Eliminating payment data gaps

Eliminating payment data gaps

INSIGHTS

Are you still manually entering student information into your SIS due to payment data gaps? Here is your solution

Experiencing data gaps within student payments is not an uncommon occurrence when it comes to the traditional ways that institutions process student disbursements, both domestically and internationally.

The main challenge that schools experience with domestic and foreign payments is receiving payments with little or no information on how to apply and credit funds to the correct student account or how to efficiently respond and process refund requests in a timely manner. These payments with missing data lead to several weeks of payment matching and manual data entry for school staff making the process time intensive, creating added costs for the institution.

To gain the desired efficiencies and student service enhancements to solve these data challenges, agile fintech’s in the space, like PayMyTuition, have developed unique and innovative solutions so schools can have an all-in-one offering for their payment processing needs that provides sufficient student data within each individual transaction, eliminating any occurrence of data gaps for the school.

Industry first solution for payments and refunds with direct integration into your SIS

PayMyTuition is an experienced third-party solution provider with an unparalleled understanding of the higher education marketplace and has developed an innovative suite of solutions specifically designed for educational institutions to remove friction within the student payment and refund process.

PayMyTuition’s solution for student tuition payments was built with automated payment matching technologies so that each payment that arrives at the school will be automatically matched to the correct student account in real-time, eliminating all the manual swivel-chair processes that school staff would normally take weeks to complete.

In addition to streamlining tuition and fee payments, PayMyTuition has developed, by way of AI and machine learning technologies, a next-generation student payment refund solution that removes manual and multi-journal accounting entries within AP systems so students can get refunds faster, safely, and securely, while saving institutions time and money on overall processing fees. In addition, the domestic refund solution utilizes Interac bulk payment e-transfers, removing the need for manual cheques, to allow for the efficient processing of domestic refunds to students across Canada.

This unique solution set was built to enable direct integration into a school’s student information system (SIS). Using a system with direct integration into a school’s SIS with automation technologies eliminates the risk of institutions receiving payments without sufficient data as well as removing delays in transaction and refund processing, providing a superior customer experience for the student.

Digitizing Student Financial Services

With this suite of innovative solutions institutions not only will become completely digitized and benefit from faster cash flow and reduced costs, but they will gain added efficiencies by avoiding unnecessary student inquiries in their finance and international programs offices, leading to better use of staff resources.

On top of these payment efficiencies, PayMyTuition’s all-in-one digital solution set offers schools multiple domestic payment options for students paying tuition and fees including Interac bulk requests for money, bill payments, pre-authorized debits, EFT’s, wires, credit cards, and payments through various e-wallets while enabling foreign payment capabilities across 140+ countries in 100+ different currencies for their international student population.

In conclusion

At PayMyTuition we solve the complex challenges that educational institutions experience with traditional ways of processing student payments with our innovative, next-generation solutions. Contact a member of our team to find out how we can remove the friction within your international and domestic student payments business while saving staff resources and eliminating costs.