How the pandemic has demanded student choice in tuition payments from educational institutions

How the pandemic has demanded student choice in tuition payments from educational institutions

INSIGHTS

The traditional ways that domestic and international students are forced to make tuition payments are a costly, time consuming and frustrating experience for not just the student, but also for the institution. In recent years the digital banking landscape has improved dramatically and even though educational institutions have tried to keep pace with improvements in new age banking capabilities, tuition transactions have remained a challenge.

Many levels of payments and processing friction exist for institutions due their reliance on traditional systems. Schools are constrained on the payment solutions and methods that they can offer creating a large challenge for their student base, especially when it comes to their international population. On top of this, working with traditional methods have forced institutions to manage complicated and manual payment processes costing them both time and money, as well as, having to deal with untransparent data gaps on payment status, which in some cases will withhold students from being permitted to attend classes on time.

Institutions require alternative payment choices for cross-border student payments

Fortunately, innovative fintech’s in the space, like PayMyTuition, have developed digital solutions and alternatives specifically designed for educational institutions to remove the friction and limitations that exist with traditional offerings, making the international tuition payment process easy, timely and accurate.

PayMyTuition’s solution for student payments not only eliminates friction but also offer students and schools multiple domestic and international payment options for paying tuition and fees including options like Interac bulk requests for money, bill payments, pre-authorized debits, EFT’s, wires, credit cards, and payments through various e-wallets -- all spanning across 140+ countries in 100+ currencies, creating an all-in-one solution for schools and students alike.

With this solution PayMyTuition’s unparalleled customer experience and flexible payment choices are provided to the student, while significant efficiencies are delivered to the institution with the removal of manual data entry and clunky batch file uploads to process student payments. This solution can be seamlessly administered by way of a real-time API integration into most student information systems including Banner, Colleague, PeopleSoft, Workday and Jenzabar.

With the new semester just around the corner, students are demanding frictionless alternatives to paying their tuition both domestically and across borders. With improved international tuition payments experiences and processes starting to become a priority for students globally, institutions need to proactively respond to the new ways of making payments to ensure their attrition rates are protected.

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.