In today’s interconnected world, students are constantly on the move, pursuing educational opportunities across the globe. Convera supports them with paying their international and domestic tuition and fees so they can focus on what matters most—their studies. However, each region has its unique currency, banking practices, payment culture, and compliance regulations. Therefore, we are continually on a mission to expand our network and forge partnerships to facilitate student payments through a variety of options, including bank transfers, credit and debit cards, e-wallets, and alternative payment methods.
Prominent payment options for students
Currently, we empower our customers to transact in 140+ currencies and over 200 countries and territories. Our platforms prioritize compliance and security, and we conduct regular audits of our currency capabilities to establish new partnerships with key banks and payment partners in both established and emerging markets. To enhance our payment method capabilities, we consider multiple factors, such as:
- Market research and future trends: Our team conducts in-depth research to identify regions with a growing outbound student population. We also produce an annual student mobility report that aids us in making strategic decisions about selecting payment options in countries where outbound scholars are increasing or projected to increase year over year (YoY).
- Historical data and performance: We perform structured audits of historical payment trends, aligning them with future projections. This approach ensures that our network strength remains strong in countries with high payment volume while also preparing to support future generations of international students.
- Customer feedback integration: We constantly gather feedback from our clients, allowing us to adapt and evolve our expansion initiatives based on the changing needs and preferences of students and education partners. We ensure that expanding our network is a collaborative and customer-centric decision.
- Current affairs and global trends: To stay responsive in an ever-evolving world, we remain up to date on geopolitical and economic trends impacting student mobility and, consequently, education payments.
As institutions seek to diversify their student body, specific countries emerge as hotspots for recruitment, and we prioritize those markets. Drawing from our global student forecasts, we identify the markets experiencing the most rapid growth and analyze how these trends might impact international payments. Consequently, in recent months, we have significantly expanded our network in key and emerging markets, including China, the Philippines, Vietnam, and Brazil.
In China, we introduced Alipay Direct as an e-wallet payment option for Chinese students. Filipino students now have access to a new banking partner, PetNet, enabling them to make payments in PHP. In Vietnam, students can conveniently pay their tuition in their local currency (VND) using VP Bank. We are also offering PIX for seamless transactions in Brazilian Real for students in Brazil. Morever, we already have numerous payment methods (including bank transfer, credit, and debit cards, iDeal, Poli, Sofort, Trustly, WeChat Pay, ChinaPay, UnionPay, and more) for other key regions.
How our network supports student recruitment
In today’s fiercely competitive higher education landscape, institutions find themselves in a race to attract and recruit students. Often operating with limited resources for brand awareness, recruitment teams face the formidable challenge of appealing to a diverse student community. The richness of diversity enhances academic and campus culture, elevates an institution’s global rank and reputation, and contributes positively to the economy. At Convera, we stand firmly by our customers, supporting their enhanced recruitment strategies by providing an extensive global payment network that caters to the diverse needs of their international student community.
Prospective students often compare the ease of financial transactions when making their choices. Institutions that include seamless financial services as part of their recruitment strategy stand out. Education institutions must adopt a “glocal” approach, recognizing that even relatively small geopolitical and economic trends can impact student enrollment and mobility. They require a partner who understands their global recruitment needs while swiftly addressing local and regional preferences in key markets.
In the era of touchless payments, students and parents expect the same level of convenience and security for tuition payments as they experience with any other online transaction. Therefore, selecting a partner capable of providing frictionless transfers through local payment options, transparent pricing, and robust fraud protection and compliance regulations is a critical decision for finance teams. We uphold consistent security and service benchmarks for our payment partners across the globe. We understand how important tuition payment is for an international student, a sponsor, or their families.
Why continuous expansion is important
Payment network expansion is not a one-time exercise; it is an ongoing dynamic process. Multiple factors influence international student mobility, and with remote learning becoming increasingly popular, institutions must establish robust partnerships worldwide. This approach not only broadens the scope of services they can offer but also creates a diverse pipeline of international student talent.
Morever, student preferences are ever-changing and so are payment rules and methods in their home countries. While some students prioritize convenience, others lean towards a preferred payment option, with preferences ranging from real-time payment updates to seeking the most cost-effective payment method. To adapt to these shifting needs, we continuously monitor and onboard emerging payment options and regulations in various markets. We also actively expand our network of agents, merchants, and banks to meet the diverse needs of over 800+ institutions worldwide that trust us to provide a secure and compliant platform for their students.
Our commitment goes beyond convenience; it is about transparency and cost savings. By securing competitive rates and displaying total cost upfront, we help institutions and students alike avoid hefty, hidden intermediary bank fees.
How institutions streamline their finances through our network
Institutions around the world often face challenges when managing their receivables and payables. Universities and colleges receive several types of payments, including tuition fees and other contributions from students and organizations across the globe. However, keeping up with preferred money transfer methods, understanding the intricate processes and document collection requirements for each country, and ensuring compliance with local regulations can be a complex and time-consuming task.
This is where institutions can benefit from leveraging our partnerships rather than developing their payment infrastructure from scratch. By providing payers with a range of payment options based on their location and delivery preferences, universities can streamline the collection of funds, ensuring they are received securely and without delays. This not only reduces administrative burden but also minimizes the risk of financial discrepancies.
On the other hand, universities often have international financial obligations to meet, paying faculty or vendors. We enable universities to make these payments seamlessly by leveraging our existing partnerships, allowing them to transfer funds quickly and cost-effectively. This eliminates the need to open foreign bank accounts or navigate complex regulatory compliance laws in each region and country.
In our commitment to serving students and helping our partners in colleges and universities stay relevant in the dynamic world of student payments, continuous network expansion is not merely an option—it is a necessity. Reach out to us to discuss how we can support you in expanding your reach and network of receivables and payables in diverse markets.
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