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How Financial Position Detection Technology has Revolutionized the Student Payment Process

Financial Position Detection Technology Revolutionized Student Payment Process

There has always been friction in the transfer experience when it comes to students making payments to their educational institution. Major pain points are the lack of transparency in transfer status, payments arriving at educational institutions without sufficient beneficiary information, or additional unforeseen fees being charged throughout the transfer process including late fees, FX volatility, or NSF fees. No matter which friction point is at hand, with the pandemic still active around the globe, these challenges have only been amplified for both students and school staff.

Educational institutions need to continue to find new ways to innovate their international student payments offerings in order to service students in a way that can aid in removing payments friction when paying for their tuition and fees.

In order to support attrition rates with the new normal of online learning, institutions need to prioritize the implementation of a seamless digital payments processing solution that provides a simple and easy-to-use student experience, while at the same time, saves the institution time and money.

The power of financial position detection technology in student payments

This is where PayMyTuition comes into play. PayMyTuitiion’s financial position detection technology enables educational institutions to validate student beneficiary information and account balance status in real-time while simultaneously identifying student account fund availability, all before withdrawing or accepting a payment transfer from a student.

This ability allows educational institutions to provide students with a seamless payment experience enabling the option of utilizing ACH payments in the U.S. and pre-authorized debits in the Canadian market, to support both one-time only and ongoing automated payment scheduling.

Financial position detection technology, incorporating elements of open banking, allows institutions to create a highly efficient payments process with instant account authentication for a more seamless and secure payment experience. It will protect schools and students against overdraft and NSF fees with real-time funds verification and balance checks before any transfer can be initiated. Institutions can now verify students’ identities, instantly matching payments to student accounts, removing all manual intervention that school finance department staff would traditionally have to do.

Next-generation technologies in student payments

PayMyTuition utilizes a financial data API so that both student data and funds availability will be instantly authenticated for schools ensuring faster and easier tuition and fee payment transactions. Combined with biometric verification technologies, institutions will be enabled with enhanced payment processing security, identity authorization, and fraud protection, giving both the school and the student payment safety and peace of mind. 

In conclusion

At PayMyTuition we solve the complex challenges that educational institutions experience with traditional ways of processing student payments with our innovative, next-generation solutions. Contact a member of our team to find out how we can remove the friction within your international and domestic student payments business while saving staff resources and eliminating costs.