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In response to the challenges administrators, international students and their parents face in making tuition payments at U.S. colleges and universities, Higher One and Travelex joined to create an enhancement to the functionality of the CASHNet(R) ePayment service to now allow international students to make payments to the college using their currency of choice. HCC has over 6,000 international students and also partners with colleges overseas. Recognizing a need, HCC was quick to implement the program on campus.
Payments of tuition for international students can be a significant problem, dependent on the countries involved, payment deadlines of the schools involved, and banking relationships involved. Tuitions can involve international wire transfers, or even surcharge-accruing card payments, again depending on the countries and schools involved in the transaction. Volatility in exchange rates can also complicate transactions.
The process of transferring funds to make a tuition payment can often times be extremely time consuming and costly, especially with fluctuating foreign exchange rates,” said Matthew Lewis, Director, Partnerships and Alliances at Travelex Global Business Payments. “Higher One and Travelex provide a solution that streamlines the payment process, is more cost efficient, locks in an exchange rate that is more competitive than traditional banks, and integrates with the University’s existing ERP system.”
Western Union announced on July 6 that it would be acquiring the global business payments division of Travelex Holdings.
Click here for more: http://www.marketwatch.com/story/higher-one-and-travelex-announce-houston-community-college-as-first-to-deploy-joint-electronic-tuition-payment-solution-2011-07-11?reflink=MW_news_stmp