PayMyTuition Launches Innovative Open Banking Cashiering Module For Educational Institutions

September 13th, 2022 – Toronto; New Jersey City: PayMyTuition, a leading provider of technology-driven payment processing solutions for tuition management and campus commerce, announced today the launch of their innovative cashiering module for educational institutions. This launch, powered by open banking technologies, will allow schools to have multiple campus cashier stations simultaneously while providing an all-in-one offering for accepting, transacting, and processing campus payments over the phone and in-person with direct integration into school’s student information systems (SIS) for the first time.

“When it comes to how students purchase class books, school supplies, on-campus event tickets, among many other things, institutions fall short on these payment experiences leaving students and school staff to use traditional on-campus POS terminals to fulfill education transactions,” stated Arif Harji, Chief Market Strategist, MTFX Group. “Our innovative module provides institutions with an all-in-one cashiering solution with real-time funds verification and balance checks that enables them to securely accept and manage payments via desktop and mobile workstations anywhere on campus creating significant efficiencies for both schools and their students.”

This innovative open banking cashiering solution will equip educational institutions with a two-factor account verification process for payer authorization before a transaction can be made, making transactions easy and highly secure for the student. This cashiering module also enables schools to securely accept and manage both tuition and non-tuition payments via desktop and mobile workstations by way of many different payment methods across the United States and Canada including credit cards, ACH, EFT’s, Google Pay, Apple Pay and through various other e-wallets.

With direct SIS integration, this PCI-compliant cashiering solution simplifies daily reconciliation tasks, provides advanced reporting capabilities, and updates back-end records in real-time, such as general ledger accounts, that can be managed 24/7 within an all-in-one dashboard. Campus departments can now record their payment transactions in a web-based application and easily download and send daily reports to any department, eliminating the need for paper-based receipt inventory tracking across multiple systems for easy all-in-one auditing capabilities.

This cashiering technology makes over the phone and in-person payment acceptance efficient and secure while ensuring that it meets the strictest levels of compliance. Every transaction is recorded and managed within a single payment portal due to its containerized install directly into schools SIS, allowing the school staff to instantly pass data between both points in real-time.

PayMyTuition’s cashiering solution offers institutions customization and flexibility within its next-generation technology infrastructure, allowing for the offering to be fully unique and speak to the needs of each college or university individually. This solution is compatible with most student information systems including ellucian Banner, ellucian Colleague, PeopleSoft, Oracle, SAP, among others and is seamlessly integrated by way of a direct containerized install allowing institutions to have this offering fully operational in only a matter of days.

About PayMyTuition by MTFX

PayMyTuition is part of the MTFX Group of Companies, a global payments solution provider with a track record of 25+ years, facilitating payments for over 8,000 corporate and institutional clients across North America. Last year MTFX Group processed over 11 billion in currency exchange across 180+ countries in over 135 different currencies. 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. For more information, please visit www.paymytuition.com and www.mtfxgroup.com.

Media Contact

media@paymytuition.com