Whether you’re beginning to consider growing your international student population or are already accepting students from abroad, the stakes are high: the majority of international student payers abandon their application at the checkout stage.
Trust is a huge factor in why a payer abandons the payment. They should be confident that their payment will be handled securely, and they should have the comfort and convenience of paying in their local currency using their preferred method.
Build that trust early on by being knowledgeable about what the students and their families need and acting on it.
Know the preferred payment methods of international payers
Payers’ preferred payment methods vary by country, so it’s important to understand each market you’re targeting. While many foreign payers pay online with credit cards, there’s no single solution that works for everyone. For example, in China, 70% of payments are online payments but in Europe, more than 80% of payments through credit cards. The best solution for your business may be to offer multiple payment options in order to appeal to students from as many geographical locations as possible.
Allow your international students to pay in their local currency
Being able to give your international students and families the convenience of paying in their own currency is largely a function of your payment processor, so you’ll want to determine ahead of time if it allows you to accept international transactions. Find out what flexibility they give you to accept payments in foreign currencies. Do they allow you to accept local bank transfer, local credit cards, local internet banking, and more?
Provide your international students with the ability to make payments in their local currencies and preferred payment method and avoid hidden foreign transaction fees. This contributes to a better user experience and a smoother checkout for your students. For you, this may mean higher international recruitment and sales.
Get prepared for receiving international payments
Recruiting internationally can be a rewarding adventure. It enriches your institution by providing opportunities to build relationships and learn about other countries and cultures. When you’re ready to get started recruiting internationally or looking at expanding your target markets, check out Flywire's largest collection network covering over 200 countries and territories.