Flywire, a company that solves complex payment problems for leading businesses and institutions, today announced the availability of a comprehensive receivables solution for education institutions. The expanded offering provides institutions with the latest digital capabilities to meet the diverse needs of both domestic and international students from a single payment platform, while reducing reconciliation requirements and operational costs.
“To date, a lot of institutions have been forced to use multiple payment providers to serve all of their students,” said Sharon Butler, executive vice president for global education at Flywire. “With our expanded receivables solution, schools can now select from the industry’s most comprehensive digital payment and reconciliation capabilities to address varying requirements – whether that’s processing complex payments or helping students tackle rising tuition costs and student debt with more flexible payment options. This approach future-proofs the payment process to deliver better service levels for students and greater efficiency for the institution.”
Flywire has processed millions of transactions for 1.6 million students at over 2,000 education institutions around the world, with initial emphasis on cross-border payments. In response to growing market demand, Flywire now enables institutions to seamlessly receive and reconcile payments from students and their families regardless of location. By mixing and matching its diverse education products, institutions can build a comprehensive receivables solution to meet evolving needs for today and tomorrow. The expanded product offering includes:
- Education Payments: enable easy digital initiation, receipt and reconciliation of both cross-border and domestic payments from anyone, anywhere, at any time.
- Payment Plans: offer flexible payment options to help make education costs more manageable for students and their families.
- A/R Collect: automate past-due receivables to proactively collect on more accounts internally, reduce collection agency placements, and keep more students enrolled.
- Billing: review account activity and send actionable reminders that engage students and encourage them to make timely payments.
- Refunds: streamline the refunds process and the return of funds to the original payer.
- Virtual Terminal: centralize all student billing and non-student account transactions on the same, easy-to-use payment platform.
- Secure Checkout: capture all payments easily and securely while reducing PCI requirements and protecting students and the institution.
- Third-Party Tools: manage communications and streamlines payment tracking and reconciliation for transactions facilitated by third parties such as agents.
The Flywire platform is also backed by 24x7 multilingual customer service and a powerful global payment network that supports 150 currencies across 240 countries and territories.
"Flywire enables us to offer students low-cost payment plans tailored to fit specific financial situations, " said John Hockersmith, associate director, USFSCO, at University of Illinois. “As a customer-friendly tool for making payment arrangements on past-due balances, A/R Collect facilitates payment plans that allow our students to easily re-enroll and remain in school. Flywire and its excellent multilingual, often in-country customer service provides our students and their families a secure, low cost, fully integrated payment process that operates like an extension of our university. It is a win-win for everyone involved."
Flywire’s expanded offering was initially piloted in the US and is in service at 70 higher education institutions. The solution is now generally available in the US and UK with future plans for worldwide deployment.
About Flywire
Flywire solves complex payment problems for businesses and institutions to empower new opportunities globally and locally. The company processes billions in payments per year, connecting entities to make transactions faster, more secure, less expensive, and more transparent. Clients in business, education and healthcare use Flywire’s full-service platform to tailor the payment experience for their customers and to create a single point of visibility and control for payer engagement and receivables management – from invoicing to payment reconciliation. Flywire also supports its clients with end-to-end customer support, including multilingual servicing via phone, email, and chat, as well as around-the-clock online payment tracking.
The company is headquartered in Boston and has offices in Chicago, London and Manchester (UK), Valencia (Spain), Shanghai, Singapore, Tokyo, Cluj (Romania), and Sydney. For more information, visit www.Flywire.com.
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