New Web Service Helps International Students Make School Payments

• By Dian Schaffhauser
• 04/21/08

Custom House, a foreign exchange and international payments company, has launched a new international service to help universities and colleges accept payment from international students.

According to the Organization for Economic Cooperation and Development, 2.7 million students enrolled in schools outside of their home countries in 2005. That's expected to rise to 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.

Yet, challenges for both the school and the student include language problems, fluctuating exchange rates and service fees.

International Payment is a Web service that integrates with existing software at the school to handle foreign exchange and payment processing.

"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, CFO for Victoria University. "We implemented the student friendly, simple and effective system with no hassles and no investment. The students and staff love it."

Students pay tuition fees in a choice of 12 different languages and in their own local currency through a secure online payment website. Neither the student nor the school pays a fee to Custom House for the service. Custom House generates its revenue from the foreign currency exchange.

The company offers similar services for schools that require an accounts receivable solution or both invoicing and accounts receivable processing. Custom House is based in Victoria, British Columbia with offices in seven countries.