According to the Household Expenditure Survey conducted by the Department of Statistics from October 2017 to September 2018, Singaporean households spent a whopping S$1.4 billion on private tuition. This is expected to have grown in recent years, with more parents opting for private tuition for their children amidst the acceleration towards home-based learning (HBL). 

Meanwhile, the number of businesses operating in the sector – in the form of private schools, enrichment centres and tuition centres – is also quite significant. One just needs to see the numerous private education establishments located at any neighbourhood shopping mall, to understand the vibrancy of the sector. 

To keep these private education businesses running smoothly,  a fast and efficient payment collections platform is needed to coordinate a multitude of payments such as recurring school fees, enrichment class fees and academic materials, amongst others. 

Improving Trusted Systems

Today, many of these businesses are leveraging GIRO for collections, but the traditional GIRO application process requires a whole host of paper documents to be completed. 

That means instead of focusing on their business operations, the private education sector needs to invest significant manpower and resources to the processing of these applications

That’s not all. 

With the traditional GIRO method, the reconciliation process is also tedious because of the painstaking cross-checking process against invoices or payment vouchers. Imagine having to vet through a month’s worth of payment collections! 

With so many businesses pushing towards digital transformation for greater productivity and efficiency, there’s a need for a better collections platform for this sector. 

What if there was a way to collect GIRO payments with none of the troublesome paperwork of old? Look no further, eGIRO is here to ease these pain points.

Moving Forward with eGIRO

Businesses can look forward to using eGIRO – the electronic version of GIRO – . eGIRO was launched on 8 November 2021 as a joint initiative of the Association of Banks in Singapore (ABS) and 8 major banks in Singapore to update the GIRO system for the digital age. 

Businesses using eGIRO to coordinate the collection of account receivables simply need to send their customers an electronic request for a mandate set up via their digital banking application. This mandate will enable businesses to establish payment arrangements with customers on a recurring basis. 

On the customers end, once the eGIRO payment arrangement is set up, they simply need to ensure sufficient funds in their bank accounts before deduction due dates. Overall, this makes eGIRO the perfect solution for a fast and efficient payment collections system. 

What’s more, these GIRO arrangements can be set up based on the preferred collection cycles of the individual private education, making it customisable to their needs. 

For the private education sector, eGIRO is the logical next step to manage the high volume of transactions and make collections even easier and more automated. 

Is Your Business Looking To Get Started With eGIRO?

So if your business is looking to offer eGIRO as a payment collection option, you’ll need to work with an eGIRO payments aggregator. 

SGeBIZ is the best – and leading – eGIRO payments aggregator around. 

With our EzyPayment eGIRO platform, businesses can sign up and start offering eGIRO right away. With collecting payments being such an essential aspect for all businesses, there’s no reason not to switch to eGIRO today. 

On top of that, EzyPayment eGIRO doesn’t just help digitalise the payment collection and issuing process. EzyPayment eGIRO also streamlines invoice reconciliation with proprietary Optical Character Recognition (OCR) technology to help automate and digitalise the collections reconciliation process. This helps to meaningfully reduce human intervention and makes the overall finance management process much leaner and more efficient.  

Get started with EzyPayment eGIRO and experience the most convenient and seamless singular-interface eGIRO platform. Start by applying here.