Tag: payments

  • Juggling risk and convenience in cross border payments

    Juggling risk and convenience in cross border payments

    The globalised education landscape continues to grow. According to ICEF Monitor, the volume of students studying abroad is expected to reach more than 9 million by the year 2030. And for education sectors around the world, international students are a major financial pillar. For example, in the 2021/22 academic year, non-EU students generated almost £9bn in tuition for UK universities.

    Pursuing academic goals abroad is an exciting prospect for students. However, the financial intricacies of international tuition payments can quickly turn to stress in the face of unpredictable currency fluctuations, communication hurdles, and complex administrative procedures. Meanwhile, for education institutions there is a fine art to balancing the need for secure and compliant cross-border transactions, with demand from students, their families, and agents for a seamless, user-friendly payments experience.

    The risks behind international tuition payments

    Handling cross border payments can be a tightrope walk for education institutions. When it comes to Gen Z and Gen Alpha, there’s an expectation that any sort of payment will be digital first, and seamless. However, there are several inherent risks to cross border transactions that finance teams can’t ignore.

    Topping the list would be payments fraud and scams. From phishing to fake agents, students are susceptible to schemes that lead to misdirected funds and enrolment issues – a threat that continues to escalate in the age of AI deepfakes.

    Currency volatility can surprise students and institutions alike. In the time between a student calculating their fees, and initiating a payment, the whims of the market can increase costs. For the institution, this can equate to payments arriving short, especially if intermediaries have deducted fees along the way.

    The challenge of managing international anti-money laundering (AML) and know your customer (KYC) regulations is another consideration. Plus, manual process for reconciliation and other administrative tasks can lead to errors, delays and financial discrepancies. The headaches for students and finance teams are real.

    Digital natives want seamless experiences

    Today’s international students expect cross-border payments to mirror modern eCommerce platforms. They want to make a payment online, from any device in a their method of choice, from bank transfers to e-wallets.

    Fast processing and real-time tracking are critical. For many international students, tuition fees are a major investment, and they want to see their funds are on track to reach their destination on time.

    Handling cross border payments can be a tightrope walk for education institutions

    Most of all, international payments should look and feel like local transactions. Payment platforms should accommodate diverse backgrounds for clear communication and support multiple currencies so students and their families know exactly how much their payment will cost. Even better if they get real-time rates.

    Failure to meet these demands can have real repercussions. Students are an institution’s greatest ambassador, and any negative experience can tarnish reputation and influence enrolment decisions.

    Find balance with the right payment provider

    Harmony between risk management and user convenience is increasingly critical for education institutions, and the best place to start is by partnering with a payment provider you can trust. Experienced international payments specialists offer robust fraud detection and compliance support, instilling confidence in students and institutions alike.

    Platforms that offer clear, up-front information about fees, exchange rates, and payments processes goes a long way towards building trust with students and their families. Combine this with advanced technology that delivers real-time tracking, and integration with financial systems for automated reconciliation, and your institution is well positioned to succeed in the digital age.

    To discover how Convera can help you offer a seamless payment experience for your international students, and reduce administrative burden for your teams, please get in touch here.

    About the author: Joanne McChrystal, originally from Ireland, is an alumna of Sheffield Hallam University, UK and the University of Economics in Vienna, Austria. With nearly three decades in financial services and a deep expertise in international payments, she has lived and worked across four European countries. Now, as the global head of education at Convera, Joanne drives forward initiatives that support educational institutions and their partners globally. She is fervently committed to facilitating seamless student journeys through innovative technology and robust partnerships.

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  • How colleges can improve financial transparency in fee payments

    How colleges can improve financial transparency in fee payments

    Effective higher education fee management maximizes revenue, reduces losses, and builds confidence with students and parents. However, 65% of institutions lose money owing to obsolete, manual processes (EDUFinance 2024). This is where student fees collection software shines.

    Let’s look at 10 data-driven strategies to improve student fee collection software for transparency and efficiency.

     

    Why Modern Student Fees Collection Software Matters

    Did you know 37% of college finance teams track fees using spreadsheets, which can lead to errors and miscalculations (Campus Finance Survey, 2024)? Student finance cloud technologies automate complex operations, reduce manual errors, and offer a transparent, real-time financial environment.

     

     

    How colleges can improve financial transparency in fee payments? 10 proven ways. 

     

    1. One seamless student registration and data sync

    Create comprehensive student profiles automatically matched with student information systems (SIS) including demographic data, course information, and financial details. Institutions running linked data systems report 23% faster fee processing.

     

    2. Clearly structured fees

    Fee breakdowns cause 48% of parents to argue (EdTech Insights, 2023). Flexible fees per department, course, or service offer upfront transparency and easier payments.

     

    3. Channel-wide fee collection automation

    Students prefer mobile payments 72% (Higher Ed Payment Trends, 2024). Make websites, mobile apps, and self-service portals accept rapid payments. Automated schools collected fees 27% faster and missed 15% fewer.

     

    4. Fine automation, absenteeism tracking

    Establish absenteeism and late payment penalties. Automation has reduced fee defaulters by 19% and ensures regular sanctions without manual follow-up.

     

    5. Role-based security to protect finances

    Role-based access control is non-negotiable even if 63% of higher education institutions report financial intrusions (EduCyberReport, 2024). Minimizing fraud and mistakes, only authorised staff should handle fee data.

     

    6. Parent portals for real-time fee visibility

    Parents demand more financial participation in their children’s education (82%, ParentPulse Survey, 2024). Parents receive transparent information regarding dues, invoices, and payment schedules via a portal, decreasing late payments.

