Toronto; New Jersey City: PayMyTuition, a leading provider of technology-driven payment processing solutions for tuition management and campus commerce, announced today the expansion of its digital student payments product suite built to remove the friction within educational institutions tuition management and campus commerce processes. This product expansion will continue to place PayMyTuition at the forefront of innovation within the higher education space and includes integrated solutions for student payment plans, eStatements, eStores, eRefunds, cashiering and international payments, all with direct real-time integration into student information systems.
“We are excited to announce the expansion of our unique set of solutions within the higher education space providing our education partners with numerous domestic and international offerings that will deliver unparalleled efficiencies for both their payment processing and their student communities for the first time,” said Arif Harji, Chief Market Strategist at MTFX Group. “We launched this new solution set to truly change the game in the education category by providing a unique offering to our partners, enabling education institutions with next-generation technologies and students with payment choice and flexibility. With a single containerized real-time integration into student information systems, our partners will receive access to our advanced solution set that will remove the strain laid upon staff resources, create processing efficiencies and reduce costs across the board.”
PayMyTuition’s advanced solution set includes:
Domestic and International Payments: Multiple payment options for paying tuition and fees including ACH, Bill Pay, real-time payments, credit cards, Interac and payments through various e-wallets combined with an international student payment offering across 180+ countries in 135+ currencies with 90+ unique payment options.
Payment Plans: Providing students increased flexibility by allowing them to pay for tuition and fees by offering personalized installment plans. This solution utilizes financial position detection technology to validate student banking information and account balance status in real-time while simultaneously identifying student account fund availability, removing instances of non-sufficient fund payments, and eliminating the need for traditional invoice-only plans. Institutions can manage past due payment plans while keeping students on track with automatic text alerts and notification emails offering payment options for unpaid balances.
eStatements: Send consolidated billing while securely automating payment collection across any device with 24/7 access including electronic bill presentment solutions via text or email. Easily automate how payments are collected and processed removing any manual intervention required by school administration teams.
eStores: Create, manage, and launch unlimited online storefronts. Create custom eStores, registration sites and payment pages with integrated inventory management, shipping, and an all-in-one secure shopping cart. Automatically feed transactions and update G/L accounts in finance systems by store, product or site while enabling secure, PCI compliant payment processing through one centralized and unified payment platform.
eRefunds: Remove manual and multi-journal accounting entries within student information systems for faster more secure transactions. The integrated refund solution utilizes real-time account validation, removing the need for manual cheques, to allow for the efficient processing of refunds to students.
Cashiering: Simplify in-person payments with advanced oversight and reconciliation features while accessing student transactional data in real-time to offer a better student experience. Offer multiple cashier support stations while simultaneously reducing data entry and reconciliation through real-time G/L account posting and centralized controls. Accept in-person and over the phone transactions for campus merchants with portable card readers from virtually anywhere on campus.
This all-in-one solution set from PayMyTuition can be seamlessly integrated, by way of real-time APIs, into most student information systems including: ellucian Banner, ellucian Colleague, PeopleSoft, Workday and numerous other leading student information systems.
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