Conclusion
Although the primary mission for universities is to deliver education, the complexity of providing a solid payment experience can impact this outcome. 63% of students across each market said a slow and painful payment process will create a negative view of their university. This is why it is important for institutions to offer a secure payment experience that supports multiple currencies and regional payment methods.
Technology is on the side of universities. They can and should look to implement tools that provide a central platform for the payment experience. It needn’t be a headache for universities. Yet if not done right, a lacklustre payment experience can be detrimental to the student experience on campus, and even make them question the capability of the institution itself.
Yet, if universities want to attract international students, they must consider the ease, speed and security of payment transactions. Communication and real-time notifications throughout the entire process are critical. In addition, universities should deliver clear, concise messaging and offer 24x7 multilingual support to help address payment questions. They need to put students’ minds at ease about hidden fees and alert when upcoming payments are due.
Lastly, students will be frustrated if they can’t use their favourite payment method. And beyond the payment method, they want the ability to securely pay electronically from the device of their choice and take advantage of flexible payment plan options. These requirements make it important for universities to work with partners that can provide a global payment network to meet these needs.