41 Table 3.3 Reliability Coefficients for Study Subscales (n = 319) Variable Items Cronbach’s Alpha Benefits 5 0.851 Trust 4 0.870 Self-Efficacy 4 0.857 Ease of use 3 0.858 Security 5 0.870 Perception toward e-payments 4 0.850 Overall Instrument 25 0.880 3.7 Ethical Considerations The questionnaire was distributed after obtaining the approval by the school administrators. The researcher explained the objectives and use of the information to each respondent through a statement at the beginning of the questionnaire. The risk of harm to the respondents and schools was explained using a letter addressed to each selected institution. Participants were informed in advance that the participation is voluntary, and responses were anonymous. Data was collected by the researcher with the help of the finance office staff and the school secretaries for statistical analysis. The results of the study will be provided to the schools if they request to have it.
42 CHAPTER 4: RESULTS OF STUDY The results of this study came from the quantitative responses to the survey questionnaire and the qualitative data gathered with the interview guide. In presenting the hypothesis test results of this data analysis, the researcher has defined symbols and abbreviations corresponding to the following interpretations and for the convenience of presenting the following data analysis results. Symbol/Abbreviation Term N Sample size Arithmetic mean S.D. Standard deviation t Statistics used to consider t - distribution F Statistics used to consider F - distribution df Degrees of freedom B Regression coefficients of each independent variable Beta Regression coefficients in standard scores R Shows the relationship between the independent variables that are imported, equations, and variables R 2 Prediction coefficient P-value Statistical significance level * Statistical significance at the level 0.05 ** Statistical significance at the level 0.01
43 Research Hypotheses H1 There is a significant relationship between benefit and parental perception toward electronic payments. H2 There is a significant relationship between trust and parental perception toward electronic payments. H3 There is a significant relationship between self-efficacy and parental perception toward electronic payments. H4 There is a significant relationship between ease of use and parental perception toward electronic payment. H5 There is a significant relationship between security and parental perception toward electronic payments. Statistical Analysis This section analyzes the correlation and predictions of the study. The analysis of the data is as follows. 1. Analysis of demographic factors such as Mean, Standard deviation, and Percentages. 2. Analysis of the relationship between variables (Pearson correlation Coefficients) of the variables benefits, trust, attitude, security, ease of use, and parental perception toward electronic payments. 3. Analysis of multiple regression. (Stepwise multiple regression analysis) for hypothesis testing.
44 4.1 Results from Exploratory Research 4.1.1 Group Interview Results Exploratory research was conducted through a series of group interviews. In total, eight respondents from three selected Seventh-day Adventist (SDA) International Schools were recruited. They were two males and six females, aged between 35 to 45 years old. All the respondents are working in the finance or accounting offices and are aware of the use of electronic payments. In response to the research questions, the following are the key findings from the group interviews: Perception of Electronic Payments by Finance Staff at Selected SDA International Schools in Thailand 1. Electronic payment and collection systems are used by the three schools in conjunction with at least 2 banks, the Krungsri and Krung Thai Banks 2. Two schools (B and C) started to use electronic payments before 2010, but the third school (A) just started to use them in 2015. 3. The electronic payment channels available for parents to pay tuition and fees were credit cards, online transfers via mobile banking and net banking transfers, bill payment, and QR code payment. 4. The average use of electronic payments for general expenses was 3-4 times per week. Electronic payments for other regular expenses such as payroll, tax, or social security expense were done only once a month. 5. Electronic collection for tuition and fees was provided to parents twice a year during registration time, except for those parents who pay by monthly installments or for other miscellaneous uses.
45 6. All schools encourage the parents to use electronic payments; however traditional payment system (cash payment) is still available for parents who are not familiar with electronic payment channels. Factors that Affect Perceptions of Electronic Payments 1. All respondents agreed that electronic payments benefited their school in terms of being convenient, cost-effective, and saving time for the school. The person who makes a request for funds via the Internet can receive them right away. Authorizing personnel can approve transactions by using their mobile phones. 2. Self-Efficacy In terms of self-efficacy, most of them replied that their schools’ finance office has adapted to the use of new technology. The finance staff found the electronic payment system to be user-friendly and easy to learn. Electronic payments help increase the work efficiency of the finance office, as parents or vendors don’t have to spend time in a line, waiting for their turn to transact. Nor do they have to wait for a check to clear the bank. 3. Ease of Use The electronic payment system was developed by the bank with all needed functions and features, so no special knowledge or experience are needed to use it. Therefore, it is easy for the school to adapt and use it. 4. Security and Trust The bank has provided cash management or a cash-link system to the school with a security feature: for example, the system requires a login and password, with dual authorization per transaction for better internal control. In the process of e-payment, there are 3-4 persons involved for internal control. After an electronic transaction is made, the system always confirms the success and accuracy of the transaction. The
46 school decided to use the e-payment system because the school trusts in the security system of the bank, however, this trust developed after using electronic payments for a few times. If the school prepares the database correctly, it is unlikely to make a wrong transfer to a person’s bank account and is less risky than a cash transaction. Problems with Electronic Payments E-collection Systems 1. Most respondents indicated that parents sometimes input the wrong student ID number. This causes the cashier to record the transaction wrongly to a different student’s account. 2. The statement from the bank sometimes does not match with the report from the software, causing a problem in identifying the individual responsible for the transfer payment. 3. QR code payment method: It is hard to identify the individual responsible for payment if the parent did not provide proper supporting documents. Since QR code is similar to normal transfers to the institution’s account, they are hard to identify. 4. Electronic payment channels: Bill payment is very helpful to identify the person who transferred the funds, since it is made to a particular student’s ID number and name. However, parents need to travel to the bank, so they prefer using a credit card and online transfer via mobile banking, but some schools do not provide a credit card reader system. 5. Mobile banking transfer is one of the most widely used methods that parents prefer, since it is more convenient and there are no bank charges. However, using mobile banking requires the same bank application as the school. Instead
47 of using mobile banking, they use the bill payment method, which requires the transaction to be done at the bank counter and costs parents their precious time to travel to the bank. E-Payment Systems 1. In the case of making payments from an institution to a supplier, some banks have no function to double check or verify the supplier’s bank account. This may cause a transfer to the wrong account. 2. Electronic payments cannot work without the Internet. For example, if there is a problem with the internet connection while processing an online payment, it will be aborted, and the entire process must be repeated again before the payment window for that day closes. 3. E-payment systems provided by banks have time limits for the process. For example, payments must be made before 11 p.m.; if later than that, the epayment must be redone the next day. 4. Not all authorizers are familiar with the e-payment approval function. Those who have less experience in using technology will take a longer time to approve a transaction. 5. In case of funds transfers to other banks, funds will be received at 5 p.m., not in real time.
