Introducing Prodigy E-Wallet

Jun 15 2021 | 5 minutes read

The Prodigy E-wallet enables payments and seamless transactions between schools and parents or students, making it easier for parents to pay school fees and other goods and services.

The cashless economy continues to gain more focus as global corporations are incorporating this into their system and practice, thereby solving the difficulties created by the old system of physical money. In keeping up with the progressive global trend and creating an opportunity for schools to adopt this global practice, we have therefore rolled out a new feature called school e-wallet to power payments and seamless transactions between schools and parents or students.

Prodigy e-wallet is a solution that enables parents and students to pay for goods and services within the school without physical cash which includes fee payments, purchases from the school cafeteria, store, etc.

The e-wallet ensures that all financial transactions are cashless. Cashless transactions eliminate several risks such as theft of cash or counterfeit money. It is also faster and saves schools time as they do not have to sift through hefty books, receipts, and paperwork to find transactions. Schools can just refer to the automated reports generated. Not only are cashless transaction more convenient for the school but it also offers benefits to the school parents as they no longer have to spend time commuting to get payment done, standing in long queues to sort payment, or calling to notify and confirm payment is done.

Key Features of the School E-wallet

• Multiple funding options - Funding of wallet can be done via bank transfer, USSD, QR payment, etc.
• Fund Transfer - Parents can transfer funds from their wallet to their child's wallet.
• Flexibility - funds in the e-wallet can be used to pay for fees, and purchase from the school cafeteria and store. It can also be used to sort any payment within the school.

Key benefits of the school e-wallet

It is faster

The e-wallet introduces a cashless payment that is three times faster than traditional cash transactions. Cash payments take between six and seven seconds to process compared to just one or two seconds for cashless payments. Going cashless reduces long queues, particularly during peak times, it speeds up the checkout and payment process of fees and other services.

It is more convenient

Convenience can't be emphasized enough. The cashless transaction makes it more convenient for parents to pay fees and other goods and services offered by the school. It eliminates the need of confirming payment made as payment confirmation is automated. There is no need to call to confirm if payment has been received. No more waiting in line to get a bank draft as payment can be made via transfer, debit card, USSD, and many other options.

It is safer

The cashless transaction reduces the risk of robbery and losing money, eliminates staff theft, and is less susceptible to fraud. The security behind online payments is constantly being updated and tightened. With cash payments, there’s always a risk of counterfeit money.

It saves time

Going cashless improves transaction time, but the time-saving benefits don’t stop there. Think about it, how much time goes into handling cash for a business? It involves regular trips to the bank to make deposits and needs counting up at the end of every day. By going cashless then, you would save a fair amount of time that could be put towards other activities aimed at benefiting your business.

It improves accounting

Picture the scene, you’ve been hard at work for 10-12 hours at the cafeteria or store and it’s time to close up shop, but not until you’ve gone through the cash register, which you then discover is short. What do you do next? You have to work out what’s gone wrong. Imagine not needing to sift back through the books, receipts, and paperwork to discover why this is, but instead having a simple log of every transaction. Going cashless makes accounting a very easy task, not to mention more accurate since you cut out the occurrence of human error.

Ready to start running a cashless school? Whether you’re convinced going cashless is the future or you just want to offer your parents and students more convenience, when it comes to paying for fees and other services with the school you’re in the right place. Contact Prodigy School Suite.