Flywire integrates with VTEX

Friday 22 March 2024 11:42 CET | News

US-based payments company Flywire has partnered with digital commerce platform VTEX to deliver integrated payments to higher education institutions across LATAM.


Incorporating Flywire’s digital education payment solution into the VTEX digital commerce platform enables a seamless payment experience for education institutions looking to simplify on-campus transactions, from tuition and enrolment fees, to e-store payments and more, for students worldwide. The integration also supports both international and domestic payment flows, making the reconciliation process easier for school administrators.

Flywire data shows that students studying in Mexico prefer a one touch point for all their payment needs, especially for tuition, student fees, and expenses. With Flywire, VTEX customers now benefit from payment processes that are automated end-to-end, including initial application fees, campus store purchases, tuition payments, and more. This integration offers students and families effortless tracking and payment capabilities in their native currencies, while also enabling university accounting professionals to access all payment information within their record system.

Flywire has partnered with VTEX to deliver integrated payments to higher education institutions across LATAM.

Integration supports institutions in attracting more students

Universities across Latin America are increasingly focused on attracting and enrolling students from outside the region. This trend is especially true in Mexico, where universities have set specific internationalisation goals. One of these institutions is Tecnológico de Monterrey (‘Tec’), a Flywire client benefiting from the collaborative integration with VTEX. Tec has a goal to increase the number of international student enrolments in the years ahead, and this integration helps to support those efforts.

A Flywire research of students studying in Mexico found that seven in ten students surveyed said having just one payment provider for their education expenses would make the payment process much easier. And affordability is an ongoing concern, with almost three-quarters of students in Mexico saying the option to pay in instalments would help them better afford their education expenses.

Partnering to augment practices for the higher education ecosystem in Latin America

VTEX identified an opportunity to introduce its digital-first approach into the higher education landscape, which is traditionally known for multiple vendors, legacy systems, and manual processes. To penetrate the higher education market, VTEX sought a partner specialising in international payments that had a strong presence and expertise in Latin America, a significant share of the global education market, and a shared passion for innovative technology solutions.

Managing student payments across Latin American universities poses challenges due to diverse origins and currencies, according to the press release. The VTEX and Flywire integration aims to alleviates complexities, streamlining processes for both students and university staff.

For students and families, the integrated solution provides personalised, convenient, and secure digital payments, which can be customised by university, country, and currency. For institutions, they can now easily consolidate multiple payment options, which accelerates funds flow, simplifies reconciliation processes, and streamlines operational efficiencies. Additionally, institutions can create custom interest-free payment plans to provide students and families with greater flexibility to better address education affordability.

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Keywords: payment methods, partnership, data, instalment payments, digital payments
Categories: Payments & Commerce
Companies: Flywire, VTEX
Countries: Latin America
This article is part of category

Payments & Commerce




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