha Institute’s
account
Suresh handles the time consuming
manual settlement
Cash
Card
Billing process initiated.
Billing amt reflects on billing system
He decides on payment mode. Transaction gets
initiated
Suresh – the cashier manually enters bill amt into bank EDC
Finance & backend teams of Alpha
Institute are consumed by manual reporting
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Revised transaction & reconciliation flow
Customer comes to the bill counter
Billing.Billing amt reflects
on HIS
Decision on payment mode.
Transaction initiated
Cash collected.Txn closed
Innoviti switch transfers the data to the acquiring bank
Cash
Card uniPAY client gets invoked.
Amt details transferred to EDC
Card swipe/ insert.Encrypted data
transferred to uniPAY client
Txn info transferred from uniPAY client to
Innoviti Server through hospital network
Acquiring bank transfers the data to issuer bank thru VISA/ MASTER for
authentication
Transaction settles automatically.
Money transferred in T+1 days to ABC Hospital
account
Suresh now presents EMI options to support deserving students without sufficient financial back-up is made available
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Benefits
Increased sign-ups covering infra costs (with EMI options)
Insights from payments data
Offers (cash backs, reward point redemption, etc.)
Deserving candidates sign up (EMI options)
Offline & Online integration
Marketing
Finance/ Accounts
Tracking & review of student data
Savings on telephone costs, late settlement charges, DCC. Nullification of cashier fraud
No double debits Monitoring & measurement
Quick MIS reconciliation
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Benefits
Faster, safer & more convenient options Higher
accountability No human errors Queue busting Auto settlement
& reporting
Operations
S. No Summary of benefits Status
1 Quality
2 Financial control
3 Multi-bank acquiring for least cost routing
4 Increased enrollments (with EMI options)
5 Bajaj Finance EMI
6 Student experience
7 Employee satisfaction & retention
8 Payments data driven promotional campaigns
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New solutions implemented
• Billing system calls uniPAY client which is connected to EDC with a USB cable
• Card payment now takes place in an integrated mode where cashier swipes the card in the EDC
• Card information gets encrypted at EDC and transferred to uniPAY client
• uniPAY client transfers this information to uniPAY server using institutes network
• uniPAY switch then transfers the data to the acquirer bank
• Acquirer bank transfers the data to issuer bank for authentication post which it sends an authentication code to EDC for printing the charge slip
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Approximate savings
Cost reduction/Revenue Unit SavingsTelephone cost Rs 262,800 Reconciliation issues Rs 238,150 Late settlement charges Rs 1,314,000 Late presentment charge-back cases Rs 39,420,000 Conversion of cash to card Rs 1,576,800 Fraud costs Rs 26,280,000 DCC savings Rs 6,570,000 Total cost reduction Rs 75,661,750
Cost reduction/Revenue % 0.29%
uniPAY from InnovitiRedefining student experience & financial control at educational institutes
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