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Streamlining Returns to International Residents

Read on to learn how to ensure the full or partial return of your international resident’s security deposits/bonds or account credits can be processed with ease.

One of the most administrative intensive processes that confront student accommodation providers is the end of lease return of security deposits/rental bonds or account credits. Even more time consuming is trying to capture the banking details of your residents who have departed the country and need to have those funds returned to an international bank account.

Ensuring your international residents are paid on time, in their preferred currency, in a timely manner can be challenging to manage and any delays in payments could possibly damage your organisation’s reputation and relationship with your resident.

Streamline all your international payments using one easy portal for refunds and beneficiary collection.

Ensure that both your beneficiary collection process and payout process are in the same system to easily enable you to review status or payments and approve to ensure your international residents are paid in a timely manner.

Leverage your resident’s banking network to enable refunds to be initiated and completed by the same provider, without relying on third parties.

Work with a payment partner who has their own banking network rather than relying on 3rd party partners. That way you can track and monitor refunds easily without having to rely on others to provide status update.

Pay your international residents in their local currency.

Give your international residents the option to receive payment in their local currency. Western Union Business Solutions supports payments in 130+ currencies to 200+ countries and territories.

Manage refunds in bulk.

As the end of lease period is an extremely busy time for your team, the finance and administrative team need to be able to manage refunds in bulk so they can ensure the turnover process runs smoothly.  Work with a payment provider who can offer bulk upload, approval, and cart management of up to 500 payments at once so you can make refunds in larger batches.

Make it easy for international residents to provide their international bank details.

Ensure your international residents receive their money quickly by gathering the necessary bank details first time round. Work with a partner that offers a user-friendly beneficiary data capture process allowing your international residents to provide their details quickly and easily with intuitive logic that asks for the correct banking information for their country to ensure payment is completed first time.

Configure your end of lease refunds process to align with your organisation’s existing procedures and policies.

Each student accommodation provider has different processes and procedures that any refund process will need to align with. Work with a partner who can offer a flexible payment platform that can be configured to meet your organisation’s specific requirements such as sequential approval models, approval limits, payment initiation requests.

Integrate with your incumbent resident management system for easy reporting and processes.

To achieve ultimate process efficiencies, your chosen refunds platform should seamlessly integrate with your existing resident management system, so you gain efficiencies in reporting and visibility between systems.

Protect your residents from the risk of fraud.

It is critical to ensure that when collecting beneficiary details, your organisation has steps in place to stop phishers from intercepting this data. A co-branded refunds platform that provides secure bank detail collection with ID validation to ensure the departed resident is the intended recipient. Collected details are presented throughout the resident review, with optional document collection, to ensure that validation of payment details can be performed efficiently.

Ensure that your payments provider has a dedicated team that helps protect your international residents from fraud and will work with your organisation if fraud does occur. Ultimately, helping to defend your residents against fraudulent activity contributes to your organisation’s reputation as a partner they can trust. Which leads us on to……

Protect your organisation’s reputation.

If your international resident falls victim to fraud when providing their bank details to your organisation or if you become a victim of business email compromise, this could possibly generate negative public relations for your company. To make sure this does not happen, you should ensure your platform provider employs robust data collection, data validation and document collection processes when collecting resident details.

Ensure your payment provider meets regulatory standards.

Both student accommodation providers and payment processors are subject to strict regulations and compliance standards relating to the processing of data, and the protection of privacy. Your payments provider must demonstrate that it has qualified personnel and sufficient expertise and controls in place to comply with such requirements. They need to be an expert in this area and serve as an asset in your ongoing efforts to adhere to these rules.

Moving money around the world can be complicated, requiring compliance with a whole array of local and foreign regulations and requirements designed to prevent money laundering and fraud. It pays to work with a payments provider that is a licensed money remitter, which means they have the compliance experience and necessary licensing to help fully protect your international resident s and your company.

Work with a payment partner you can trust.

Do you have proof that your partner has the size and the financial strength and stability to withstand any significant changes in the market? In times of economic instability, a provider’s susceptibility to market downturns could result in a loss of funds. In turn, this could impact the reputation of your organisation and its ability to attract international residents. It is important to work with a provider that is part of a public company with publicly available, audited financial statements that you can monitor for confidence that your company is not at risk.

As you seek efficiencies in your outgoing payment processes, speak to the education experts at Western Union Business Solutions about how we can help support your company with our outgoing payments solution enabling easy and robust beneficiary collection processes, flexible customisation and integration options and payout in 130+ currencies to 200+ countries and territories.

Contact us to find out how we can help you manage your refund payments to international residents quickly and efficiently.