48 Suggested Control and Guidelines over Electronic Transactions 1. Segregate duties among 2-3 persons involved in electronic transactions, such as one person makes the transaction, a second person checks the transaction, and a third person authorizes or ensures adequate internal control. One person should not be authorized to execute wire transfers or similar electronic disbursements alone. 2. Authorized persons involved in electronic transactions and transfers should not share login and password information with anyone else. 3. To prevent fraud, the system must require authorizing persons to change the password every 2-3 months for security purposes. 4. Double check the transactional information before uploading it to the bank’s electronic payment system. 5. The person involved in electronic payments and collections should signout every time after using the program. 6. Perform monthly bank reconciliations. 7. Since some schools do not have these options, provide more channels for parents to make e-payments, such as credit cards. 8. Schools may need to open more bank accounts in different banks for some parents who use other bank services, such as Kasikorn Bank, Siam Commercial Bank or Thai Military Bank. 4.2 Results from Descriptive Research 4.2.1 Demographic Profiles The demographic profile of the respondents of this study consisted of gender, age, occupation, education, income, type of devices used, and e-payment channels used. Table 4.1 shows that there were 319 respondents, of whom 74.9% were women. This
49 is because mothers were more likely to pick up their children after school, and so they answered a majority of the questionnaires. The majority of respondents were 41-50 years old, which corresponds with middle age. About 60% were business owners, and most respondents earned an income of 100,001-300,000 Baht per month per family. A majority of 62.7% of respondents had earned a Bachelor Degree, and an overwhelming majority of 93.7% usually accessed the Internet on a smart phone. They used a variety of e-payment channels for tuition and fees payments, with the most popular consisting of Net Banking or Online Transfer (37.60%), Bill payment (30.1%), and Debit/Credit Cards (24.50%). Questionnaire comments and some conversations between the researcher and parents revealed that the main reason parents used net banking was because it was faster and more convenient when using a smart phone. Srisomasajjakul (2016, p. 4) observed, “Mobile payment applications would become a new marketing channel where marketers could merge both offline and online marketing efforts”. Puri as cited in Srisomasajjakul (2016) found that nowadays, major companies such as telecom operators, tech companies, and retailers try to make new payment experiences for their customers by creating their own mobile payment applications.
50 Table 4.1. Demographic Background of Respondents (n = 319) No Variables n Percentage ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 1. Gender Male 80 25.1 Female 239 74.9 2. Age Below 30 21 6.6 31-40 118 37.0 41-50 161 50.5 50 and above 19 6.0 3. Occupation Business Owner 191 59.9 Employee 84 26.3 Government Officer 22 6.9 Other 22 6.9 4. Education Below Bachelor Degree 22 6.7 Bachelor Degree 200 60.3 Master Degree 94 30.0 Doctoral Degree 3 2.0 5. Monthly Income Below 100,000 THB 92 28.8 100,000-300,000 THB 126 39.5 300,001-500,000 THB 44 13.8 500,001-700,000 THB 29 9.1 700,001-900,000 THB 20 6.3 More than 900,000 THB 8 2.5 6. Type of Devices Smart Phone 299 93.7 Used Laptop/Tablet 6 1.9 Desktop Computer 14 4.4 7. Channels of E-Payments Debit/Credit Card 78 24.5 ATM Transfer 14 4.4 Bill Payment 96 30.1 Net Banking or Online Transfer 120 37.6 QR Code Payment 11 3.4
51 Table 4.2. Types of Online Activities (Multiple Answers, n = 406) _____________________________________________________________________ Type of Activity n Percentage _____________________________________________________________________ Searching for information 353 86.9 Sending and receiving email 309 76.1 Use of social media 307 75.6 Financial transactions 289 71.2 Reading news 221 54.4 Playing games and watching movies 201 49.5 Online sales and purchases 138 34.0 Other 28 6.9 Findings in Table 2 showed the frequencies and percentages of online activities using smart phones, laptops, desktop computers, or tablets. The most frequent online activities were searching for information (86.9%), sending and receiving email (76.1%), social media activities (75.6%), and performing financial transactions (71.2%). Since a majority of respondents were business owners, these activities may reflect freedom from the online controls imposed on employees in some workplaces.
