Once the transaction is completed, the funds automatically get transferred to the school account, registered with us, within 3 days (that is T+2 days).
Only the gateway transaction charges as per the mode of payment. These charges may be borne by the parent (payer) or the school (payee) as per the setting indicated by the school at time of setup.
The school needs to be onboarded onto Razorpay, wherein school account details and documents regarding the legal entity of the school (trust, society, etc.) need to be submitted. Once done the payment gateway setup is activated for the school and integrated into Lernio.
No, the school does not need to give bank account details to parents. It needs to submit bank account details only on the Razorpay platform at the time of the gateway account setup for Lernio.