transforming payments in educational institutes

Transforming payments in educational institutesA case study

1

A Glimpse Of Innoviti

2

Case study: Transforming payments

in educational institutes


3

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


4

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


5

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


6

Streamlining the flow using uniPAY

Ramesh comes to the bill counter of

Alpha Institute

He stands in the queue & submits

the application form


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


7

Revised transaction & reconciliation flow

Customer comes to the bill counter

Billing.Billing amt reflects

on HIS

Decision on payment mode.

Transaction initiated


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


8

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


9

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


10

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


11

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

12

transforming payments in educational institutes

Small Business & Entrepreneurship