52 Table 4.3. Parental Perceptions of Electronic Payments _____________________________________________________________________ Items S.D. Level ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Benefit 1. Electronic payments are convenient for me. 4.35 0.762 High 2. The use of e-payment services is available everywhere and 4.32 0.780 High In real time. 3. E-payments take a longer time to finish all the steps. 3.50 1.117 Medium 4. Use of e-payment services saves my time to travel to 4.41 0.751 High and from the bank 5. The school’s payment channels are useful for me. 4.23 0.772 High Average Score 4.16 0.593 High Trust 6. The bank or e-payment service provider has a good 3.83 0.886 High System to protect customer information. 7. E-payment confirmed immediately after the transaction 4.17 0.801 High was made. 8. The bank or service provider can accurately take care of 3.85 0.916 High Electronic payment process. 9. I am not sure that the electronic payment that I made to 3.40 1.131 High To school is correct. Average Score 3.81 0.650 High Self-Efficacy 10. New technology advertising influences the use of my 3.92 0.891 High electronic payment service. 11. Electronic payments make my life easier. 4.26 0.771 High 12. It is hard for me to learn to use electronic payments. 3.57 1.174 High 13. I have skills and knowledge about how to use e-payment. 3.90 0.863 High Average Score 3.91 0.614 High Ease of Use 14. Access to e-payment processes is not complicated. 4.09 0.744 High 15. It is easy to use e-payments through all channel provided 4.03 0.902 High by the school. 16. It is hard to understand the steps of how to make e-payment 3.58 1.187 High Average Score 3.89 0.716 High Security 17. E-payments are risky because my personal information may 2.52 1.015 Medium be stolen. 18. E-payment always have a confirmation from the system. 4.12 0.757 High 19. Passwords should be changed every three months for 3.85 0.966 High security purposes. 20. Using e-payments is more risky than payment by cash. 3.20 1.102 Medium 21. The company code and student ID are set to make the 4.08 0.816 High e-Payment correctly. Average Score 3.55 0.519 High Parental Perception of Electronic Payments 22. An e-payment system is better than traditional payment channels 3.99 0.793 High by school. 23. I will choose the trusted e-payments system to make transaction 3.87 0.912 High 24. E-Payments did not work the way I wanted them to work. 3.46 1.092 Medium 25. Electronic payments give me more control over all transaction 3.81 0.893 High Average Score 3.78 0.646 High
53 Findings in Table 4.3 showed the mean scores ( ) and standard deviations (S.D.) for all items under each variable. In terms of the independent variables for the “Benefits” category, the average mean score (4.16) for this factor was “High”. The statement which received the highest score (4.40) in the Benefits category was “Use of electronic payment services saves my time to travel to and from the bank”, which means that using electronic payments increased the usefulness or benefit to them in terms of saving time, saving costs, and increasing convenience. For the “Trust” category, the average mean score of (3.81) for this factor was also at the “High” level. The statement which had the most influence on respondents’ trust in electronic payments was “Electronic payments are confirmed immediately after the transaction was made”. For the “Self-Efficacy” category, the average mean score (3.91) for the factor was at the “High” level. The statement which had the most influence on respondent’s self-efficacy in electronic payments was “Electronic payments make my life easier”. For the “Ease of Use” category, the average mean score (3.89) for the factors was also at the “High” level. The statement that had the most influence on respondents’ ease of use s was “Access to electronic payment processes is not complicated.” For the “Security” category. The average mean score (3.55) for the factors was at the “High “level. The statement which had the most influence on respondent’s security in electronic payments was “Electronic payments always have a confirmation from the system.”
54 Table 4.4. Factor Average Scores for Parental Perceptions of Electronic Payments Variables Mean S.D. Perception Level Benefits 4.16 0.593 High Trust 3.81 0.650 High Self-Efficacy 3.91 0.614 High Ease of Use 3.89 0.716 High Security Total 3.55 3.86 0.519 0.219 High High Parental Perception of E-Payments 3.78 0.646 High Table 4.4 shows the average scores for each factor (independent variable) and the dependent variable, or parental perception toward electronic payments. The overall mean score was 3.86 and standard deviation was 0.165, and the overall decision scale indicated a “high” perception level, with a mean score of 3.78. If considered by factor, the majority of respondents agreed that benefits (4.16) was the main factor that affected parental perception toward electronic payments, followed by self-efficacy (3.91), ease of use (3.89), trust (3.81), and security (3.55) respectively. All the items were found to score above 2.50. The standard deviation scores for all variables were well below 1.00, indicating consistency in the respondents’ answers (Teoh et al., 2013).
55 Table 4.5. Variation Inflation Factor (VIF) Values for All Variables Model VIF Benefits 2.237 Trust 1.872 Self-efficacy 2.313 Ease of Use 2.412 Security 1.714 Table 4.5, Consistent with the correlation coefficient results, the Variation Inflation Factor (VIF) values for all the variables are below 3.30, indicating that any problems with multicollinearity are minimized and that the variables can be used for regression analysis (Roberts and Thatcher, 2009, p.18). Therefore, no independent variables were related to each other. Table 4.6. Relationships between Variables (Pearson Correlation Coefficients) Independent Variables Benefits Trust SelfEfficacy Ease of Use Security Benefits Trust 0.581** Self-Efficacy 0.613** 0.454** Ease of Use 0.630** 0.386** 0.716** Security 0.504** 0.588** 0.442** 0.462** Perception 0.610** 0.583** 0.561** 0.629** 0.564** * p ≤ 0.05, **p ≤ 0.01 In Table 4.6, the correlation coefficients between variables were analyzed. Kline (2011) has pointed out that if the correlation between variables is higher than
56 0.85, it will cause the problem of straight lines (Multicollinearity). When considering the results of this analysis, it was found that the correlation coefficient between variables were 0.442 to 0.716, which were not more than 0.85. Thus, there is no problem of multiple linear straight lines, and so this data can be used for further analysis. The results from Table 4.5 also show that the “Benefit” variable is related to trust, self-security, ease of use, security, and parental perception at 0.01 level of significance, with correlation figures of 0.581, 0.613, 0.630, 0.504, and 0.610, respectively. The “Trust” variable is related to self-security, ease of use, security, and parental perception at the 0.01 level of significance, with correlation figures of 0.454, 0.386, 0.588, and 0.583, respectively. The “Self-Efficacy” variable is related to ease of use, security, and parental perception at 0.01 level of significance; the correlations are 0.716, 0.442, and 0.561, respectively. The “Ease of Use” variable is related to security, and parental perception is significant at the 0.01 level, with correlations of 0.462, and 0.629. Lastly, the “Security” variable is related to the parental perception at the 0.01 level of significance, with a correlation value of 0.564. Table 4.5 also shows that all the five factors are positively correlated with the perception toward e-payments, and so the results are significant. 4.3 Hypothesis Test Results Multiple Regression (Stepwise Multiple Regression Analysis). The multiple regression results display relationships between all the independent variables and the dependent variable. Multiple regression analysis is used in view of the study’s objective and hypotheses.
