TransferMate is committed to continually enhancing the accessibility of our solutions to meet the evolving needs of our customers.
Managing student housing payments is a major logistical challenge for both accommodation providers and students, especially in a tough economic climate. Manual transactions can often lead to errors and missed payments. That’s why we are launching our new Recurring Credit Card Payments feature.
What Are Recurring Credit Card Payments?
Our new recurring payment option enables students to set up automatic payments using their credit cards, offering greater flexibility for students. With a few simple clicks, students can schedule recurring transactions over a defined period (up to 12 months), ensuring they never miss a due date.
For accommodation providers, this feature means less time chasing late payments and fewer manual reconciliations. It’s a seamless, secure, and reliable way to collect fees on time, every time.
Why It Matters for Students
For students, managing multiple payments during the academic year can be stressful. By selecting the recurring credit card payments offering, students have a flexible and convenient method to pay their tuition fees throughout the academic year.
Students can choose the option to pay monthly for a period of up to 12 months. Once set up, payments run automatically for students, giving them peace of mind in knowing they won’t miss a payment in the schedule. They can focus on their studies and campus life, while their accommodation payments are taken care of.
Benefits for Accommodation Providers
For accommodation teams, late or missed payments can create unnecessary admin work and financial gaps.
By implementing recurring credit card payments, providers can:
- Reduce payment delays: Automated payments mean funds are received on their due date, and human error on the student side is avoided.
- Improve cash flow predictability: Recurring payments offer greater visibility into expected revenue.
- Save time on administration: Less manual chasing for finance teams means they can focus on what matters most and expect fewer errors during reconciliation.
- Enhance student satisfaction: By offering a modern, convenient payment option, you create a better experience for residents with the flexibility of spreading their payment over 12 months.
A Secure, Reliable Solution
As with all our payment solutions, security is at the heart of this feature. Our recurring credit card payments ensure all transactions are encrypted and processed safely. Students and accommodation providers can trust that their data and payments are protected at every step.
Getting Started with Recurring Payments
Setting up recurring credit card payments is simple:
1. College Link Update: Institutions or accommodation providers using TransferMate can ask their Relationship Manager to enable recurring card payments for their students.
2. Student Sign-Up: Students can select the recurring payment option when they intend to pay their housing fees.
3. Choose Frequency: They choose their payment schedule duration with the payments made on the same date each month for the defined period.
4. Automatic Billing: Payments are automatically processed on the agreed dates, with receipts sent via email.
Accommodation providers can track these payments in real-time through their dashboard, which includes TransferMate’s automated reconciliation benefits.
To enable recurring card payments for your students, please get in touch with your relationship manager or contact us today.
