International Payments | Case Studies
Ryerson University: Streamlining payment processes
GlobalPay for Students is a cost effective, user friendly, convenient and payment solution for international students at Ryerson University. Established in 1948, Ryerson University is Canada’s leader in innovation and career focused education. Offering more than 100 undergraduate and graduate programs, the university is home to over 38,000 students and has recently experienced a surge in international students.
Previously, their international payment process relied on wire transfers or students paying via cash. Only having these two types of options available was becoming problematic for the University – for both students and staff.
From a student perspective, it was a customer service issue as both forms of payment are incredibly inconvenient. For the staff, the challenge was having cash on site and the issues this presented. As for wire transfers, this was a very manual process because many people have to touch a payment coming through this way.
Ryerson needed a solution that was cost effective, user friendly, convenient and flexible for international students, and freed up their staff’s time to focus on other parts of the business.
Inefficient and inconvenient payment options for students and staff.
GlobalPay for Students
A streamlined process for both students and Ryerson that increased usage twofold.
The Solution: A Simpler Payment Process
To find a cost effective way to streamline this aspect of their payment process, Ryerson University enlisted the help of Western Union Business Solutions and implemented the WUSM GlobalPay for Students payment platform.
The platform was ideal for the university because it offers easier reconciliation for international student accounts, a reliable global banking network, and comes with the comfort of working with a partner who makes compliance and security an organizational priority. This solution allows Ryerson to provide flexibility and better customer service to international students with the option for them to pay in over 30 currencies. The staff was able to move away from the manual process and focus their efforts towards other areas of the business, truly increasing effi ciency for the university.
The Results: Significant Growth Over One Year
Through collaboration with Western Union Business Solutions, Ryerson now has a payment platform that suits the needs of the institution and their students. It has been an easy transition as it’s simple to understand and use. From a cash fl ow perspective, the money is received faster from students, allowing for a quicker deposit into the university’s bank
account. This has been particularly helpful as the organization is able to invest the money in a timelier manner.
Thanks to the platform, the university has not had to hire more staff to handle the higher number of international payments, making it extremely cost effective for Ryerson.
“Western Union Business Solutions has allowed the University to offer a value added service to all of our international students regardless of where home might be by providing us with a single, reliable and trusted payment capability"
Peter Gee, Executive Director, Financial Services, Ryerson University
Perhaps the biggest benefit for the university is the increase in service levels for its students. The international payment process is now less confusing for students, allowing them to focus on their books rather than worry about payments.