57 Table 4.7a. Stepwise Multiple Regression Using Ease of Use to Predict Perception of E-Payments Predictor Variables B Beta t-value Constant 1.570 10.052 Ease of Use 0.568 0.629 14.232 ** R = 0.629 R 2 =0.395 R 2 adjusted = 0.394 F = 207.367 * p ≤ 0.05, **p ≤ 0.01 The results of multiple regression analysis for the variable “Ease of Use” were significant at the 0.01 level. This means that this factor could predict 39.50 percent (R=0.629, R 2 = 0.395) of the variance in parental perception toward electronic payments. Table 4.7b. Stepwise Multiple Regression Using Ease of Use and Trust to Predict Perception of E-Payments Predictors Variables B Beta t-value Constant 0.598 3.497 Ease of Use 0.428 0.475 11.369** Trust 0.397 0.400 9.576** R = 0.729 R 2 = 0.531 R 2 adjusted = 0.528 F = 179.192 * p ≤ 0.05, **p ≤ 0.01 When the variable “Trust” was added to the regression equation, the results showed that both “Ease of Use” and “Trust” were significant at the 0.01 level. This means that these two factors could jointly predict 53.10 percent (R=0.729, R 2 =0.531) of the variance in parental perceptions of electronic payments.
58 Table 4.7c. Stepwise Multiple Regression Using Ease of Use, Trust, and Security to Predict Perception of E-Payments Predictors Variables B Beta t-value Constant 0.296 1.595 Ease of Use 0.382 0.423 9.822** Trust 0.309 0.311 6.574** Security 0.231 0.185 3.774** R = 0.743 R 2 = 0.552 R 2 adjusted = 0.547 F = 129.218 * p ≤ 0.05, **p ≤ 0.01 When the variable “Security” was then added to the regression equation, the results showed that “Ease of Use, Trust and Security” were all significant at the 0.01 level. This means that these three factors could jointly predict 55.20 percent (R=0.743, R2 =0.552) of the variance in parental perception of electronic payments. Table 4.7d. Stepwise Multiple Regression Using Ease of Use, Trust, Security, and Benefits to Predict Perception of E-Payments Predictors Variables B Beta t-value Constant 0.116 0.592 Ease of Use 0.321 0.356 7.204** Trust 0.256 0.258 5.087** Security 0.215 0.173 3.532** Benefits 0.162 0.149 2.722** R = 0.750 R 2 = 0.562 R 2 adjusted = 0.556 F = 100.737 Durbin-Watson=1.917 * p ≤ 0.05, **p ≤ 0.01 Results in Table 4.7d shown that when the variable “Benefits” was then added to the regression equation, the results showed the “Ease of Use”, “Trust”, “Security”, “Benefits” were all significant at the 0.01 level. This means that these four factors were
59 variables that could jointly predict 56.20 percent (R = 0.750, R2 = 0.562) of the variance in parental perception toward electronic payments. Stepwise multiple regression analysis uses only the independent variable(s) that affect parental perception toward electronic payments, analyzing each variable in its turn. The results showed that ease of use has the most affected on parental perception, followed by trust, security, and benefits respectively. To see the consistency of the test results, the researcher also used multiple regression analysis (Table 4.8). Table 4.8. Multiple Regression Testing for All Factors Affecting Perception of E-Payments ______________________________________________________________ Unstandardized Standardized Coefficients Coefficients Model B SE Beta t Significance (Constant) 0.076 0.201 0.381 0.703 Benefits 0.152 0.061 0.140 2.497 0.013* Trust 0.250 0.051 0.252 4.923 0.000** Self-efficacy 0.052 0.060 0.050 0.876 0.382 Ease of Use 0.297 0.052 0.329 5.670 0.000** Security 0.213 0.061 0.171 3.502 0.001** Notes: F= 80.684; R 2 = 0.563 Durbin-Watson = 1.913 * p ≤ 0.05, **p ≤ 0.01 The results in Table 4.8 revealed these relationships, with the R2 value showing that 56.3 percent of the combined variance of benefits, trust, ease of use and security are associated with parental perception of e-payments at the 0.05 level of significance or higher. The Durbin-Watson is a test statistic used to detect the presence of autocorrelation. The value was 1.913, which is a value that falls between 1.5 and 2.5; it
60 shows that the tolerance is independent, so there is no autocorrelation (Vanichbuncha, 2012). The Beta value of each variable showed that only self-efficacy did not affect parental perception toward electronic payments (p-value 0.382). Other variables such as benefits, trust, ease of use and security are the main factors that affected parental perception. 4.4 Conclusion The stepwise multiple regression test analysis yields the following conclusions: If the parental score for ease of use increases by one (1), while trust, security, and benefits are held constant, then parental perception toward electronic payments will increase by an average of 0.321 on the scale. If the parental score for trust increases by one (1) while ease of use, security, and benefits are held constant, then parental perception toward electronic payments will increase by an average of 0.256 on the scale. If the parental score for security increases by one (1) while ease of use, trust, and benefits are held constant, then parental perception toward electronic payments will increase by an average of 0.215 on the scale. If the parental score for benefits increases by one (1) while ease of use, trust, and increase by an average of 0.162 on the scale. We can write the equation of the parental perception toward electronic payment as ŷ = 0.116+0.321(EASE OF USE) +0.256(TRUST) +0.215(SECURITY) +0.162(BENEFIT) Which ŷ for the parental perception toward electronic payments.
61 When considered by each variable in turn, we can explain that ease of use has the most affected on parental perception (Beta =0.356), followed by trust (Beta = 0.258), security (Beta = 0.173) and benefits (Beta = 0.149) respectively. The hypothesis test using multiple regression (stepwise regression and enter regression) found that ease of use has the most affected on parental perception, followed by trust, security and benefits respectively. This means that H1, H2, H4, and H5 are accepted, and that “Ease of Use”, “Trust”, “Security”, and “Benefits” were all significant at the 0.05 level or higher. However, self-efficacy was not significantly associated with parental perception toward e-payments. Therefore, H3 is not accepted.
