Tailored payment solutions for the education sector
With more than 200 university and college clients, Travelex is a leading provider of customised payment solutions for the education sector worldwide.
Throughout our long history of working with universities and colleges, we have recognised that the education sector needs more than international payment facilities -it needs tailored solutions to streamline the processing of international payments.
As a result we offer our clients in the education sector two key payment solutions: one to simplify the process of managing outgoing payments, and one to more effectively receive and reconcile international student fees.
Managing outgoing payments
Education providers that make regular overseas payments for accommodation, research, tutors, courses, libraries and student recruitment marketing, will benefit significantly from our integrated payment solution.
Our payment processing platform communicates with your finance system, removing the need to manually double input payment information and saving you time and money processing and reconciling your payments. Our flexible platform supports most major accounting software packages, including PeopleSoft, Finance One and Oracle.
All payments can be managed, reviewed and approved online. You can implement approval loops that mirror your internal approval processes to ensure payments are only finalised by an authorised person. Online reporting lets you can create a range of payment reports to suit your exact needs. In addition, you will receive payment confirmation by email and we will automatically notify your beneficiary of that payment.
Benefits include:
- Integration between our payment platform and your finance system
- Email notification to beneficiaries to advise of impending payment
- Adaptable and tiered payment approval models
- Customised payment reports
- Same day release of international payments, subject to international trading cut-off times
- Remote draft printing
- Flexible settlement methods including inward wire and Direct Debit
- Reduction of overseas bank charges on payments to vendors
- Designated Client Executive
- Dedicated Customer Service Team
- Reduced handling fees
Processing international student fees
The combination of condensed fee-paying periods, a lack of student reference information and bank fees can make receiving and reconciling international student payments a complex, costly and time-consuming administrative challenge.
We have developed a secure, online payment solution to simplify this onerous process. It allows overseas students to pay fees in their local currency, thus saving them time and ensuring they avoid paying expensive international remittance fees. At the same time, education providers benefit from a streamlined process for receiving international payments and avoid short payment from fee deductions – what you invoice the student, you receive.
Our payment solution helps reduce the time and cost involved in collecting international student payments, enables payment tracking through its customised reporting functionality and integrates with your finance system to aid reconciliation.
Benefits of our solution include:
- More efficient receipt and reconciliation of incoming international student fees
- A single application to manage, track and report on incoming international payments
- More accurate payment receipt – what you invoice the student, you receive.
- Integration with your finance system
- A secure, online, and easy-to-use payment process for students
For further information about on our products and solutions contact
education@travelex.co.nz
