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FX4 - International and Domestic Payment System built for Education

Published on Wednesday, May 8, 2019

Online Payment System for the International Education Industry

Collecting overseas fee can be a problem for Schools, Agents and fee payers. With little to no transparency in traditional processes combined with inflated exchange rates and unnecessary bank changes, the environment of overseas can present many difficulties. In this article we will look at the struggles and how some clever technology can take away this headache for both parties.

The traditional process for fee payers is to use their respective bank, however this path leads to various issues. Although there are other methods of sending money internationally these often involve an unneeded amount of work load including KYC and anti-money laundering procedures.

Traditional banking methods can create a range of issues for schools. Firstly, inflated exchange rates and hidden bank fees can often lead to schools or Agents not receiving the full invoice amount. This produces an accounting issue as they have to then re-invoice the parent for the difference. Creating many weeks of additional work load at an expense. In addition to this, with payments coming from many international locations it can prove difficult to match and reconcile, creating a struggle to account and confirm settlement of payment. This isn’t helped by what can be a very slow process, increasing the window of incoming payments beyond the allotted time of collection.

The issues associated to this process are not just felt by the school and Agent. In many cases they are not aware of the issues that fee payers experience. Fee payers are more often than not paying 4-6% in rates with additional charges on the overall invoice. The traditional processes are costly and inefficient, offering no benefits to the fee payer.

However, it does not have to be this way. With the aid of some innovative technology we can look to solutions that correct these issues. Creating an efficient and cost effect process for schools, agents and fee payers alike. The Schools and Agents will have access to a service that matches and reconciles their incoming international payment, while making sure they revive the full amount each time. This will reduce the time and money that is allocated to this process, while eliminating the issues above. In synergy to this schools and Agents can provide fee payers with an efficient, cost effective and secure way to settle their invoice. Proactively considering the customer produces a great reflection on your operation.

At Schools and Agents, we have been proactive in recognising this. We want to ensure that we can help our partners in all areas, improving the quality of service received by not just our customers but yours as well. By forming a partnership with FX4, we are confident we can provide the highest quality service to the education market.

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