62 CHAPTER 5: CONCLUSION, DISCUSSION AND RECOMMENDATION 5.1 Conclusion and Discussion The conclusion and discussion of this study are based on its objectives to explore the perceptions of electronic transactions for receiving and disbursing funds. Both students’ parents and the finance staff of the selected Seventh-day Adventist (SDA) International Schools were queried, and the relationship of benefits, trust, selfefficacy, ease of use and security that affect parental perception toward electronic payments were studied. 5.1.1 Discussion of Mean Scores The results indicated that the “Benefits” category showed the highest average mean score (4.16), and the statement which received the highest score (4.40) was “Use of electronic payment services saves my time to travel to and from the bank”. This was followed by the “Self-Efficacy” category, with an average mean score of 3.91 for the factor, which was at the “High” level. The statement which had the most influence on respondent’s self-efficacy in electronic payments was “Electronic payments make my life easier”. Next was the “Ease of Use” category, with an average mean score of 3.89 for the factor, which was indicated a “High” level. The statement that influenced respondents’ ease of use in electronic payments the most was “Access to electronic payment processes is not complicated.” This was followed by the “Trust” category, with an average mean score of 3.81 for the factor, which was also at the “High” level. The statement which had the most influence on respondents’ trust in electronic payments was “Electronic payments are confirmed immediately after the transaction was made”. Next, the “Security” category,
63 with an average mean score of 3.55 for the factor at the “High “level. The statement which had the most influence on respondent’s security in electronic payments was “Electronic payments always have a confirmation from the system.” The respondents agreed that an e-payment system is better than traditional payment channels, and they would choose a trusted e-payment system to conduct transactions. Most of them agreed that electronic payments give them more control over all transactions. 5.1.2 Discussion from the Hypothesis Testing The results from the relationships among benefits, trust, self-efficacy, ease of use, and security that affect parental perception toward electronic payments were analyzed per the hypothesis of this study. H1 There is a significant relationship between benefit and parental perception toward electronic payments. The results found that benefits have significant relationship associated with the parental perception toward electronic payments. This means that even though tuition payments are not a regular payment, since the payment system for tuition and fees in the selected schools were set for the enrollment date, which happens only one or two time per year, except for families who make monthly payments. Using electronic payments increased the usefulness or benefit to them in terms of saving time, saving cost, and providing more convenience to both parents and the financial staff of the schools. This finding is related to the study of Fatonah, Yulandari, and Wibowo (2018), who cited that electronic transaction systems help users to have faster payouts, better tracking, transparent transactions, reduced use of time, cost savings, and increased trust of users. Teoh et al. (2013) agreed that electronic payments are designed to benefit consumers mainly in terms of convenience and lower transaction costs.
64 H2 There is a significant relationship between trust and parental perception toward electronic payments. The results found that trust is a predictor that affected parental perceptions at a “High” level, and it has a significant relationship with parental perception toward electronic payments. This means that if the parents trust the electronic payment system provided by the school, they will be more likely to use electronic payments. This is because the parents trust that the bank or the school have a good system to protect their privacy, and the bank or the school can accurately take care of the electronic payment process, including immediate confirmation after the transaction was made. This finding is related to the study of Abrazhevich (2004, p. 37), who noted that “Trust refers to the degree of customers’ confidence that their money and personal information will be safe, and that all parties involved will not act against users’ interests”. Pestek, Resic, and Nozica (2011) also found support for the notion that trust is the key factor that determines the success or failure of internet-based operations. Trust brings successful operations to a company because customers trust and believe that their e-transaction will bring positive outcomes, and the company has enough ability to protect their data from third parties. It is true that if customers have no trust, the e-transaction will not occur. However, this finding was different from the study of Teoh et al. (2013), who found that trust was not significantly associated with consumers’ perception toward electronic payments. H3 There is a significant relationship between self-efficacy and parental perception toward electronic payments. The results found even though self-efficacy had an average mean score of 3.91 but the multiple regression test showed that self-efficacy is not significantly associated
65 with parental perception toward electronic payments. This is not according to hypothesis H3. It means that the new technology advertising, skills and knowledge is not a predictor for parental perception toward electronic payments, and it is not making their lives easier. This finding differs from the study of Teoh et al. (2013) that selfefficacy has a substantial positive effect on perception and behavioral intention to use information systems, and that self-efficacy is one main factor that is associated with consumer’s perception toward electronic payments. This indicates that each individual has a different level of self-efficacy, and is perhaps the reason why self-efficacy is not significantly associated with parental perception toward electronic payments as cited by Brown et al. (2005) in the work of Bandura (1994). Previous studies found that self-efficacy is important because individuals with high efficiency for a task tend to put more effort into it, and experience positive emotions after having performed it. People with a high sense of efficacy also believe that they can achieve difficult tasks; they perceive this as a challenge to be mastered, rather than as a threat to be avoided. H4 There is a significant relationship between ease of use and parental perception toward electronic payments. The results found that ease of use is one the main predictors that affected parental perception with a mean score at the “High” level. It had the highest significant relationship associated with parental perception toward electronic payments, which means that parents felt that the electronic payment system provided by the school and the bank was not hard to use. This meant that it was easy to understand the steps of how to make electronic payments. This was related to Arvidsson’s (2014) finding that the importance of ease of use is because whether consumers will adopt something or not is the result of a learning process, and because the process was not complicated. If it is
66 easy to use electronic payments, it will increase the intention of the parents to use epayments provided by the school, which is related to the study of Suwunniponth (2016) that the ease of use feature of the online payment application has a positive effect on a person’s intention to use e-payments. This finding was also supported by Teoh et al. (2013), who cited the study of Davis (1989) that the use of an information system by a person is based on his/her overall perception of perceived ease of use of that IT application. H5 There is a significant relationship between security and parental perception toward electronic payments. The results found that security has a significant relationship associated with parental perception toward electronic payments. This is because security is a set of procedures, mechanisms and computer programs to authenticate the sources of information and guarantee the integrity and privacy of the information (Tsiakis & Sthephanides, 2005). If parents perceive a high risk, they may feel not secure. In this study, most respondents agreed that electronic payments always have a confirmation from the system. The way that the school sets up a company code and student ID number helps parents to make e-payments correctly, even though they may feel that their personal information may be stolen. However, setting up login user names and passwords and changing them every three months helps for security purposes. This finding is related to the study of Poon (2008) that authorized usernames and passwords are extremely important to prevent risks, because perceived risk creates uncertainty about using the service. In conclusion, technological progress has grown rapidly in the last few years especially with the new versions of smart phones. The new applications add functions
