- The new service from PayMyTuition will be delivered in conjunction with its partner Applied Performance Analytics.
- The service will ensure that students have flexibility when it comes to their fee payment plans.
- “We know that both educational institutions and students are feeling financial pressures, along with schools being concerned about attrition rates, due to the pandemic that is affecting everyone around the globe,” said a senior figure at PayMyTuition.
A leading North American student payment processing service has revealed its plans for a new international money transfer service aimed at tuition fee payments.
The collaboration between the firms will permit international students to manage their fee payments in a way that better suits their cash flows.
The two firms will offer students the chance to create instalment plans that are bespoke to their own financial situations.
It will also allow them to make payments in their own currencies.
The services will be delivered in conjunction with the firm Applied Performance Analytics, which PayMyTuition partnered with earlier in 2020.
In a press statement, PayMyTuition said that the system would help ensure that students “have the most cost-effective way to pay” their tuition fees.
According to Arif Harji, who serves as the chief market strategist at PayMyTuition’s parent company MTFX Group, the new service is especially important due to the ongoing coronavirus pandemic.
“We know that both educational institutions and students are feeling financial pressures, along with schools being concerned about attrition rates, due to the pandemic that is affecting everyone around the globe,” he said.
He added: “Rudimentary payment plan solutions that exist in the market today have limitations and do not allow the level of flexibility that we feel is needed during these trying times and institutions have been asking for an alternative.
“By utilizing our vast network of global partnerships from over 25 years in the industry, we have developed this innovative solution to provide institutions with the choice and flexibility that students require when it comes to paying for their higher education.”
For Applied Performance Analytics, the firm’s CEO Paula Darling said that the information generated by the system dashboard “can help institutions reduce risks”.
“Through PayMyTuition’s partnership with Applied Performance Analytics, schools will have an integrated dashboard for managing student accounts,” she said.
She added: “Through this dashboard, institutions can review payment activities, identify late payments, and determine which students can benefit from a customer service contact to help them get back on track.
“This information can help institutions reduce risks and improve financial management for student retention and in turn graduation.”
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