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How Open Banking Cashiering Technology Will Enable A Fully Digital Campus Experience And Why Your Institution Needs It Now

How Open Banking Cashiering Technology

Educational institutions have made advancements when it comes to servicing digital alternatives for domestic and international tuition payments but when it comes to how students purchase class books, school supplies, on-campus event tickets, among many other things, institutions are falling short leaving students and school staff to use traditional on-campus POS terminals to fulfill education transactions.

The idea of a fully digital campus experience has long been a challenge for educational institutions to bring to fruition, but it is something they can no longer avoid in order to remain competitive with the pace of digital payments innovation and meeting the demands of their students. The use of digital technologies needs to be front-and-center for student’s daily campus needs so institutions can provide them and their families an enhanced and seamless student user experience.

Introducing PayMyTuition’s open banking cashiering solution for higher education

PayMyTuition’s cashiering technology, incorporating open banking technology, is yet another next-generation solution that is bringing innovation to the higher education space. This full-service solution supports multiple campus cashier stations simultaneously while providing educational institutions 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 for the first time.

This innovative open banking cashiering solution, by way of a financial data API, will equip educational institutions with instant account verification through two-factor authentication for payer identify to ensure the payer is authorized for that student account making transactions simple and secure. This solution also provides institutions with real-time funds verification and balance checks before any transfer can be initiated, allowing educational institutions to be proactive with their payments process, saving staff time and the institution money from processing fees.

This open banking cashiering module 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. By way of a portable card reader this solution provides seamless transactions for students wherever they require, whether over the phone or across campus, including the bursar’s office, recreational sports center, health center, housing offices, among others.

A cashiering solution to create processing efficiencies with direct student information system (SIS) integration

With direct SIS integration this PCI-compliant cashiering solution simplifies daily reconciliation, provides advanced reporting capabilities and updates back-end records, such as general ledger accounts, in real-time that can be managed 24/7 within an all-in-one dashboard. With this solution campus departments can 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 and transaction 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 in real-time within a single payment portal due to its containerized install directly into schools SIS allowing the school staff to instantly pass data between the point of sale and the school’s SIS in real-time.

Could your institution benefit from the services we offer?

Our team is always ready to help answer your questions, field inquiries, and so much more.

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 or domestic student payments process while simultaneously saving staff resources and eliminating costs.