Educational institutions need to continue to find new ways to innovate their student payment offerings in order to service students in a way that can aid in removing payments friction when paying for their tuition and fees. Having the option of utilizing eBill and eStatements is no longer a ‘nice to have’ alternative but a necessity when it comes to providing students with a superior and seamless student payment experience.
When it comes down to it, sticking to the traditional ways of producing student statements and bills is expensive, puts pressure on institutions cash flow, and adds friction within the reconciliation process, putting a lot of manual strain on school staff.
Colleges and universities require a new contactless way to produce and process bills and statements so that payments can be applied faster, safely, and more securely, while at the same time, prioritizing the savings of institutions time and money.
eBilling and eStatements -- a win-win scenario
Students have already embraced technology in virtually every facet of their daily routines and with their higher education being a large part of their day-to-day life, a traditional manual process sticks out like a sore thumb.
With the eBilling and eStatement solution from PayMyTuition, students gain the ability, directly within their student accounts, to be instantly notified and sent alerts of any upcoming bills as well as having the ability to create personalized payment scheduling for course registration due dates, tuition fee deadlines, and monthly ongoing expenses. On top of this, students can set up automatic payment withdrawals to keep them on track with payment commitments and remove any additional fees that would arise from late payments. All student statements and information are automatically stored and updated in real-time within their student account to be accessed by the student or the school anytime 24/7.
When looking at the impact on the school, the benefits of digital invoicing and statements are tenfold. With instant bill and statement delivery, institutions will experience quick payment settlement eliminating additional processing fees that would traditionally occur with other methods. Automation technologies will remove all the manual reconciliation work that is normally required to balance and record student transactions, making large physical file folders taking up resources and space on campuses no longer a requirement. These efficiencies allow for better payments tracking and data transparency, eliminating student data gaps and instances of failed or delayed payments due to missing information, while at the same time, eliminating any need for manual intervention of payment matching for incoming payments from financial services staff.
PayMyTuition’s payment processing solutions for higher education are compatible with most student information systems including ellucian Banner, ellucian Colleague, PeopleSoft, Oracle and SAP among others, and provides seamless integration through a financial API directly into institutions student information systems. With this innovative eBill and ePayments solution, colleges and universities can experience reduced costs, data transparency, speed to market, and the ability to offer an enhanced user experience that students are demanding from them.
Students need an alternative to how they are paying for their education during todays economic client. 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.