There are many places for students, life-long learners and professionals to learn online. But if your payment methods don’t align with student needs, you might be losing out on countless potential customers.
Today’s online education market is growing more international by the day. Digital learning is surpassing traditional brick and mortar classrooms, and many students are unlikely to head back to in-person learning.
A Digital Learning Pulse survey showed that more than 73 percent of students want to continue taking fully online courses in the future. However, reaching more international students requires offering diverse digital payment methods. Here are some ways to make it easier to gain and keep more international students than ever.
Unlock New Student Markets Through Best Practices for Cross-Border Payments in Online Education
Make Sending Payments Easy
Preferences for payment methods and mobile purchases vary significantly around the world. For instance, almost half (48%) US consumers reported making a mobile purchase within the past month. (Hootsuite)
In China, consumers have a strong preference for in-app purchases. And 16% of customers will abandon their cart when their preferred payment method isn’t available (FuturePay).
No matter what, you’ll want to make sure your payment provider can adapt to global preferences. If you are selling internationally, you need a checkout solution that localizes and optimizes checkout with your customers’ payment methods.
Streamline Payouts to Employees by Using Their Desired Payment Methods
The best payment partners will let you disburse funds to your teachers and content creators in many different currencies using their preferred payment methods, including direct bank payouts and split payments seamlessly into multiple sellers’ accounts. Ensure timely payouts by using fintech-as-a- service solutions to greatly speed up worker payments and drive loyalty.
Many online learning platforms need to pay instructors as well as accept payments from students. If you operate a platform and need to accept and make cross-border payments, you can significantly reduce your workload and costs with a single solution that can do both.
Reduce Fees with Global ACH
Wire transfers and bank foreign exchange fees can add up quickly for you and your online instructors. Make efficient global disbursements using a global bank transfer network, and by avoiding bank mark-ups on FX fees to save your recipients’ money and build participation, loyalty and satisfaction.