Improved process means 90 percent of payments are now made online
UK payments company, Secure Trading, has announced that it has been chosen by the London School of Economics (LSE), one of the most prestigious international universities, as its new card acquirer. Extending an existing relationship with LSE (already its payment portal) Secure Trading has now implemented new acquiring, Dynamic Currency Conversion and multicurrency solutions to improve the payments process for the University and its students as well as reducing decline rates. Subsequently a record percentage of payments have been made through the online portal ahead of the new academic year. LSE now uses Secure Trading to receive payments for more than 10,000 students and sponsors, and more than 500 commercial customers, both UK and international.
LSE has had an ongoing objective to increase the number of students paying for fees online, to provide a better user experience for students and make the payment process less resource and time exhausting for the University.
Through the provision of Dynamic Currency Conversion (DCC) LSE is now able to receive payments in more than 50 currencies. . With a substantial proportion of the University’s intake consisting of international students, and with a number of affiliated international programmes, this solution has played a vital role in improving transparency for international students and parents who are now able to pay in their preferred currency, using the exchange rate of the day.
Furthermore, Secure Trading has improved the implementation of conversion codes for the University, reducing its card decline rate by 10 percent. As a result of the implementation, the percentage of payments being made online has increased from roughly 70 percent, to over 90 percent.
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“Fee payment is a significant transaction for parents and students to make, so it important for us to ensure that the payment process is as reliable, secure, and as simple as possible,” said Ali Dezyanian, deputy head of financial systems at LSE. “This is especially the case for a university that is as international as LSE, and our new currency conversion solution goes a long way to increasing confidence in the payment process world-wide. I’m delighted to say that, since implementing Secure Trading, student satisfaction has increased, evidenced by fewer queries about the payment process.”
Secure Trading has also helped LSE improve the management of its finances by helping it set up multiple accounts for different payment types. Whereas LSE had previously had to accept all payments into one account, it is now able to separately manage and settle payments from students, sponsors and commercial debtors, rather than trying to untangle several revenue streams.
“LSE is one of the best universities in the world, and we are proud to have played a part in helping thousands of new and returning students pay their fees this year,” said Mike Norton, head of Secure Trading Financial Services. “Paying university fees is one of the most important transactions a student or parent will ever make, and we do our very best to ensure that our solution is reliable, secure and as easy as possible for the University to manage.”