September 29th, 2020 – Toronto; New Jersey City: PayMyTuition, a leading provider of technology-driven global payment processing solutions for tuition payments, announced today the launch of Payment Wheel, an innovative suite of solutions specifically designed for Canadian educational institutions to remove friction within domestic and international tuition payments while streamlining institutions international business payments. The Payment Wheel solution includes both a set of innovative domestic and international solutions including tuition payments, refunds, payment plans, and a next-generation vendor payment module, all with direct integration into educational institutions student information and AP systems.
“We are excited to announce our newest innovation, Payment Wheel, an all-in-one solution set for Canadian schools to provide them with various domestic and international payment tools that will streamline their business and tuition payment processes,” said Arif Harji, Director, Chief Market Strategist at MTFX Group. “We launched Payment Wheel to provide a unique offering to our partners, enabling institutions with next-generation technologies and students with payment choice and flexibility. With a single integration direct into school’s ERP and AP systems, our partners will receive access to multiple solutions that will open up staff resources and reduce costs of traditional payment processing.”
PayMyTuition’s Payment Wheel solution set includes:
Domestic and international payments: PayMyTuition’s Payment Wheel offers students and schools multiple domestic payment options for paying tuition and fees including Interac bulk requests for money, bill payments, pre-authorized debits, EFT’s, wires, credit cards, and payments through various e-wallets. This domestic payment product, combined with our international payments solution that removes the friction from international tuition payments across 140+ countries in 100+ currencies, offers an all-in-one solution for schools and students alike.
Domestic and international refunds: By way of PayMyTuition’s newly developed AI and machine learning technology, this refund solution removes manual and multi-journal accounting entries within AP systems so students can get refunds faster, safely, and securely, while saving institutions time and money on overall processing fees. In addition, the domestic refund solution utilizes Interac bulk payment e-transfers, removing the need for manual cheques, to allow for the efficient processing of domestic refunds to students across Canada.
Domestic and international payment plans: PayMyTuition’s domestic and international Payment Plans provide students with increased flexibility to better manage tuition and fee payments when it comes to paying for their higher education. PayMyTuition’s innovative payment plan solution not only provides flexibility on payment scheduling for students with personalized installment plans and various payment methods, but enables students to pay for tuition and fees in local currencies ensuring they have the most cost-effective way to pay for tuition, allowing them to better manage cash flow.
Domestic and international vendor payment module: PayMyTuition’s innovative vendor payments module can be directly integrated into both ERP and A/P systems providing account payable automation that effectively manages and runs compliance checks on all vendor account information. It manages school’s multi-currency accounting requirements, allowing them to invoice and pay suppliers in alternative and vendor preferred payment methods, eliminating the need for AP reconciliation. This next-generation technology provides fund settlement to domestic and international merchants in less than twenty-four hours, helping institutions better manage cash flow and protect themselves from market volatility.
PayMyTuition’s Payment Wheel solution set is an industry first and can be seamlessly integrated, by way of their real-time API, into most student information systems including: Banner, Colleague, PeopleSoft, Workday and Jenzabar.
PayMyTuition is part of the MTFX Group of Companies, a foreign exchange and global payments solution provider with a track record of 25 years, facilitating payments for over 8,000 corporate and institutional clients across North America. 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.