Custom House Ltd.

Custom House Ltd.

April 16, 2008 10:02 ET

Social Media: Opening Education to the World

Innovative Payment System Helps Educational Institutions Serve a Growing International Student Market

VICTORIA, BRITISH COLUMBIA--(Marketwire - April 16, 2008) -

Editors Note: A photo is included with this press release.

Educational institutions around the world can now meet the growing challenge of serving foreign students with a new International Payment solution from Custom House, a leading foreign exchange and international payments company.

Increasingly, higher education students are choosing to enrol in Universities and Colleges outside their home countries, creating a new and growing market for educational institutions. In 1999, 1.68 million students worldwide enrolled in foreign institutions. That number climbed to more than 2.7 million in 2005, and is expected to reach 7.2 million by 2025. The United States remains the most popular destination for international students, but other countries are also reporting increased interest from across the border.

Although foreign enrolment levels are on the rise, international students often pose expensive and time consuming administrative problems for many institutions because of language problems, fee invoicing, payments, and currency exchange rates. At the same time, international students often suffer because of fluctuating exchange rates, service fees and the inability of institutions in host countries to accept foreign currency payments or accommodate language differences. These challenges can sometimes be so serious as to influence a student's decision to study abroad.

Custom House's innovative International Payment solutions offer powerful foreign exchange and payment processing capabilities that solve these problems by integrating with existing software to automate the payment process. This simplifies and streamlines the entire international student payment and reporting process from start to finish.

"The Custom House payment proposition almost sounded too good to be true - a modern online payment system at virtually no cost to the University," said Wayne Morgan, Chief Financial Officer, Victoria University. "We implemented the student friendly, simple and effective system with no hassles and no investment. The students and staff love it."

In four easy steps through Custom House's secure online payment website, students can pay tuition fees in a choice of 12 different languages and in their own local currency. Institutions can then reconcile payments quickly, accurately and automatically.

Highlights:

- Offers a selection of global currencies in 12 foreign languages

- Avoids expensive credit card transaction fees

- Decreases resource expenditures

- Saves time with a fully automated invoice and reporting system

- Provides 24/7 online access - anytime, anywhere

"By using a customized online International Payments system from Custom House, educational institutions will be able to serve many international students in their own language and currency," said Rob Fuller, Vice President, Products and Chief Information Officer, Custom House. "It's simple to use for the student and extremely cost effective for the university."

Custom House offers similar services for educational institutions that only require an accounts receivable solution or both invoicing and accounts receivable processing. For more information, visit our website.

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