Your child’s school has just announced an upcoming fundraiser where students will sell handmade cards to family and friends in exchange for donations. The payment process is clunky; you have to go online, set up an account, select which card your child is selling, donate the amount corresponding to that card, enter in your credit card details (twice) and finalize the transaction. It takes 10 minutes, you swear at your computer screen, and wonder why schools can’t make these things more efficient…
But this time is different. This time there are no forms to fill out because you’ve already set up an account with the school- they just deduct money from your PayPal account and deposit it into their bank account. You still have to enter your credit card details but that’s done online, not at the school- and you don’t have to type it in twice because the payment goes through immediately.
You’re a crypto advocate and you want to pay with a cryptocurrency, so you send some LTC from your Ledger Nano to the school’s address and that takes about 5 seconds.
And that, my friends, is what this article is all about.
It was always possible for schools to accept cryptocurrency payments, but it wasn’t very practical. However, with the introduction of crypto in schools, things have changed. Now, it is much more convenient for students and their parents to pay with crypto.
Crypto To Simplify The School Payments Process
Indeed, the process by which schools accept money has changed for the better. Now, they can collect money in a simple, quick and reliable way using crypto.
They are able to do so because of the numerous benefits that cryptocurrencies have over traditional money. These include the following:
- No transaction fees, meaning more income for schools
- Fast transactions- transfers are done in minutes with no need to wait on long lines at banks or other financial institutions
- Privacy and anonymity- families can donate without feeling like they’re being watched
- Non inflationary- unlike fiat money, new cryptocurrencies aren’t printed every day by some central body
These benefits have made cryptocurrency one of the most popular ways to donate money nowadays. And as such, more and more schools are beginning to accept crypto payments.
In the next section, we’ll take a look at how some schools have already started to embrace this trend and what made them do so in the first place.
Crypto In Schools: How Are They Adopting It?
Just like any other niche, the world of education has its share of early adopters and laggards. Some schools have taken to crypto payments immediately after realizing its benefits, while others are still trying to figure out if they want to use it at all.
But either way, things are changing as we speak and more and more schools are beginning to accept cryptocurrency payments.
Why are more schools deciding to use crypto?
Well, for one thing, it makes the payment process less of a hassle- something that parents appreciate greatly. Another reason is that it gives them access to new sources of revenue they may have never had before. But how exactly are schools processing these payments?
How Schools Are Handling Crypto Payments
Schools are using different ways to process cryptocurrency payments, and it all depends on what payment processors they’re using. However, most of them do it in a similar fashion: by creating an address for each student and asking their parents to send money there.
This process goes something like this:
Parents go to the school’s website and click on a payment button. They then select which currency they want to use (BTC, ETH etc.) and provide the address of their respective public key. Then, they enter their credit card information or upload it from an external source, depending on the method of payment. Once they’re done, the money is sent and the transaction is complete.
As you can see, accepting cryptocurrency as a payment method is beneficial for all parties involved.
Parents love it because it’s a quick and easy way to pay their children’s school bills, while schools enjoy the increase in revenue and the benefits of going crypto.
Because of this, we can expect more and more schools to adopt cryptocurrency as a payment method in the near future. After all, it’s inevitable- crypto is here to stay.
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