With the price for education at all time high one of the biggest gaps that the pandemic has exposed for educational institutions is student payment plans. There is heightened demand from students for schools to provide more innovative alternatives that support payment choice, plan flexibility, and the removal of added processing fees from traditional solutions. This demand is something educational institutions need to respond to in order to support attrition rates within the ever-growing competitive student payments landscape.
Some payment solution providers in the space have tried to create solutions to provide schools with an alternative to traditional payment plans but unfortunately these options still contain gaps when it comes to student enrollment criteria, plan flexibility, real-time integration and payment scheduling.
Luckily, PayMyTuition has recently expanded upon its product offering and launched an innovative student payment plan solution with direct real-time integration into most student information systems (SIS) that will eliminate challenges that exist with traditional offerings, while creating unparalleled efficiencies for colleges and universities.
This innovative solution enables schools to provide hyper personalized payment plans to each student due to its industry-first comprehensive enrollment criteria capabilities. This functionality provides institutions with full and rich student data for the first time with the goal of optimizing payment plan assignment to the individual needs of student cohorts while removing any need for manual intervention from the school.
On top of providing highly personalized payment plans, this solution also enables institutions to support past due payment plans that utilize automatic notifications via text alerts and emails to support payment efforts. If at any point a student falls behind on their payments, they would automatically be notified through both text and email alerts with tailored offerings to help get them back on track. This solution allows students to take action themselves without any need of contacting the school, relieving the pressure normally laid upon school finance administrators to track down students or to make a series of manual adjustments.
Not only will students see a benefit of flexible plans, but institutions will be able to validate student information in real-time while simultaneously identifying fund availability with financial position detection technology. Through an open banking API, both student data and funds availability will be instantly authenticated for schools ensuring faster and easier tuition and fee payment transactions can be made.
Institutions will now be able to easily oversee payment plans within an all-in-one dashboard with reporting capabilities for easy management. This 360 degree offering allows schools to review payment activities, identify late payments, receive real-time validation of banking information prior to pulling funds, and automatically sync payment data with student accounts – all with real-time integration into institution’s student information systems.
This innovative payment plan offering from PayMyTuition provides schools with a multi-tiered plan enrollment solution allowing educational institutions to provide students with a seamless payment experience with the ability to schedule payments ahead of time while offering various payment types such as credit cards, ACH payments in the U.S. and pre-authorized debits in the Canadian market. This innovative solution from PayMyTuition can be seamlessly integrated, by way of real-time APIs, into most student information systems including: ellucian Banner, ellucian Colleague, PeopleSoft and numerous other leading student information systems.
Students need an alternative to how they are paying for their education during today’s economic climate. 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.