MTFX Group’s PayMyTuition has added international payment plan solution to its cross-border tuition payments technology offering.
The new solution is designed to offer additional flexibility on fee payments as the education industry combats Covid-19 impact.
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MTFX Group chief market strategist Arif Harji said: “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.
“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 utilising 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.”
Usually, foreign students are required to pay tuition fees upfront before they are admitted to the institution.
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By GlobalDataThe new payment plan solution enables students to pay in instalments through personalised plans. The service is supported by Applied Performance Analytics.
Additionally, the PayMyTuition solution allows students to make payments in local currency through multiple methods.
Applied Performance Analytics CEO Paula Darling said: “Through PayMyTuition’s partnership with Applied Performance Analytics, schools will have an integrated dashboard for managing student accounts.
“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.”
Last year, PayMyTuition partnered with EbixCash World Money on tuition payments.
