Titled ‘Payment Plan Management’, the new plan comes with improved collection rates, shorter payment cycles and accelerated cash flows for universities, private schools and language schools.
“Payment Plan Management gives students and their families greater control over the process”
Payments can be made from any device with a 24/7 tracking through a customised dashboard, while administrators will be able to manage the whole process through a single system from start to finish.
The offering is available to both domestic and international payers and designed to meet GDPR and PCI DSS standards.
“There is definitely demand from universities [for this] because the current options available don’t have the flexibility required,” Mike Massaro, CEO of Flywire told The PIE News.
“For example, for international students who want to create a payment plan, the only way to do that is to open a local bank account. Institutions … don’t want students stressing about how to pay their tuition and fees; this gives them a secure and efficient way to offer that flexibility.”
He told The PIE that while Payment Plan Management is brand new to the UK market, there are currently over 100 universities using it in the US.
“By taking the uncertainty out of the payment process, we’re allowing students to focus on learning, and universities and schools to focus on educating.”
Additionally, the plan allows schools to quickly identify problem accounts and set up tailored email campaigns to help keep payers on track.
“Payment Plan Management gives students and their families greater control over the process while giving administrators a single system from which to track and manage payment plan accounts,” added Massaro.