Taking the friction out of processing tuition refunds for Canadian educational institutions
November 24, 2020 - It is a challenging time for educational institutions in Canada, with increased demand for tuition refunds taking a toll on school staff and resources. Traditional ways of processing tuition refunds have left schools reliant on archaic systems which have lagged in innovation and efficiencies. Refunds may sound like a simple and turnkey transaction, but when it comes to providing a refund to a student, the process becomes complex, costly and time intensive.
When a domestic student requests a tuition refund educational institution’s undergo high processing fees, heavy paper pushing and data acquisition, and manual backend accounting updates and entries. This process can last a tedious one to three weeks to refund tuition payments back to the student.
At PayMyTuition, our goal is to develop innovative solutions that are designed with educational institutions in mind to solve the complex challenges that they experience with traditional ways of payment processing. By way of our newly developed AI and machine learning technology, we can now enable colleges and universities to settle tuition refund payments simply and easily in a matter of minutes, removing the friction that exists within the space today.
Introducing the PayMyTuition Interac e-Transfer refund solution.
PayMyTuition’s refund module integrates the entire domestic refund payment process into an all-in-one seamless solution through real-time APIs that are directly integrated into school’s student information and AP systems.
The main benefits of this innovative solution are:
Faster payments: This solution will reduce refund processing times, remove the manual and multi-journal accounting entries within AP systems, eliminate the need for paper-based cheque payments, allow settlement in minutes so students can get refunds faster, safely, and securely, and save institutions money on overall processing fees.
Ease of use: This solution is seamlessly integrated into institutions student information systems with implementation taking only 3-5 days. Utilization of automation, coupled with AI and machine learning technologies, creates an automated workflow enabling schools to easily manage the refund process efficiently.
A streamlined reconciliation process: Institutions can easily track and view the status of refund payments with an easy to use portal that provides daily payment status reports to better manage cash flow. This solution allows schools to send refund payments to multiple recipients all at once with automatic AP reconciliation removing the need for manual intervention.
Notifications and reminders: Schools can easily set refund payment email alerts that will remind students to complete the refund process directly within their student account to ensure the process is streamlined and managed efficiently for on time payment.
Fraud prevention: This solution leverages PayMyTuition’s deep knowledge and proven capabilities in fraud detection and prevention to help Canadian 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 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.
This innovative solution creates new efficiencies for institutions and allows schools to have more control on their refund payments. Removing the manual reconciliation process and eliminating of the need for expensive, paper-based cheques, will simplify and transform the reconciliation experience, alleviating a huge pain point for both institutions and their students.
In conclusion with the PayMyTuition Interac e-Transfer refund solution you can:
- Pay refunds simply and easily without the need for student banking information or the use of paper-based cheques
- Experience quick reconciliation with real-time payment notifications and daily status reports
- Highly secure transfers requiring students to login to their student accounts to receive a one-time use passcode to process their Interac e-Transfer refund directly into their student accounts
- Funding and settlement of refund payments into student accounts within 24-48 hours
- Experience a simplified installation process with direct integration into school’s student information system that only takes 3-5 days for implementation
- PayMyTuition’s Interac e-Transfer refund solution can be integrated into most student information systems including: Banner, Colleague, PeopleSoft, Workday and Jenzabar
Our platform can help streamline your domestic refunds and manage your requests efficiently.
Contact us to learn more about how our third-party payment platform and innovative solutions can help you optimize your refund payments process across Canada.