The problems that most parents encounter before paying their children or wards school fees are very enormous, for some though. But a large percentage of Nigerian parents do not have the financial capability to pay this fee at once, which could be due to poor and irregular financial management. What could be the remedy to this? Welcome to the conversation as I introduce SchoolPurse (SchoolPurse.ng) to you.
SchoolPurse comes to help smoothen the process by which school fees are paid by helping parents and guardians with a more flexible and regular payment plan. Not only parents this time around, they also make administration very easy for schools. I’d tell you how.
The concept of SchoolPurse?
The SchoolPurse platform is free to begin with, easy-to-use and is just the perfect solution to the problem that haunts schools in receiving school fees instantly and securely. In addition, it provides the needed payment flexibility by allowing parents make payment through automated scheduling. This implies that parents would have paid their wards school fees in monthly installment before the start of a new term. SchoolPurse promises to improve school’s cash flow by 11% and reduce late payments and bad debts by 50%.
Accessing the whole startup concept, I believe we are all in agreement that this startup is actually providing solutions to a problem that has been in existence since time immemorial and has also caused nightmares for the average Nigerian parents. This makes it pass as a genuine startup.
To use the SchoolPurse platform, parents simply create an account for free, schedule your monthly payments for their children, which are automatically processed using a selected debit card card or bank account.
The startup is still in its early days and might still be open to investments as it was launched in March 2017 by Stanley Ojadovwa.
Other features of SchoolPurse
Part of the features of this platform includes the ability to spread payment by regular Direct Debit; make split payments for kids in one or more school; a dashboard to monitor school fee payments and regular statements each time a payment is made.
Now, at this point, you might be wondering how this benefits the school. Let me quickly tell you that schools spend a whole lot of funds on administration, involving the collection and verification of school fees payments as well as defaulters. This platform tends to put that to amend, while saving them the cost.
With the help of SchoolPurse’s automatic processing and automatic reconciliation, they would be able to receive funds directly deposited into their current bank account and view payments in an easy-to-use central dashboard.
SchoolPurse also has another feature which is the Credit Finance it provides for parents, that allows them to pay their children’s school fees while they pay back later.
Talking on this latest creativity, I must say that SchoolPurse has developed a fine model, identified a problem, and also found an absolute way to solve the problem. Now that’s a startup that has potentials.
We do not know how far they have gone currently with funding, but with the time frame it was launched till now, there isn’t anything to suggest that have received investments. Nonetheless, we hope they do soon so they can work better on their marketing, and improve their platform to deliver better service to customers.
What are your thoughts on the startup, SchoolPurse?