July 7th, 2020 – Toronto; New Jersey City: PayMyTuition, a leading provider of technology-driven global payment processing solutions for international tuition payments, announced today the launch of their most recent innovation: International student payment plans. This solution, adding to their industry-leading cross border student tuition payments technology offering, will enable educational institutions to provide students with increased flexibility to better manage tuition and fee payments due to the impact of COVID-19
“We know that both educational institutions and students are feeling financial pressures, along with schools being concerned about attrition rates, due to the pandemic that is affecting everyone around the globe,” said Arif Harji, Chief Market Strategist at MTFX Group. “Rudimentary payment plan solutions that exist in the market today have limitations and do not allow the level of flexibility that we feel is needed during these trying times and institutions have been asking for an alternative. By utilizing our vast network of global partnerships from over 25 years in the industry, we have developed this innovative solution to provide institutions with the choice and flexibility that students require when it comes to paying for their higher education.”
Traditionally, international students are required to pay all tuition and fees up front to their educational institution before they are admitted or enrolled to begin their studies -- and along with the rising costs of education each year -- students are finding it challenging to gather tuition funds in time for enrollment payment deadlines. PayMyTuition’s innovative payment plan solution, supported by their partnership with Applied Performance Analytics from earlier this year, not only provides flexibility on payment scheduling for students with personalized installment plans and various payment methods, but enables students to pay for tuition and fees in local currency ensuring they have the most cost-effective way to pay for tuition, allowing them to better manage their cash flow and focus on growing their futures.
“Through PayMyTuition’s partnership with Applied Performance Analytics, schools will have an integrated dashboard for managing student accounts,” said Paula Darling, CEO at Applied Performance Analytics. “Through this dashboard, institutions can review payment activities, identify late payments, and determine which students can benefit from a customer service contact to help them get back on track. This information can help institutions reduce risks and improve financial management for student retention and in turn graduation.”
PayMyTuition is focused on putting technology first and continues to bring innovative solutions to the marketplace without restrictions and exclusivity agreements to support partner institutions within an ever-changing student payments landscape. PayMyTuition’s international payment plan solution is an industry first and can be directly and seamlessly integrated, by way of their real-time API, into most student information systems including: Banner, Colleague, PeopleSoft, Workday and Jenzabar.
The company is expanding rapidly, with plans to enable multiple educational institutions across North America with this innovative payment plan solution this year. PayMyTuition will continue working with customers across the globe to be able to provide an unparalleled customer experience to all students while delivering significant efficiencies to institutions.
PayMyTuition is part of the MTFX Group of Companies, a foreign exchange and global payments solution provider with a track record of 25 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.