67 so that financial transactions may be made via mobile phones or various software systems that make it more convenient for users. Eliminates time spent processing manual payments, and more secure than physical receipts of properly set up. Many institutions or organizations have used technology to help many departments to increase the speed of work, especially the finance department. Therefore, the use of electronic payment systems increases convenience as a benefit for both service users and service providers. In this study, parents can make payments through different channels provided by each institution, especially through mobile banking via the Internet, which makes it easy to use the application provided by the bank to make transactions quickly. Used electronic transaction in payment and receiving especially about finance, the providers should build confidence for customers, especially in the safety of transactions. All systems must be verified for correctness in every transaction, and the transaction code must be changed every three months, or else company or customer code must be assigned so that customers can reference these and execute correct transactions. 5.2 Recommendations and Suggestions These recommendations are based on the findings related to the factors affecting parental perception toward electronic payments of the selected Seventh-day Adventist International Schools in Thailand. Ease of use, trust, security and benefits are significantly associated with parental perception toward electronic payments for both schools and parents. Ease of use is the main predictor variable that affected parental perception, with an R-square value of 0.395. This means that the majority feel that electronic payment processing is not complicated, and it was easy to use the electronic
68 payment channels provided by schools. This finding is related to the study of Legris et al. (2003) that technology will be perceived as more useful when it is easy to use. Electronic payments are a step toward paperless and cashless transactions, which is one method of reducing fraud, risk of robbery, and accidental loss of funds that enhances the internal control efficiency in each institution. Each school needs to set guidelines for dual control and segregate duties while using electronic transactions. As noted in the interviews with the finance department staff, one hundred percent security in electronic transactions does not exist, but each institution can reduce the risk to a minimum level. Respondents all agreed that electronic transactions are more secure than holding cash, because online transactions have many support protocols from the system to reduce the gap, increase security, or to confirm each transaction. As cited by Sheetal et al. (2019), Internet banking is online banking or e-banking that enables customers to perform various financial transactions. It is also a secure platform, as each user has their unique ID and password through which is used to conduct transactions. The use of electronic payments also saves organizations time in making accurate and quick reconciliation statements. Therefore, building confidence in using online systems or online trust in electronic payments is important, because it helps to create a positive attitude towards the use of customer services, including among service providers. Therefore, institutions or organizations should promote and encourage the use of online systems or electronic payments by training or introducing new technologies to be used to maximize the benefits for both service providers and service users. Not only will this help them know how to use them easily, but it will also increase the number of electronic payment users for the future. I would recommend that school should encourage the finance staff to use electronic payment systems by offer training in their use and eliminate cash payments
69 from parents by offering more e-payment channels from different banks to parents who make traditional payments. Ease of use was addressed by the respondents as the major factor that affected their perception of using electronic payments. Therefore, I recommend that schools should consider promoting or educating parents about how to use the various electronic payment channels. For example, create a step-by-step process of how to use each epayment channel for the LINE group of parents, or send it through email, or present guidelines and benefits of using e-payments on the parent conference day. Making payment for tuition and fees via mobile banking should especially be emphasized. To do this, parents will have more understanding how to use e-payments in different channels, and this will reduce use of cash payments, but will increase the volume of using electronic payments for tuition and fees in the future. Schools and Banks should not overlook the importance of trust and security, since both factors also have a significant effect on parental perception of electronic payments. They should continue to maintain the system to protect customer information, and ensure that the system is always secure in order to maintain trust and confidence. Design of the e-payment features is one of the objectives of the 20-Year Plan for Thailand’s Digital Landscape as per the study of Bukht and Heeks (2018), who cited the study of Siriruchatapong (2016) to build trust and confidence in the use of digital technology. Self-efficacy is referred to the ability to use electronic payment systems. Even though in this study appeared that self-efficacy is not significant related to the parental perception, this may be because of the parents’ age group, which was 41-50 years old. It is quite hard for them to learn new things, especially in a new technology such as electronic payments via different channels. Another issue is that most of respondents
70 are business owners, and maybe the payments are so easy to use that this factor – which was important 15-25 years ago – is no longer a problem or barrier to adoption. For organization like schools, it is important for the finance staff to improve their skills and knowledge by having training in the new technology about e-payments and e-collections. The schools can develop specific controls to address the risks, implement and monitor it to make sure the controls over electronic payment are consistently applied. This will help to increase the sufficiency and convenience of their work in terms of time saved to do the traditional system and save travel costs to the bank. Schools should have a security plan in place, as preventing fraud is much easier than recovering losses after a fraud has been committed. As supported by Flandeers and Braunewell (2016), “controls are preventative, not detective”. Schools which use electronic transactions need to provide strong online authentication methods geared to protect client account information and access for both consumer and commercial online banking services, because most electronic fraud involves identity theft and payment fraud (Crites, 2008). Schools should improve and enhance internal controls in an electronic age in order to manage and reduce the risk of online cash management fraud. Eich and Kienholz (2012) agreed that “When it comes to going paperless, this can significantly improve efficiency and enhance your internal control” (p.5) Schools should also implement segregation of duties or involvement of multiple individuals (Flandeers & Braunewell, 2016), which means that they need to clearly define user access to each section of data or authorized area. For example, assign a different person or user to record financial transactions from authorized users to ensure that single users do not authorize, process, and record financial transactions within the
71 organization. As supported by Wales and Lee (2014), the overarching principle for internal control is that two or more persons are involved in the process, or “dual control”. This is also supported by the study of Hinton (2009, p. 12) who noted that “Segregation of duties is a key element of the internal control structure is to ensure that incompatible functions are properly segregated so that one person is not in a position to both cause and conceal errors or irregularities”. Rapid growth can be seen in the use of online Internet services. Online services and payment applications are gaining tremendous popularity these days; therefore, businesses or education institutions – both small and large – are opting for cashless transactions. It is very important for banking institutions to understand their customers’ perceptions towards their online banking systems in order to compete in the mobile banking marketplace. Banks should align their strategies in response to changing customer needs and new technological developments. Security, trust, and website privacy may lead consumers to be both bold and cautious using online banking services (Jalil et al., 2014).
