April 28th, 2020 – Toronto; New Jersey City: PayMyTuition, a leading provider of technology-driven global payment processing solutions for international tuition payments, announced today that it has taken its industry-leading cross border student tuition payments technology one step further, this time addressing one of educational institutions most challenging processes, international tuition refunds. For the first time in the industry, educational institutions will now be able to process international student tuition refunds within a matter of minutes by way of PayMyTuition’s next-generation international refund module.
“Long refund times, large administration fees, tedious manual swivel chair processes and high processing costs, have made refunding international tuition payments a pain point that no one in the student payment space has been able to elevate, until now,” said Arif Harji, Chief Market Strategist at MTFX Group. “We are excited to be able to bring this innovative solution, adding on to our already established PayMyTuition platform for settlement of international student payments, to the market for our educational institution partners across North America. By the click of a button institutions can now make refund payments to virtually anywhere in the world.”
Refunds may sound like a simple and turnkey transaction, but when it comes to providing a refund to an international student, the process becomes complex, costly and time intensive. Educational institutions have lagged when it comes to improved processes for cross border tuition payments due to their reliance on traditional payment networks.
When an international 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 international 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 international tuition refund payments while removing the friction that exists within the space today.
PayMyTuition’s refund module integrates the entire international refund payment process into an all-in-one seamless solution through their real-time APIs. This solution has 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 international refund module into their vast customer base and plan on expanding their presence across North America over the next three months.
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.