Established in 2011, IIM Udaipur has quickly grown into one of the country’s fastest-rising management schools. It is dedicated to thought leadership and delivering values-based education that inspires ethical and impactful leadership. At IIM Udaipur, everything from application fees and enrollment fees to registrations and other payments is managed online through an integrated ERP platform. For a rapidly growing institution like IIM Udaipur, ensuring a smooth and efficient payment experience is crucial. That’s why they chose Razorpay—to provide a seamless, hassle-free solution that prioritizes customer convenience and enhances the overall experience for students and staff alike.
With Razorpay, IIM Udaipur saw
- Transaction counts rise by 3.1% from 2022 to 2023, and by 4.2% from 2023 to October 2024.
- GMV increase by 7.1% during the 2022-23 period.
Ensuring Safe and Seamless Transactions
Trust was a fundamental factor for IIM Udaipur, a rapidly growing institution that wanted students and staff to feel confident in the payment process and assured that they were in a secure ecosystem. With a large volume of payments, especially during peak periods of intake processing—when fresh applications, installment fees, and initial payments are high—ensuring a seamless, trustworthy experience was critical.
The institution understood the growing concerns about fraud and was determined to avoid any risks that could compromise the user experience. Redirecting users to an external domain during payment could lead to suspicion and hesitation, so it was essential to keep the payment process within the same secure domain. This focus on trust and security was key to delivering a smooth and reliable payment journey for everyone involved.
Tackling Payment Hurdles
Given the challenges they faced, IIM Udaipur chose to integrate the IIMU ERP platform with Razorpay as their trusted payment partner, drawn by its reputation for reliability and robust security. Razorpay’s proven track record and integration capabilities addressed their concerns and provided the seamless payment experience they needed. IIM Udaipur has effectively utilized Razorpay for a wide range of payments, including new admissions and various student services. With Razorpay’s robust features, the institution has managed to swiftly trace and resolve the few instances of payment failures, typically caused by customer-side issues, ensuring a minimal turnaround time. Razorpay’s dedicated support team has been instrumental in resolving any issues quickly and efficiently, ensuring smooth transactions every time.
IIM Udaipur has integrated Razorpay’s ‘Smart Collect’ feature as a key channel for its major fund inflows. This integration allows third-party educational loan providers to directly remit term fee payments into IIMU’s bank account.
Simultaneously, students can track the remittance status in near real-time, as the student ledgers in the IIMU accounting system are automatically updated. The process reengineering, supported by Razorpay’s features and settings, has streamlined fee collection and eliminated reconciliation efforts for student fee payments in the accounting records.
The Impact Numbers
The institution’s efforts to maintain a seamless, secure payment process paid off, as evidenced by its impressive growth metrics. Transaction counts rose by 3.1% from 2022 to 2023, followed by a further increase of 4.2% from 2023 to October 2024. Additionally, the institution saw a 7.1% rise in GMV during the 2022-23 period.
Ensuring Reliability
Razorpay has provided IIM Udaipur with a secure and seamless payment solution that has helped the institution manage high volumes of transactions efficiently. By addressing concerns around trust and security, Razorpay has allowed IIM Udaipur to focus on its core mission without worrying about payment issues. This experience, combined with Razorpay’s array of functionalities, such as payment links and payment pages, has inspired IIM Udaipur to expand its use of the platform to manage collections and track payments for institute events and conferences. For a growing institution like IIM Udaipur, Razorpay has been a reliable partner that ensures a smooth experience.
