June 16, 2020 – Toronto; New Jersey City: PayMyTuition, a leading provider of technology-driven global payment processing solutions for international tuition payments, announced today a solution to help Canadian educational institutions process domestic tuition refunds due to the COVID-19 pandemic. For the first time in Canada, educational institutions will now be able to process domestic student tuition refunds within a matter of minutes by way of PayMyTuition’s next-generation domestic refund module.
“Our team has been working tirelessly to develop new solutions for processing student tuition payments and we are excited to be able to provide this type of solution to our education partners across Canada, especially during the current situation that schools are facing with the COVID-19 pandemic,” said Arif Harji, Chief Market Strategist at MTFX Group. “Tuition refunds have been a age-old challenge for institutions with manual processes straining their staff, long periods of settlement, and costly fees to process. Bringing this innovative solution to market, adding on to our already established PayMyTuition platform, elevates this challenge and will enable institutions to process refunds by the click of a button.
Educational institutions are finding themselves in a trying time with increased requests for refunds that take a toll on their staff and resources. Traditional ways of processing tuition refunds have left institutions 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 the educational institution undergoes 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.
Thankfully PayMyTuition’s innovative network solution, by way of their newly developed AI and machine learning technology, enables colleges and universities to settle tuition refund payments seamlessly while removing the friction that exists within the space today.
PayMyTuition’s refund module integrates the entire domestic refund payment process into an all-in-one seamless solution through their real-time APIs. PayMyTuition has integrated the Interac bulk payment solution to allow for the efficient processing of domestic refunds with integration availability for most student information systems including: Banner, Colleague, PeopleSoft, Workday and Jenzabar.
This solution will reduce refund processing times, remove the manual and multi-journal accounting entries within AP systems, allow settlement in minutes so students can get refunds faster, safely, and securely, and save the institution time and money on overall processing fees.
The company has already integrated their domestic refund module into their vast customer base and plan on expanding their presence across Canada over the next sixty days.
PayMyTuition is part of the MTFX Group of Companies, a foreign exchange, and global payments solution provider with a track record of 24+ years, facilitating payments for over 8,000 corporate and institutional clients across North America. MTFX has built its reputation on amazing people and great technology. Using a blend of “high-tech” and “high-touch” solutions, MTFX has grown to become a leader in online foreign exchange and global payment services across North America. In addition to offering incredibly competitive currency exchange rates, MTFX’s “high-touch” 24/7 multilingual customer support ensures that every transaction not only meets but exceeds the level of service our customers expect from us. MTFX is headquartered in Toronto, Canada with its US headquarters in Jersey City, NJ.