International students can enrich your school community, enhance your tuition revenue, and help students learn about cultural diversity.
With the introduction of international students, administrators often have to adjust certain processes – in particular, they’ll have to navigate the complexities of international payments.
Normally, international parents pay tuition and fees via bank wire transfers. Wire transfers are often difficult to track, incur intermediary bank fees, and increase the risk of fraud at your institution.
When bank account information is published on your school website and distributed through email correspondence, the chances of wire fraud increase. Although the account listed may only be for a depository account, it provides sensitive information to the public domain that can then be used by fraudsters in business email compromise (BEC) or phishing campaigns.
In addition to the risk of fraud, wire transfers may not be the preferred method of payment for your international families. Often, in-country bank transfers (like Sofort in Europe) or alternative payments methods (like China’s AliPay digital wallet) are favored by international parents.
Now, for the good news: FACTS has partnered with Western Union Business Solutions to deliver an integrated payment method that allow families to make reliable, transparent international payments, with upfront pricing, in the payment method that works for them.
As a trusted global brand with a robust compliance program, all international payments made through the Western Union® payment option are properly screened to help protect your campus from nefarious activity. Plus, your institution won’t have to post bank account information online.
There are plenty of things to consider when accepting international students at your school — visa deadlines, housing, and overall daily student needs — but accepting foreign payments doesn’t have to be one of them. Let FACTS and Western Union® take the stress out of accepting international tuition payments.
Contact your FACTS account manager to learn more about enabling international payments through Western Union.