TORONTO, March 8, 2022 (Newswire.com) - PayMyTuition, a leading provider of technology-driven payment processing solutions for tuition management and campus commerce, announced today the launch of their innovative solution for student payment plans incorporating comprehensive enrollment criteria capabilities for colleges and universities. This launch, adding to their recent all-in-one solution offering, will enable educational institutions to provide students with increased flexibility when paying for tuition and fees through highly personalized installment plans that utilize financial position detection technology to validate student banking information and account balance status in real-time with direct integration into their student information systems.
"This innovative solution enables schools to provide hyper-personalized payment plans to each student due to its industry-first financial verification and comprehensive enrollment criteria capabilities," stated Arif Harji, Chief Market Strategist, MTFX Group. "This functionality provides institutions with full and rich student data for the first time with the goal of optimizing payment plan assignment to the individual needs of each student, truly bringing a first of its kind solution to the higher education category to educational institutions and their student population."
With direct real-time integration into schools' student information systems, this solution's comprehensive enrollment criteria capabilities enable institutions to assign hyper-personalized payment plans to students automatically, removing any need for manual intervention from campus staff.
Through a financial data API, both student data and funds availability will be instantly authenticated for schools, ensuring faster and easier payments. Students will be given the ability to set up personalized payment scheduling with automatic payment withdrawals to help them stay on track.
This solution also enables institutions to support past due payment plans. If at any point a student falls behind on their payments, they would automatically be notified through both text and email alerts with tailored offerings to help get them back on track. This solution allows students to take action themselves without any need of contacting the school, relieving the pressure normally laid upon school finance administrators to make a series of manual adjustments.
PayMyTuition's solution for domestic and international payment plans allows institutions to easily oversee active plans within an all-in-one dashboard with reporting capabilities for easy management. This 360-degree offering allows schools to review payment activities, identify late payments, receive real-time validation of banking information prior to pulling funds, and automatically sync payment data with student accounts due to its real-time integration into institutions' student information systems.
This innovative payment plan offering from PayMyTuition provides schools with a multi-tiered plan enrollment solution allowing educational institutions to provide students with a seamless payment experience with the ability to schedule payments ahead of time while offering various payment types such as credit cards, ACH payments in the U.S. and pre-authorized debits in the Canadian market.