Travelex Global Business Payments, an international payments specialist, has acquired Pay 24-7, online payments technology used by leading universities and higher education institutions in the UK, North America, Europe and Asia. The online payments technology is specifically designed to reduce the banking and the administrative cost associated with collecting fees from overseas students and enables a speedier payments process for both the student and university.
Pay 24-7 simplifies the payment process for universities collecting payment from their overseas students. Universities can receive overseas students’ payments within 24 hours through access to the Travelex’s GEO network, which provides a cheaper, faster and more accurate payment network in over 70 countries and 135 currencies. Universities are able to offer their students a range of cost effective payment options including in transfers the student’s home currency by bank transfer or bank card using Dynamic Currency Conversion (DCC) capability.
“Pay 24-7 specialist online payments technology enables Travelex Global Business Payments to offer universities a streamlined payments process that helps to ensure that its students’ transition from their home countries to their chosen university is stress free,” said David Sear divisional managing director of Travelex Global Business Payments. “It also simplifies the process for university departments, with a view to lowering administrative overheads and reducing the number of errors that manual processes often introduce.”
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