With Flywire, Canadian institutions can offer students both international and domestic payment options to help address education affordability
Flywire Corporation a global payments-enablement and software company, announced the expansion of its digital education payments business in Canada. In response to client demand, Flywire is expanding the comprehensive receivables solution it offers to Canadian institutions, enabling them to support a variety of payment options on campus, including international, domestic, payment plans and more.
Canada is a popular destination for international students from around the world and is also a thriving domestic education market. More than 530,000 international students study in Canada across all levels of education and annually, approximately 2.1 million students are enrolled in post-secondary education.
Read More: EY Announces Industry Cloud Innovations to Help Organizations Accelerate Business Transformation
However, many schools are forced to use different payment systems and tools to process student payments, increasing the costs and complexity in their financial operations. Amidst the rise in education costs, institutions are also looking for ways to make education payments easier and more affordable for students and their families by offering flexible payment schedules and additional online methods.
“Flywire has already offered Canadian institutions the ability to digitize and streamline cross-border education payments for international students,” said Sharon Butler, EVP of Education, Flywire. “Now, with the addition of our domestic payment offering in Canada, Flywire enables schools to seamlessly receive and reconcile payments from all students, all from within a single solution.”
For students, Flywire provides a simple, easy and affordable way to pay; for institutions, Flywire helps staff achieve operational efficiencies so they can do more with less to attract, retain and engage students worldwide.
“The payment solutions that Flywire offers are important to Simon Fraser University now more than ever,” said Korina Chu, Director, Student Financials. “For both our domestic and international students, the pandemic has precipitated the need for digital, flexible payment options that let students pay on their own terms, in a way that makes the cost of their education more manageable. Flywire meets our students’ needs, and saves us valuable time and resources.”
The new Flywire capabilities immediately available to Canadian institutions include:
- Domestic Payments – Receiving, tracking and reconciling domestic payments from Canadian payers through wire, EFT/direct debit or credit card.
- Payment Plans – Offering Canadian students flexible terms and payment plan options to better manage education costs; can be initiated by students or schools.
- A/R Collect – Automating past-due receivables collection internally and facilitating proactive collection of past-due accounts; reduces collection agency placements, keeps more students enrolled.
- Secure Checkout – Allowing schools to capture ancillary payments easily and securely while reducing PCI scope and protecting students and institutions.
- Virtual Terminal – Centralizing student billing and non-student account transactions on a single, easy-to-use payment platform for in-person or over-the-phone transactions.
- Billing – Allowing schools to provide account activity details and send actionable reminders that engage and encourage students to make immediate payments.
- SIS Integrations – Enabling real-time data flow between the SIS and Flywire and reflecting payments in real time directly in the student’s account in PeopleSoft, or Banner or Colleague, improving staff efficiencies and the student experience.
