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The Ed-Tech sector in India is booming, to say the least.
In fact, the Ed-tech industry is expected to touch 10.4 billion USD by 2025.
However, as this industry grows, so does its payment needs. Payment links and forms are some of the most user-friendly payment solutions for this sector.
It requires no coding and can be used by businesses that have no website or app.
For instance, TutorTech, online learning platforms and TestPrep providers can collect course and test fees through these instruments. What’s more, it can be used by private tutors as well.
In this blog, we will detail some of the use cases of payment links and payment forms for the Ed-tech sector.
Maybe take a quick test before you move ahead?
Embed Payment Forms on Website
One of the easiest ways to collect payments is by embedding a payment form to your edtech business’ website or app.
This way, your customers can directly head to the form and pay the fee.
Moreover, payment forms can help you provide a frictionless customer experience. For instance, You can create unlimited Payment Forms for different courses and collect payments. This way, you do not have to redirect customers for payment purposes. This can help reduce your churn rate.
That’s not all. You can use payment forms and links in your digital marketing asset! Hence, they act as landing page as well as acquisition and payments channel for your courses.
Furthermore, you can reconcile your customers’ payments using our Reports feature.
Offer Payment Links For Freemium Courses
A lot of online learning platforms offer freemium courses. For instance, the customers can start with the course for free. However, to access the advanced lessons/ assignments, they need to pay a fee.
In these situations, payment forms and links can come in handy.
The edtech business can choose to direct customers to the embedded form or send them a payment link to upgrade their plan.
Reduce Churn Rate of Subscribers
Subscription businesses have seen a boom like no other in the recent years. In fact, 70% of business leaders say subscription business models will lead to their business growth.
However, the recurring payments model has its own limits.
- For starters, not every recurring payment is between standard intervals of time. (weekly or yearly) So, customers may use a product/service again but between sporadic time intervals. For instance, a loyal customer may buy a course now and another course after 6 months.
- On the other hand, it’s possible for UPI autopay and e-mandate payments to fail as well.
In both these situations, payment links and forms can be a handy solution.
As an ed-tech merchant, you can send payment links to customers with failed subscription payments. Alternatively, you can direct them to forms.
Moreover, you can use payment links/forms for payment from customers that are not regular in buying products/services.
Decrease Number of Abandoned Carts
Abandoned carts is one of the major issues faced by eCommerce companies.
In fact, it is estimated that eCommerce brands (including ed-tech) lose 18 billion USD in sales to cart abandonment.
Ed-tech companies are no different.
Customers may select a course from your online learning platform and quit halfway through the buying process. In such a situation, using payment links and forms can be a big help.
You can send abandoned cart emails as nudges to these customers. To make the conversion process frictionless, you can redirect the customer to a payment form. Alternatively, you can send the payment link in the email itself.
Have some more questions? Let us know in the comments below!