Unleashing the power of Interac e-Transfers for Refunds

Unleashing the power of Interac e-Transfers for Refunds

INSIGHTS

Unleashing the power of Interac's Bulk e-Transfer solution for Canadian educational institutions

The traditional ways of processing tuition refunds have left schools reliant on archaic systems which have lagged in innovation and efficiencies. These traditional solutions have resulted in high levels of manual intervention required by school staff creating long lead times as well as causing additional processing fees that are laid upon the school to absorb.

And that is just on the institutions side. When it comes to students receiving their refund, this process can last a tedious one to three weeks due to all the tradition processing friction that schools must deal with.

At PayMyTuition we utilize unique and innovative technologies, including AI and machine learning and elements of open banking, to enable Canadian colleges and universities to settle tuition refunds simply and easily in a matter of minutes, removing the friction that exists within the space today, creating a more efficient process for schools and an enhanced user experience for students.

PayMyTuition’s Interac e-Transfer innovative refund solution

PayMyTuition’s innovative Interac e-Transfer refund solution integrates the entire refund payment process into a single seamless solution through real-time APIs that are directly integrated into school’s AP and student information systems (SIS) for the first time.

When schools integrate this unique solution into their SIS there are many benefits and efficiencies that they will receive such as a reduction in refund processing times, removal of the manual and multi-journal accounting entries within AP systems, the ability to eliminate the need for paper-based cheque payments, as well as allowing settlement in minutes so students can get refunds faster, while saving institutions money by eliminating additional processing fees.

This solution utilizes automation technologies to ensure schools can experience an automated workflow to easily manage the refund process efficiently. Institutions can easily track and view the status of refund payments with an easy-to-use online portal that provides daily payment status reports to better manage cash flow, while at the same time, allowing schools to send refund payments to multiple recipients all at once with automatic AP reconciliation, removing the need for any manual intervention from school staff.

In addition, this solution leverages PayMyTuition’s deep knowledge and proven capabilities in fraud detection and prevention to help institutions manage their refund process with greater ease and confidence. When a refund payment has been initialized, students are required to log directly into their student accounts to receive a secure one-time use passcode (OTP) to complete their Interac e-Transfer refund transaction. Once this is completed and the OTP has been used for the Interac e-Transfer, the passcode is no longer valid and the transfer is completed, sending the refund directly back into the student account for their individual access.

PayMyTuition’s Interac e-Transfer refund solution for Canadian institutions can be integrated into most student information systems including: Banner, Colleague, PeopleSoft, Workday and Jenzabar and is another industry-first innovation that the team at PayMyTuiton has brought to the higher education space.

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.

To learn more about PayMyTuition’s innovative Interac e-transfer solution for student refunds, contact a member of our team to find out how we can remove the friction within your student payments business while saving staff resources and eliminating costs.