University Business - April 2012 - (Page 24)

sponsored web seminar digest Simplifying the payment process for A University Business Web Seminar Digest Originally Presented on March 6, 2012 The number of international students attending U.S. colleges is booming, as schools seek to increase diversity and net tuition revenue. But there’s a hidden cost to this trend that involves processing international payments. This Web seminar explored a new alternative for handling international education payments. Nelnet Business Solutions and peerTransfer have joined together to reduce the payment fees, administrative workload and account errors associated with international wire transfers. Judi Seguy Vice President, Business Development Nelnet Business Solutions Experienced partners and best practices ease impact of the growth of international students As the international student population of colleges and universities continues to grow, institutions are looking for ways to balance the benefits and struggles inherently associated with processing international payments. In an effort to remain competitive, universities must keep up with the ever-changing flow of ideas, new technologies and the demand for immediate access to information. Many are “going global” and making their campuses more international. Students today live in a more global environment with access to new music, fashion trends and literature from outside the U.S. As we have become more international, increasing diversity in our schools and programs, we have seen an explosion in the international student population. According to the 2011 Open Doors report, more than 723,000 international students were studying in the U.S. – a 32 percent increase over the last 10 years alone. The University of Illinois, the University of Iowa, Indiana University, UCBerkeley and UCLA, all had freshman classes with an international component exceeding 10 percent. The impact of this trend on a university’s budget is exten- sive: International student payments account for $21 billion to the U.S. economy. These payments can significantly help institutions struggling to maintain existing programs through repeated rounds of state budget cuts. International students use a variety of payment methods: • Embassies or sponsors. • Credit Cards are a popular choice among payees, but everincreasing bank fees often cause institutions to take this option off the table. • ACH transfers from U.S. bank accounts – if families have them. • Cash. A surprising number of international students make payments in cash. But this raises large safety and security concerns as students must travel with large amounts of cash. • Checks. • International wires can be good for the payer but less so for the college or university. Simplifying payment methods through working with experienced international partners like Nelnet and peerTransfer has several benefits for both institutions and families of international students. For the institution they include: streamlining processes, increasing savings, reducing receivables, protecting sensitive financial information, ensuring regulatory compliance and aiding in recruiting efforts. For families, benefits include saving 2-5 percent in fees, increasing the comfort level with the security of their transactions and dealing with customer service staff that speaks their language and operates in their time zone.

Table of Contents for the Digital Edition of University Business - April 2012

University Business - April 2012
Editor’s Note
College Index
Ad Index
Behind the News
Financial Aid
Viewpoint
Independent Outlook
Models of Efficiency
Guns on Campus
Campus Finance
Internet Technology
End Note
Contents

University Business - April 2012