Read how a hook-up with the world's leading educational payment platform provider has put Resirva ahead of the game.
Like Resirva, Flywire is a classic case of a product being born because something was missing. It just so happens that Resirva and Flywire are a perfect fit, and together offer a revolutionary solution.
In 2009, Iker Marcaide went to study at MIT in Boston as an international student. But before arriving in the US, he fell victim to the kind of mistake that is still very prevalent if language and summer schools don't use a smart online solution for their bookings and payments.
Iker sent his funds from Spain to MIT using a traditional bank transfer, but his funds came in short of what he was supposed to send and the bank sent the payment in the wrong name.
So MIT was looking for a payment from Iker Marcaide but there was no payment under his name, and the payment was also less than he had sent, because the bank(s) had charged a fee. There was no transparency and no ability to track and reconcile the payment.
Realising that this was an issue affecting literally tens of thousands of international students, Iker founded peerTransfer, the company that is known today as Flywire.
Transparent payment and constant tracking
The Flywire platform, which is today fully integrated with Resirva, allows the payer (the student or parent, wherever they are) to enter the amount the school has invoiced them in the school's local currency (eg £2,000 GBP) and then lock in from an array of options the amount to pay in their own local currency, which can differ depending on their method of payment.
For example, as a student from China you can pay using Ali-pay, China Union pay, direct bank transfer, debit card, credit card, we chat pay. If the payer is from Germany they can pay with Paypal, Visa, Mastercard, AmEx or bank transfer.
All these different options are aggregated within Resirva to allow the payer to choose how they want to pay, see what is going out of their bank account and track what is being delivered to the school's bank account. Conversely, it allows the school to track their payments at all times, and always receive a full payment.
A fully trackable payment, with no fees, and no nasty surprises.
To request a free Resirva demo, ring us now on +44 (0)117 332 5843, or visit resirva.com/free-demo and we'll get back to you.