Our Partner, Trust Payments has written this article to offer a different perspective on payments in education.
The global education sector was already under financial and logistical pressure before the pandemic hit. But the stakes are now far higher as COVID-19’s fallout on student enrolment, and accommodation income hits home.
UK’s higher education sector is facing a £19 billion black hole with 13 universities at risk of insolvency because of the losses caused by the outbreak. This pattern is echoed worldwide and means the education sector must find new and innovative ways to attract, engage, and support students.
A small but vital part of the answer lies with the students themselves — typically Generation Z — and their digital expectations to interact mobile-first, from how they enrol in courses to how they pay their tuition fees.
A central manifestation of this trend is the shift from “physical” methods of payments (e.g., cash or cheque) to electronic transactions (such as card-based payments) and now the increasing shift to digital channels (e.g., online or via app).
Historically payments services were generically focused on the exchange of value. New solutions are emerging from combining value-added services (such as reporting) to providing an end-to-end solution for a broader business process.
Educational institutions are still getting to grips with managing the increasing demand for online learning and a global student population.
To help them manage his demand, here are three payment options educational facilities
can leverage:
To help educational institutions process tuition and accommodation payments globally, a reliable payment solution that would ensure a seamless experience on both ends is needed.
One of these services is a payment gateway, which works for every business model in every currency and accepts credit, debit, mobile and alternative payment types.
Alternatively, an end-to-end payment solution would be a better option as it operates as a bank with the added benefit of being able to process payments from multiple touchpoints: mobile application payments, physical POS, online payments and event through a third-party payment solution like Apple or Google Pay.
ePos are fully integrated pre-paid cashless card systems that can include a secure wall-mounted box and an online payments and account management portal. They are perfect for places where cash is impractical, like educational facilities and can be used for meal ordering for students, cashless catering for staff, web top-ups for university services like printing or entertainment services.
Recurring payments allow educational institutions to automatically charge their students on specific dates and not worry about making manual payments. If your online education platform has a subscription fee, your students can automatically add funds to their account using set criteria and a previously selected payment card.
Additionally, partnerships with American Express, VISA, and Mastercard support card schemes enable students to set easily up these recurring payments.
As the world progresses, the education sector’s needs are diversifying. Choosing a trusted partner that can offer an individual approach to your payment processes is essential to advance your company to the next level.
