Product Updates August 2023

Welcome to our latest product updates blog—a way to ensure you are up to date with TransferMate’s newest feature releases and product enhancements. We’ve got plenty to share with you this month, so let’s dive in.

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More payment options for TransferMate Education

Our institutions are currently in peak payment season, and to aid in the speed and ease of processing international student fees, TransferMate has increased the payment options available.

Previously, users could choose between bank transfers and credit/debit cards, with one price shown for each payment option. However, from now on, our solution will display up to 15 different payment options (country dependent), with varying rates, providing students with more payment methods and allowing them to choose the rate.

What's changed?

1. Updated Payment Methods: Institution payment links will provide additional payment methods, expanding options and tailoring the payment process to the client’s preferences.‍

2. Segregation of Card Payment Options: TransferMate has introduced distinct card payment types on institution links. This ensures seamless transactions tailored to clients’ specific needs. Each card payment type holds its own price value separate from one another.

3. Flexible Pricing for Varied Payment Methods: TransferMate has introduced different pricing for various payment options, providing clients greater flexibility and convenience.

• Updated Payment Methods: Institution payment links will provide additional payment methods, expanding options and tailoring the payment process to the client’s preferences.
• Segregation of Card Payment Options: TransferMate has introduced distinct card payment types on institution links. This ensures seamless transactions tailored to clients’ specific needs. Each card payment type holds its own price value separate from one another.
• Flexible Pricing for Varied Payment Methods: TransferMate has introduced different pricing for various payment options, providing clients greater flexibility and convenience.

What are the payment options?

TransferMate now accepts payments via:

• Bank Transfer
• Credit Card
• VISA Credit
• VISA Debit
• MasterCard Credit
• MasterCard Debit
• Maestro
• AMEX
• Discover Card
• JCB
• Union Pay
• Alipay
• Trustly
• Diners
• Carte Bleue
• RuPay – APM

Example Before and After

Before:

After:

Global Accounts | New features & benefits

Our product team is continuously enhancing our suite of services and advancing features and benefits to meet the growing needs of our customers.

This month, our product team has released three new features to our Global Accounts product.
The first of which are advanced filters allowing users to search more easily and provide more insightful views of your Global Accounts.

Previously, customers could only view transactions separately; the new "Accounts Transaction" tab on the Global Accounts page allows users to view all transactions in one place. This is accompanied by advanced filters enabling users to filter through the information required and download a single report with the transactions from all Global Accounts in one place.

The second new feature to roll out this month is mass invoice authorization.

Up until now, customers could only authorize one payment request at a time using static instructions. With the new feature rollout, you can now authorize up to 1,000 requests at a time using a file upload.

Users can then authorize the entire file upload instead of each request individually.

TransferMate then automatically sends an email to each individual payer supplying the relevant payment information.

The third enhancement of the month to our award-winning Global Accounts product is the ability to set Auto Sweeps between Global Accounts.

This means if clients receive funds into multiple Global Accounts but want to ‘Pay Out’ or ‘Withdraw’ from a single account, TransferMate can complete an auto sweep across those multiple accounts, sweeping all funds into one account (of a client’s choosing).

The auto sweep will work across same and international currencies.

This enhancement makes paying out and withdrawing from Global Accounts easier and more efficient.

Currently, TransferMate developers complete the setup, so to avail of this enhancement, please contact your account manager directly.