June 1, 2021 - The main challenge of international wire transfers is the time frame from when the wire transfer is initiated to when it is deposited and applied to student accounts. The two primary reasons for these delays are: International banking wire processes and payment transfers arriving to the University without required student information.
These payments with missing data, termed “mystery payments”, cost educational institutions several weeks of manual data matching to settle payments into the correct student accounts. Schools’ student information systems often receive these “mystery payments” from international students, or their family members, with little or no information on how to apply and credit funds.
To gain the desired efficiencies and student service enhancements to solve these challenges, schools need to shift from strictly receiving individual wire payments and outsource the processing of student tuition and fee payments to a third-party provider with an understanding of the higher education marketplace and the innovative technology necessary to seamlessly integrate a powerful solution into their student information system.
Eliminating payment data gaps within student tuition payments
Due to the innovative next-generation technologies that PayMyTuition offers colleges and universities around the globe, school partners can implement an enhanced tuition payment process for their international student population will full visibility on transfer status and student beneficiary information, eliminating any instant of mystery payments landing at the school.
This solution for processing student tuition and fee payments, enabled by real time financial APIs, provides an improved process for finance staffs reconciliation for faster accounting and more accurate crediting of outstanding items from its clearing accounts. Schools receive student funds within 48 hours with payments automatically matched to student accounts, eliminating any manual intervention or data entry errors. One of the biggest benefits of this solution is eliminating the need for posting multiple daily transactions by being able to batch payments into a single entry, instantly easing the entire reconciliation process for school staff.
PayMyTuition’s student payment solution enables schools to offer multiple payment options for paying tuition and fees including bill payments, pre-authorized debits, EFT’s, wires, credit cards, and payments through various e-wallets across 140+ countries in 100+ currencies.
This innovative international payment solution can be seamlessly integrated into a university’s student information system using a “plug and play” model that requires little to no customization. Schools will gain a highly efficient process for their international payments needs, saving them both time and money.
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.