Managing finances is a complex task for individuals, let alone universities. Staff at universities issue invoices for hundreds of applicants, process and track payments, distribute scholarships, and offer other financial services while communicating with applicants and management daily.
When doing these things manually, errors, delays, and frustration is inevitable for both institutions and students. DreamApply’s financial management tools make it easier for universities to automate invoicing, integrate payment gateways, and efficiently manage scholarship distribution.
The May blog, How to optimize your university’s tuition and application fee collection in 2024, highlighted key strategies for improving fee collection processes and automation.
Educational institutions can optimize their financial processes through DreamApply’s features, which automate tasks, track payments, and offer customization to minimize errors and delays.
Here are five ways DreamApply optimizes financial processes at educational institutions:
- DreamApply automates the generation of invoices based on predefined templates and actions, ensuring timely and accurate billing. This reduces the manual effort involved and enhances the institution’s cash flow.
- The platform integrates with multiple payment gateways (like Flywire, TransferMate, and PayPal), allowing students to pay through familiar and secure methods. This flexibility improves the student experience and accelerates the payment process.
- Financial administrators can monitor payment statuses in real-time through DreamApply’s dashboard, enabling better financial oversight and decision-making.
- Universities can set up complex fee structures tailored to different student types (e.g., domestic vs. international). This ensures accurate billing while managing diverse fee models.
- DreamApply automatically sends reminders for upcoming or overdue payments, reducing administrative burden and improving timely fee collection.
Explore how DreamApply’s payment gateways simplify financial management for both students and administrators, ensuring smoother journeys.
What payment gateways options does DreamApply offer?
DreamApply integrates with several payment gateways, such as Flywire, TransferMate, PayPal, and more, allowing students to choose the most convenient payment method.
With payment gateways, students receive invoices with a direct payment button that guides them through a smooth transaction process. Payments are instantly reflected in the system, ensuring real-time tracking.
Find detailed coverage of the payment gateways at https://dreamapply.help/system/finance/getaway/.
Why should you implement payment gateways?
With the payment gateways, there is no more chasing unpaid fees. Finance departments get automatic updates when payments are received, reducing the burden of manual tracking.
In addition, offering multiple, secure payment options, including card payments and local currency handling, enhances the student experience.
By simplifying payment options, DreamApply encourages timely payment of fees, leading to higher commitment rates from students.
How does this impact our integration partners and our clients?
One of our payment gateways integrations is Flywire who offers a “next-gen payments platform, proprietary global payment network and vertical-specific software to handle all your payments challenges, so you can focus on your business” per their website.
In their blog, Flywire eases international higher ed payments for German… | Flywire, Flywire explored the relationship between SRH, DreamApply software, and their payment service thoroughly. Besides the general overview, of the financial challenges, Flywire touched on the meaningful outcomes for the institution:
“For SRH staff, this integration means that reconciliation is automatic so payments are quickly allocated and tracked against the correct student account, in real time, saving hours in manual processing.”
Besides reducing errors, the time saved is the most crucial aspect of this integration within DreamApply, and it has truly been a game-changer for SRH as well as our other clients.
Book a demo today to learn more about our payment gateways and how they can address your challenges in financial management.
About DreamApply
Founded in 2011 in Estonia, DreamApply is an innovation-driven EdTech organization that improves access to education around the globe. DreamApply’s application management software helps more than 300 educational institutions across 40 countries improve admissions, marketing, financial and other internal processes.
DreamApply’s easy-to-use and customizable software increases student enrollment by 30% and reduces application processing time by 40%. With features designed with and for educational institutions, and integrations with commonly used systems, DreamApply empowers teams to get more done with less effort.
Book a live demo with an expert to explore how DreamApply can support your institution’s unique goals.