72 5.3 Limitations of the Study 1. One limitation of this study derives from the purposive sample group, which consisted of parents of children who attend the selected Seventh-day Adventist International Schools in Thailand only. There is a possibility that the results may apply only to these selected international schools and not to other schools. 2. Another issue that limited this study was that it was hard to collect questionnaires back from the parents, and some questionnaire may not have reached the parents. However, using email or a Google online questionnaire may be the best way to collect data, instead handing out questionnaires to the sample. 3. Because the duration of the study was limited, incomplete data collection and incomplete questionnaires may have occurred. 5.4 Recommendations for Future Research There are some interesting issues for future researchers as follows: 1. In order to enhance accuracy and generalizability of the findings, a large sample size across different locations should be considered, such as extending the sample to private schools or international schools in other areas in order to learn about the factors that affect the use of electronic payment systems in different areas. 2. For this independent study, the researcher collected data using a questionnaire, and so some respondents may not understand the content correctly. This may have caused the data that was collected to be inaccurate. For future studies, qualitative data should be collected from students’ parents using in-depth interviews to allow the parents to have a clearer understanding in answering questions, which would reduce the number of errors in the research.
73 3. Study others factors that affecting parental perception, such as the lifestyle, incentive, and intention toward electronic payments. It will help to understand more about the behavior of respondents toward the electronic payments. 4. In this study, the researcher found that the variable “self-efficacy” is not significantly related with parental perception toward electronic payments. In the future, others may study more why self-efficacy is not associated with parental perceptions.
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81 Appendices Appendix 1: Reliability, Validity of Questionnaire, Correlations, Multiple Regression. Reliability Statistics Cronbach's Alpha N of Items .880 6 Item-Total Statistics Scale Mean if Item Deleted Scale Variance if Item Deleted Corrected ItemTotal Correlation Cronbach's Alpha if Item Deleted Benefit 18.9595 6.281 .743 .851 Trust 19.3080 6.363 .628 .870 Self-Efficacy 19.2083 6.298 .703 .857 Ease 19.2221 5.878 .706 .858 Security 19.5641 6.861 .630 .870 Perception 19.3365 6.060 .743 .850 Descriptive Statistics Mean Std. Deviation N 4.1602 .59378 319 3.8117 .65071 319 3.9114 .61477 319 3.8976 .71665 319 3.5556 .51984 319 3.7832 .64699 319
82 Correlation Benefit Trust SelfEfficac y Ease Security Benefit Pearson Correlation 1 .581** .613** .630** .504** Sig. (2-tailed) .000 .000 .000 .000 N 319 319 319 319 319 Trust Pearson Correlation .581** 1 .454** .386** .588** Sig. (2-tailed) .000 .000 .000 .000 N 319 319 319 319 319 SelfEfficac y Pearson Correlation .613** .454** 1 .716** .442** Sig. (2-tailed) .000 .000 .000 .000 N 319 319 319 319 319 Ease Pearson Correlation .630** .386** .716** 1 .462** Sig. (2-tailed) .000 .000 .000 .000 N 319 319 319 319 319 Security Pearson Correlation .504** .588** .442** .462** 1 Sig. (2-tailed) .000 .000 .000 .000 N 319 319 319 319 319 Perception Pearson Correlation .610** .583** .561** .629** .564** Sig. (2-tailed) .000 .000 .000 .000 .000 N 319 319 319 319 319 **. Correlation is significant at the 0.01 level (2-tailed).
