Cashfree Payments introduces a fully-digital and seamless way for education consultants to help Indian students make education-related payments overseas.
A Payment Solution for Multiple Education-Related Purposes
Admission Fees
Education consultants and remittance service platforms in India can use Cashfree Payments to help students who study abroad to pay their university admission payments and tuition fee with a fully digital process.
Students can set up payments using multiple payment methods and at a time of their convenience, 24/7 and even on weekends!
Student Accommodation Payments
Student accommodation payments can be made towards fees or rent for housing while pursuing overseas education. This can include on-campus housing, off-campus apartments, student dormitories, or private rental accommodations.
The solution can be utilised by education consultants to help students make accommodation-related payments to reputable accommodation providers and educational institutions worldwide.
Student Maintenance Expenses
Parents or family members often send remittances regularly to support an international student's maintenance and well-being. Such monthly remittances can be set up for supporting the students’ living expenses, such as food, transportation, and other necessities.
Education consultants can offer parents or family members of international students remittances the ease of making overseas remittances seamlessly through Cashfree Payments.
GIC Payments for Canada
GIC (Guaranteed Investment Certificate) payments are a crucial financial requirement for many international students planning to study in Canada. It is a specific amount of money that students must deposit into a participating Canadian financial institution that serves as proof that the student has sufficient funds to cover their living expenses while studying in Canada.
Education consultants can utilise Cashfree Payments to help Canada-bound students to make GIC payments to cover the first year of their studies.
Blocked Account Payments for Germany
A blocked account (Sperrkonto) in Germany is a mandatory prerequisite for obtaining a student visa or a residence permit for study purposes. It serves as proof that the student has sufficient funds to cover their living expenses while pursuing their studies in Germany.
Education consultants can utilise Cashfree Payments to help Germany-bound students to make Blocked Account payments to cover their living expenses while pursuing their studies.
Admission Fees
Admission Fees
Education consultants and remittance service platforms in India can use Cashfree Payments to help students who study abroad to pay their university admission payments and tuition fee with a fully digital process.
Students can set up payments using multiple payment methods and at a time of their convenience, 24/7 and even on weekends!
Student Accommodation Payments
Student Accommodation Payments
Student accommodation payments can be made towards fees or rent for housing while pursuing overseas education. This can include on-campus housing, off-campus apartments, student dormitories, or private rental accommodations.
The solution can be utilised by education consultants to help students make accommodation-related payments to reputable accommodation providers and educational institutions worldwide.
Student Maintenance Expenses
Student Maintenance Expenses
Parents or family members often send remittances regularly to support an international student's maintenance and well-being. Such monthly remittances can be set up for supporting the students’ living expenses, such as food, transportation, and other necessities.
Education consultants can offer parents or family members of international students remittances the ease of making overseas remittances seamlessly through Cashfree Payments.
GIC Payments for Canada
GIC Payments for Canada
GIC (Guaranteed Investment Certificate) payments are a crucial financial requirement for many international students planning to study in Canada. It is a specific amount of money that students must deposit into a participating Canadian financial institution that serves as proof that the student has sufficient funds to cover their living expenses while studying in Canada.
Education consultants can utilise Cashfree Payments to help Canada-bound students to make GIC payments to cover the first year of their studies.
Blocked Account Payments for Germany
Blocked Account Payments for Germany
A blocked account (Sperrkonto) in Germany is a mandatory prerequisite for obtaining a student visa or a residence permit for study purposes. It serves as proof that the student has sufficient funds to cover their living expenses while pursuing their studies in Germany.
Education consultants can utilise Cashfree Payments to help Germany-bound students to make Blocked Account payments to cover their living expenses while pursuing their studies.
Offer a Fully Digital Payment Experience to Students
The Cashfree Payments platform can be utilised by educational consultants, Fintech platforms or any remittance solution provider.
An education consultant can integrate with the Cashfree Payment Platform and offer it as a payment mode to their students. Students can conveniently set up study-related remittances in just a few simple steps, giving them the flexibility to choose from various payment modes that suit their preferences.
On the Cashfree Payment Platform, education consultants earn a referral commission on every transaction made by students. The commission earned by a consultant is settled on the 15th of every month.
Additionally, education consultants on the Cashfree Payments platform have the option to add a forex mark-up and set a pricing that suits their business.
Students can utilise the Cashfree Payments platform to payment of their admission fee, accommodation related-payments at their study destination, GIC payments for Canada-bound students and Blocked Account payments for Germany-bound students.
Additionally, relatives and/or family members of students can utlise the Cashfree Payments platform to set up payments for their maintenance expenses.
Currently the platform supports NEFT and RTGS as modes of payment.
Education consultants on the Cashfree Payments platform get access to an easy-to-use transaction tracking dashboard on which they can monitor the status of all the transactions set up by their students.
SWIFT copy of a transaction can be downloaded from the dashboard once the payment is successfully completed.
There is no set up cost involved in integrating with Cashfree Payments for education consultants. Just sign up and get started!
According to RBI’s Liberalised Remittance Scheme, all Indian individuals are allowed to freely remit up to USD 2,50,000 per financial year to any current or capital account transaction, towards study abroad, family maintenance, business/leisure travel or foreign investments.
Under the Liberalised Remittance Scheme (LRS), parents can send money abroad to support their child's education. While LRS payments usually don't have an exemption limit, there's a special provision for education-related payments. You can send up to Rs 7 lakh per year for this purpose without being subjected to TCS (Tax Collected at Source).
With single API integration, Cashfree Payments support both LRS Capital and LRS current remittances, including investment, education, travel, family maintenance, etc. We also offer a no-code solution for SMEs to plug and start immediately.