Flywire has expanded its digital education payments business in Canada, enabling educational institutions in the country to support a range of payment options on campus.
Flywire’s receivables solution allows schools to facilitate multiple payment methods, including international, domestic, and payment plans.
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By GlobalDataCanada is said to be a prominent destination for international students and is also a growing domestic education market.
The country is said to have over 530,000 international students across all levels of education. About 2.1 million students are enrolled annually in post-secondary education.
Flywire already provides its services to help Canadian institutions digitise and streamline cross-border education payments for international students.
Flywire executive vice-president of Education Sharon Butler said that the launch of domestic payment offering in Canada will enable “schools to seamlessly receive and reconcile payments from all students”.
With new capabilities extended by Flywire, Canadian institutions will be now able to receive, track and reconcile domestic payments from Canadian payers through wire, EFT, direct debit or credit card.
They will be also able to provide students with flexible terms and payment plan options to help them manage education costs better.
Flywire’s solution is also said to automate past-due receivables collection internally and facilitate proactive collection of past-due accounts.
It will also enable schools to capture ancillary payments easily while minimising PCI scope and protecting students and institutions.
Additionally, this solution provides a virtual terminal for schools to centralise student billing and non-student account transactions on a single payment platform for in-person or over-the-phone transactions.
It also offers account activity details and allows schools to send actionable reminders to students to make immediate payments.
In February this year, Flywire launched its education payments platform in key Latin American countries including Brazil, Colombia, Mexico, Peru and Chile.
In September last year, Nanyang Technological University Singapore tapped Flywire to offer digital payment services to international students.