83 Multiple Regression (Enter regression method) Variables Entered/Removeda Model Variables Entered Variables Removed Method 1 Security, SelfEfficacy, Trust, Benefit, Easeb . Enter a. Dependent Variable: Perception b. All requested variables entered. Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1 .750a .563 .556 .43105 1.913 a. Predictors: (Constant), Security, SelfEfficacy, Trust, Benefit, Ease b. Dependent Variable: Perception ANOVAa Model Sum of Squares df Mean Square F Sig. 1 Regression 74.957 5 14.991 80.684 .000b Residual 58.157 313 .186 Total 133.114 318 a. Dependent Variable: Perception b. Predictors: (Constant), Security, Self-Efficacy, Trust, Benefit, Ease
84 Coefficientsa Model Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant) .076 .201 .381 .703 Benefit .152 .061 .140 2.497 .013 Trust .250 .051 .252 4.923 .000 SelfEfficacy .052 .060 .050 .876 .382 Ease .297 .052 .329 5.670 .000 Security .213 .061 .171 3.502 .001 a. Dependent Variable: Perception Residuals Statisticsa Minimum Maximum Mean Std. Deviation N Predicted Value 2.1844 4.8153 3.7832 .48550 319 Residual -1.55130 1.17385 .00000 .42765 319 Std. Predicted Value -3.293 2.126 .000 1.000 319 Std. Residual -3.599 2.723 .000 .992 319 a. Dependent Variable: Perception
85 Multiple Regression (Stepwise regression method) Variables Entered/Removeda Model Variables Entered Variables Removed Method 1 Ease . Stepwise (Criteria: Probability-ofF-to-enter <= .050, Probability-ofF-to-remove >= .100). 2 Trust . Stepwise (Criteria: Probability-ofF-to-enter <= .050, Probability-ofF-to-remove >= .100). 3 Security . Stepwise (Criteria: Probability-ofF-to-enter <= .050, Probability-ofF-to-remove >= .100). 4 Benefit . Stepwise (Criteria: Probability-ofF-to-enter <= .050, Probability-ofF-to-remove >= .100). a. Dependent Variable: Perception
86 Model Summarye Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1 .629a .395 .394 .50384 2 .729b .531 .528 .44428 3 .743c .552 .547 .43525 4 .750d .562 .556 .43089 1.917 a. Predictors: (Constant), Ease b. Predictors: (Constant), Ease, Trust c. Predictors: (Constant), Ease, Trust, Security d. Predictors: (Constant), Ease, Trust, Security, Benefit e. Dependent Variable: Perception ANOVAa Model Sum of Squares df Mean Square F Sig. 1 Regression 52.642 1 52.642 207.367 .000b Residual 80.473 317 .254 Total 133.114 318 2 Regression 70.740 2 35.370 179.192 .000c Residual 62.374 316 .197 Total 133.114 318 3 Regression 73.439 3 24.480 129.218 .000d Residual 59.675 315 .189 Total 133.114 318 4 Regression 74.815 4 18.704 100.737 .000e Residual 58.300 314 .186 Total 133.114 318 a. Dependent Variable: Perception b. Predictors: (Constant), Ease c. Predictors: (Constant), Ease, Trust d. Predictors: (Constant), Ease, Trust, Security e. Predictors: (Constant), Ease, Trust, Security, Benefit
87 Coefficientsa Model Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant) 1.570 .156 10.052 .000 Ease .568 .039 .629 14.400 .000 2 (Constant) .598 .171 3.497 .001 Ease .428 .038 .475 11.369 .000 Trust .397 .042 .400 9.576 .000 3 (Constant) .296 .186 1.595 .112 Ease .382 .039 .423 9.822 .000 Trust .309 .047 .311 6.574 .000 Security .231 .061 .185 3.774 .000 4 (Constant) .116 .196 .592 .555 Ease .321 .045 .356 7.204 .000 Trust .256 .050 .258 5.087 .000 Security .215 .061 .173 3.532 .000 Benefit .162 .060 .149 2.722 .007 a. Dependent Variable: Perception Excluded Variablesa Model Beta In t Sig. Partial Correlation Collinearity Statistics Tolerance 1 Benefit .354b 6.723 .000 .354 .603 Trust .400b 9.576 .000 .474 .851 SelfEfficacy .227b 3.698 .000 .204 .488 Security .347b 7.662 .000 .396 .786 2 Benefit .168c 3.023 .003 .168 .469 SelfEfficacy .088c 1.534 .126 .086 .451 Security .185c 3.774 .000 .208 .589 3 Benefit .149d 2.722 .007 .152 .465 SelfEfficacy .078d 1.380 .169 .078 .450 4 SelfEfficacy .050e .876 .382 .049 .432 a. Dependent Variable: Perception b. Predictors in the Model: (Constant), Ease c. Predictors in the Model: (Constant), Ease, Trust
88 d. Predictors in the Model: (Constant), Ease, Trust, Security f. Predictors in the Model: (Constant), Ease, Trust, Security, Benefit Residuals Statisticsa Minimum Maximum Mean Std. Deviation N Predicted Value 2.1861 4.8128 3.7832 .48504 319 Residual -1.56279 1.18368 .00000 .42817 319 Std. Predicted Value -3.293 2.123 .000 1.000 319 Std. Residual -3.627 2.747 .000 .994 319 a. Dependent Variable: Perception
89 Appendix 2: Questionnaire QUESTIONNAIRE ORGANIZATION AND PARENTAL PERCEPTIONS OF ELECTRONIC PAYMENTS BY SELECTED SEVENTH-DAY ADVENTIST (SDA) INTERNATIONAL SCHOOLS IN THAILAND This independent study project is conducted in partial fulfillment of the requirements for the Degree of Master of Business Administration (Accounting Emphasis) Faculty of Business Administration, Asia-Pacific International University by Chalermsri Ritthitraiphop (Student ID: 201480009) Mobile number: 0891561543, E-mail: [email protected] This questionnaire is for the parents of students at selected Seventh-day Adventist (SDA) International Schools in Thailand who use electronic mechanisms to pay for their children’s tuition and fees. Data collected from respondents will be used to understand and able to identify the factors that affect the parental perception of electronic payments. Your data will be treated strictly as confidential. It will be used only for overall analysis and the academic purposes of this study. This questionnaire contains 2 sections. The first section is about your personal information, and the second is about the factors that affecting parental perceptions of electronic payments. It will take approximately 10-15 minutes to complete all 35 questions. Please mark in the following box indicating your personal information. 1. Gender Male Female 2. Age Below 30 31-40 41-50 50 and above 3.Occupation Employee Business Owner Government officer Other………………………… (Please specify) Section I: Demographic Information
90 4. Education Below Bachelor Degree Bachelor Degree Master Degree Doctoral 5. Income per month per family (Baht) Below 100,000 100,001-300,000 300,001- 500,000 500,001-700,000 700,001-900,000 More than 900,000 6. What type of devices do you mostly use to access the internet? Smart phone Laptop / Tablet Desk top Other (please specify…… 7. What activities do you use smart phone, laptop, desktop, or tablet to perform? (Check all that apply) Searching for information Playing games/Watching movies Social online activities Online sales and/or purchases Sending and receiving email Reading News Financial transactions Other (please specify) ………….. 8. My child(s) current study at…………………. 9. Have you ever use electronic payment services? If “yes” please continue the next question; if “no” please return the questionnaire survey form. Yes No. 10. Which channel do you mostly use to make electronic payments for tuition and fees? Payment by Debit/Credit Card ATM Transfer Bill Payment form Net Banking or Online Transfer QR Code Payment Other (please specify)...........