     

    7. Automatic fee calculations for billing free of errors

    Errors in manual fee computation affect institutions’ annual income up to 4%. Calculate fees automatically using pre-defined criteria to guarantee correct, current billing for every student.

     

    8. Waivers, fee concessions, and flexible payment options

    Offer waivers, discounts, and flexible payment arrangements without any confusion on the back end. Supporting financially challenged students with structured payment plans resulted in 12% higher retention rates for colleges that have implemented this approach.

     

    9. Automatic fee reminders for on-time payments

    According to EduFinance Insights (2024), overlooked reminders account for 43% of late payments. Send automated fee reminders via email, SMS, and push notifications to significantly reduce the number of late payments.

     

    10. Real time financial transparency reports

    Access transaction history, income breakdowns, and outstanding amounts instantly. Real-time reporting improved financial forecasting and reconciliation for 89% of finance directors.

     

    The Bottom Line: Future-Proof Your Fee Management with Creatrix Campus

    Why let outdated processes drain your institution’s revenue? With Creatrix Campus Fee Management Software, higher education institutions can achieve:

    • Faster fee collection with automation and mobile payments
    • Enhanced financial transparency for students, parents, and administrators
    • Stronger security with role-based access and encrypted data
    • Real-time insights for smarter, data-driven financial decisions

    Ready to transform your fee collection process? Let Creatrix Campus help you boost efficiency, ensure transparency, and future-proof your institution’s financial operations.

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  • When tuition fee payments are suspended, what happens to students left behind?

    When tuition fee payments are suspended, what happens to students left behind?

    Whilst there may be good reasons for suspending tuition fee payments to “safeguard public funding and ensure students’ interests are protected”, decisions taken to safeguard the public purse often risk overlooking the individual students who are left behind.

    In April 2024 the Office for Students (OfS) opened an investigation in relation to Applied Business Academy (ABA) to consider whether it had complied with requirements to provide accurate information about its students, and whether it had effective management and governance arrangements in place.

    In September 2024, the Department for Education (DfE) instructed the Student Loans Company to suspend all tuition fee payments to ABA, until OfS had completed its investigation. On 27 September, ABA asked the OfS to remove it from the Register because it was no longer able to provide higher education. A decision to permanently close ABA was made on 22 October 2024 and liquidators were appointed.

    On 2 April 2025 OfS published a summary of its investigation. We understand around 300 current and prospective students were on courses partnered with universities who supported students through the closure and offered who were offered individual guidance sessions setting out options which included transfer to complete study as per the student protection plans.

    The other group of students

    However, there were also students who were studying for a Level 5 Diploma in Education and Training (DET) awarded by City and Guilds and some awarded by Organisation for Hospitality and Tourism Management (OTHM) – both at the time eligible for student loan finance. According to the OfS investigation this number looks to be just over 2,000.

    The route to raise complaints and seek redress for these students is different to the route for students on courses partnered with universities. As set out in the section of our Good Practice Framework that covers partnership arrangements, awarding universities and delivery partners will both be members of the OIA, so that students can benefit from a route to independent review of both party’s responsibilities. Where only one partner is a member of the OIA, our remit to review issues of concern to students is more limited.

    As the shape of the HE sector has changed, our legislation has been amended several times to bring as many delivery bodies and awarding institutions accessing public money as possible within our membership, to ensure that all students have access to an independent review of their complaints. But not all Awarding Organisations are currently OIA members, even where these courses are eligible for student finance.

    Access and risk

    There are clearly benefits to students of having access to student finance to access non- universities-awarded courses such as HND, HNC and level 4 or 5 courses with a Higher Technical Qualification approval. But we are concerned that the current arrangements may be inequitable, given that some students cannot seek an independent review of some awarding organisations’ acts or omissions.

    We have sought to close this gap by agreeing with Ofqual that awarding organisations being in membership of the OIA Scheme is compatible with Ofqual regulation and opening our Non-Qualifying membership up for awarding organisations.

    The impact on students of the different arrangements materialises further in cases of provider closure. In previous provider closure cases either the university has proactively put in place appropriate options or if they wanted to raise a complaint, the OIA could look at what the university’s role is in resolving this.

    As things stand, students at a delivery partner that ceases to operate at short notice, on courses awarded by an organisation that is not an OIA member, may find themselves with no clear independent route for complaints and redress. In our experience, students studying at HE level via a non-university awarded route and accessing higher education student finance, have no real understanding of this difference from those on a university awarded course.

    In the case of ABA, we have received a small number of complaints from students on the DET course, who are not able to access any financial remedy since ABA has gone into liquidation and the only option is for the students to become an unsecured creditor against ABA.

    We understand that where City and Guilds has received the work of students, there was not sufficient evidence for them to confirm the qualification requirements had been met for any student. This has been particularly difficult news for some students, many of whom believed that they had passed the course and were simply awaiting receipt of their certificate. They are unable to access further funding to re-take the year, compensation or travel costs to complete their studies.

    In the current financial climate and where franchise provision is coming under more scrutiny, it’s hard to imagine there will not be more students in this situation at a provider impacted by a closure. Alongside this the Lifelong Learning Entitlement (LLE) will potentially open more level 4 and 5 “non university” awarded courses where students may be unable to seek independent redress.

    Whilst we completely agree that protecting public funds is important, we mustn’t forget that there is a real and significant human cost for the genuine students, sometimes with few sources of personal support to help them navigate their limited options, left behind.

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