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Full Project – Web based campus payment system

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CHAPTER ONE

INTRODUCTION

1.1 GENERAL OVERVIEW

The worldwide proliferation of the Internet has led to the recent birth of electronic payment system: a payment service solution-software that enables monetary value to be transferred digitally. Today, electronic payment system is flourishing due to the openness, speed, anonymity, digitization, and global accessibility characteristics of the Internet which has facilitated real-time payment transactions and other business activities (Yu et al, 2002).

Internet is an interlinked computer networking worldwide, which is accessible by the general public. It connects people around the world; it also plays a big part for an instant result and response in information and communication. Through internet; Personal, Business, or Academics can access information quickly. In this technology, any organization can transact business with other organizations or costumers. Nowadays company and institution use a well-organized payment system that stabilized and ease the costumers. Payment system is an act of transferring value (money) from a payer to the payee in exchange for the provision of goods and services or both in order to fulfill legal obligation. The business and institution records such information for future reference, to avoid redundancy and to have accuracy.

It is obvious that the majority of Nigerian’s tertiary institutions still does not adopt such technology. Payments like school fees, departmental fees, seminar fees, project fees, etc. are still done manually. Hence, there is a need for a web based campus payment system which will serve the ever growing population of students in higher institutions.

1.2 BACKGROUND OF THE STUDY

The world has really turned into a global village owing to the introduction of technology in all aspects of our lives. It has really made life easy and enjoyable. Since the late 90s, many African countries have started to implement policies that will enhance the electronic retail payment systems. Following advances in electronic payment, information technology have created both the opportunity to improve the effectiveness of existing payment transactions. Advances in networked information technology, more computing power and lower computing costs are driving more and more firms toward the paperless world of electronic commerce. Before the introduction of electronic payment systems in Nigeria, bank customers devote a whole day in their effort to carry out some transactions in the bank.

There were long queues with its attendant dissatisfactions. Some bank officials did not help matters since they normally attend to people they know very well or those who normally offers them some cash after each transaction. The inconveniences caused by these long queues can discourage someone to make payment.

The scenario described above is the situation in Nigeria’s higher institutions. Till date, in most institutions, payment for fees, goods and services are still done manually and this has a lot of challenges. This is because every day the population of students in higher institutions is growing tremendously which has resulted to over population of school making payments and confirmation of payments made by student very difficult for the school management. In some cases when payments are made at the banks, it takes school management extra time to confirm and to draw out the statistics of students who have cleared their dues. This has also resulted in delays during examination where all students’ fees payment has to be confirmed before letting the students into the examination hall. Hence there is need for the replacement of physical cash and the introduction of more flexible, efficient and cost effective payment solutions.

In this project, we proposed a customized web based payment system which will proffer solution to the challenges faced by student in higher institutions, organization and individual in making their payments.

1.3 STATEMENT OF THE PROBLEM

Tertiary institutions in Nigeria have not yet realized the full benefits of the technological advances in electronic payment, such as the use of cards, automated teller machines (ATM), the Internet, mobile phones, etc. Payment for school fees, dues and services in campus is characterized by long queues; long distance travelling and time wasting that generally affect academic activities and ultimately productivity. Payment for goods and services, settling utility bills, and money transfers have been a major headache for students and school management.

The banking halls at school environment continue to be immersed with the long queues as staff come in to collect their monthly wages or salaries, students go to pay one fee or the other. In some cases, students had to miss lectures just to make sure that they make their payments. As a result, many people have been holding large sums of money outside the banking system because of the ordeal one has to go through before withdrawing money or making payment.

However, faced with such problems in the payment process, only a few payment solutions have been introduced so far in Nigeria to solve them. Cash still remains the most popular payment instrument in and around campuses, despite the increase in the introduction of electronic payment schemes in Nigeria. To solve these problems, we shall develop a web base campus payment system so that students can pay their fees without having to actually move to the bank’s premises.

1.4 OBJECTIVES OF STUDY

The objectives of this project are as follows:

To develop a web based campus payment system, which will go a long way in providing a lasting solution to payment challenges faced by students.
To ascertain its contribution to the elimination or reduction in problems inherent in the payment process in Nigerian tertiary institution campus.
To describe the different electronic payment schemes available in Nigeria.

1.5 SCOPE OF THE STUDY

This research will concentrate on web based payment systems in Rivers State Polytechnic Bori; focusing particularly on the needs of students. While there are many emerging types of electronic payment schemes, special emphasis will be given to payment methods that utilize the services of banks. Such schemes include Automated Teller Machine, the Internet, mobile phone, credit and debit cards, etc. This research work also limits its focus to schemes available in Nigeria.

1.6 DEFINITION OF TERMS

Transaction: When someone buys or sells something, or when money is exchanged

Management: The control and organization of something

Business day(s): means Monday through Friday, excluding holidays.

Card: means the access device issued to you that permits you to use Automated Teller Machine.

EFT Service(s): means all of our electronic banking services except Online

Banking, including Visa Check Cards, Visa Debit Cards, electronic direct deposits and debits, Contact-24 and one time electronic fund transfers initiated using information from a check.

System: means a set of components that permit you to make Transactions through the Electronic Fund Transaction Services, such as Automated Teller Machine, Point-Of-Sell Terminals, telephone lines and equipment.

POS Terminal; means an electronic Point-Of-Sale terminal that is part of a network that accepts the Card to pay for purchases from your Primary Checking account.

Primary Account: means the account, whether one or more than one, that you designated as your Primary account(s) for certain Electronic Fund Transaction Services.

Primary Checking Account: means the checking account you designated for access to certain Electronic Fund Transaction Services as described below.

Visa Purchase(s): means the use of a Visa Check Card or Visa Debit

Card to purchase goods or services from a merchant, or to obtain cash from a financial institution, who processed the Transaction as a Visa Transaction and did not require a PIN

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