Higher One Payments and Travelex have partnered up to create the CASHNet ePayment system, intended to provide universities and colleges with improved processing to collect tuition and other payments from students studying abroad in the United States.
The over-the-Web service gives international students, parents and other authorized users the ability to view current balances and securely make payments via credit card, ACH and PIN-less debit for charges and fees. It additionally gives students the option to assign a checking/saving account for electronic refunds and other fund disbursements.
International payments typically involve a college or university receiving a large lump sum wire. These are not only time-consuming and costly for students—with variable and fluctuating exchange rates—but it also forces university staff to waste precious time tracking the funds in order to determine where the payment should be applied.
The enhanced Travelex-CASHNet services for the collection of international student payments will be available in early 2011.