There are a number of industries across the globe impacted by COVID-19, but educational institutions are quickly pivoting to adapt to their new normal of remote learning, or postponing some education. Many educational institutions around the globe have cancelled on-campus classes and activities, moving some classrooms online. For students, this means not returning to campus and not utilizing dormitories or services they previously paid for.
For educational institutions, this situations leads to two activities when it comes to payments:
- Continuing to receive payments from students as they move instruction online
- Refunding students who are not utilizing on-campus amenities or those who are cancelling/postponing their studies all together.
During this time of uncertainty, TransferMate will continue to provide its exceptional service for educational institutions receiving tuition payments and international students sending funds. Due to the digital nature of our business, your service will not be impacted greatly by COVID-19. We also provide a number of benefits that are helpful during a time of financial crisis and remote working.
We’re here to help with…
- Continued fast and efficient payment processing during this time
- No wire transfer fees, which ensures that the amount sent is the amount received
- Reduced admin workload by eliminating payment reconciliation
- A simplified mass refunds capability at no cost to the institution
- Anti-money laundering protections, alleviating the due diligence from administrative staff
- Multilingual customer service available 24/5 to support student/client payment inquires
- Account managers knowledgeable about education payments and refunds
- Automated payment/refund responses on all paid statuses for all parties of the payment
During our transfer process, students send their funds locally to the TransferMate account in their country and we deliver the funds to the institution in local currency in its country. This allows for no wire transfer fees. This cost-effective solution is of the upmost importance during the coronavirus crisis.
This service also works in reverse, allowing for quick refunds during a time when many universities may be canceling classes or offering refunds for on-campus amenities, such as accommodations.
By ensuring that payments and refunds sent equal the amounts received, TransferMate reduces reconciliation and admin workload for educational institutions, many of which have employees working remotely during this time.
TransferMate understands that this time is unusual and stressful for students and our education clients, and we are here to help make sure payments continue to operate as normal, while also being prepared to handle any influx of mass refunds due to the changing way institutions are operating.
Read about TransferMate’s COVID-19 preparedness plan.