Boston, MA - April 23, 2020: Flywire, a high-growth vertical payments company, today announced a new framework to enable universities to retain and drive student enrollment for the 2020-2021 academic year. The report, “Planning with Confidence in the COVID-19 Era,” is based on input from institutions, industry affiliations and global student communities and provides education stakeholders with actionable insights to navigate the economic obstacles posed by the coronavirus. Concurrent with the new framework, Flywire is also rolling out enhanced capabilities to improve the payment experience for students and universities and to help them manage financial risk.
“The coronavirus presents unique challenges to colleges and universities around the world,” said Sharon Butler, EVP of Global Education at Flywire. “Education administrators are forced to restructure everything from international recruitment, to visa applications, to refund policies.”
“Flywire is committed to supporting our university clients as they navigate these complexities, and we’re thrilled to offer a new framework that addresses the critical issues that will help them better serve their students and families.”
Key findings from Flywire’s framework include the following takeaways for universities:
- Clearly defined policies will drive enrollment: Despite ongoing uncertainties, universities can craft clear policies that provide students and families the comfort they need to choose to enroll in universities now, with the intent to commence studies in the fall. Certain policies can ensure enrollment and increased attendance in the months ahead.
- Payment plans are critical to affordability: The disruption of COVID-19 may make it harder for students and families to afford previously accessible education. Universities that can offer flexible payment plans will help their communities manage budgets, while maintaining enrollment.
- Consider visa requirements on a country-by-country basis: Visas represent one of the most challenging areas of uncertainty for students planning to study outside their home country in the months ahead. Universities that stay up to date on the latest information from governments and consult students on how to obtain visas will help drive enrollment.
As part of its new framework, Flywire is also rolling out new capabilities to enable students and universities to better manage the financial risks caused by COVID-19. The new offerings enhance Flywire’s existing comprehensive receivables solution, which is a suite of payment options that make tuition transactions faster and more secure, transparent and affordable.
The enhanced capabilities enable universities to:
- Automatically pause payment plans: Flywire is providing even greater flexibility within its payment plans, enabling universities to automatically pause payments to help students better manage their tuition expenses in light of COVID-19.
- Securely issue refunds to international students: Flywire continues to provide universities the ability to send refunds back to students who've paid through Flywire in their home country and is enhancing this capability in response to increased client demand throughout COVID-19.
- Read the complete framework, “Planning with Confidence in the COVID-19 Era,” here.
- Learn more about Flywire’s flexible payment options for universities here
Flywire is a high-growth vertical payments company trusted by organisations around the world to deliver on their customers’ most important moments. Unlike other companies, Flywire is proven to solve vertical-specific payment and receivables problems for organisations that deliver high-value services. Whether in education, healthcare, travel or technology, Flywire has vertical-specific insight and technology that allows organisations to optimise the payment experience for their customers while eliminating operational challenges. To date, Flywire has processed over $16 billion in total payments volume for over 2,000 clients around the world. The company is headquartered in Boston, USA and has offices around the world.For more information, visit www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook.
Walsh Group Marketing