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Walk Through Transfermate

Background

Adler University is a private university, with two campuses in North America. Adler University’s flagship campus is in Chicago, Illinois, and its satellite campus is located in Vancouver, British Columbia. The University also offers online classes and degree programs online for both masters and doctoral students.

Challenge

Adler University receives thousands of multi-currency payments through checks, different types of bank transfers and payments via credit cards. Due to bank fees and international charges what Adler University were receiving was less than expected. International payments were difficult to reconcile, had missing reference numbers and the administration team were bombarded with calls from students for payment confirmation. This was frustrating for both the college and the students, and in addition was costing Adler University significant staff fees in order to reconcile invoices and handle all student queries.

Solution

TransferMate, the global leader in banking technology proposed to Adler University their Global Receivables solution. This solution allows the student to simply make a domestic transfer in their home country to TransferMate. TransferMate then makes the payment from their local bank account and Adler University receives the full amount, with no bank charges and referenced with the Student ID. Once complete Adler University and the student receive an official receipt of payment on email and can also track the payment real time on their TransferMate account. An additional benefit of the Global Receivables product is that it works in reverse, if a student refund is required. Adler University felt this 360 solution offered solved all their internal problems for receiving international payments as its fully regulated, required no IT implementation and has 24/7 customer service support.

Notification

Use bulk payments to make up to 10,000 payments to employees or partners with a single click