Insights

Transforming eLearning Companies’ Payment Systems  

Overview: 

Online learning has experienced a significant boom over the last decade. With the internet becoming so easily accessible, the online learning market is growing faster than ever. More and more people are using different online learning platforms to learn, develop skills or advance their careers. In fact,  Business Wire predicts that the global online education market will reach US $350 billion by 2025.

The emergence of the global pandemic has further boosted the growth of the online learning industry. eLearning companies have scaled up massively to meet the current demand — with schools suspended and offices adopting remote working, new technological innovations are underway to fill this gap. For example, Lark, a Singapore-based collaboration suite ramped up its global server infrastructure to offer students and teachers features like unlimited video conferencing time, auto-translation functionality and real-time co-editing of project work. [1]

eLearning or electronic learning, as we know, is heavily dependent on various digital resources. The payment system is a crucial cog in the online learning ecosystem that enables businesses to recruit facilitators from anywhere around the globe, without having to adhere to the limitations of geographical boundaries. Even so, the complexity and costs associated with payments, especially cross-border fund transfers, can prove to be a deterrent for businesses looking to expand. A streamlined payment system can help incentivise and encourage qualified educators to become a part of the online learning network and for eLearning companies, in turn, to grow. 

The Challenge: 

The ever-changing dynamics of online learning call for a robust digital payments infrastructure through which teachers – employees as well as freelance educators – can be reimbursed with ease. But traditional remittance methods pose a number of pain points. Owing to the number of intermediaries involved, payments are often delayed, incur high costs and lack transparency, making the process laborious for businesses to navigate. Further, payment systems in each country are governed by local laws and banking practices — the absence of a standard system for global payments makes it inconvenient for banks and enterprises to exchange data seamlessly. Any change in government regulations only exacerbates these challenges further. 

It is crucial for eLearning companies to recruit experienced, proficient teachers who can keep learners engaged, given the lack of face-to-face interaction that virtual learning warrants. However, the inability to transact payments seamlessly across the globe can limit an eLearning company’s hiring prospects, making them prioritise convenience over quality of teaching. Simplifying cross-border payments will not only make an eLearning business’ job easier but will also help to attract good talent. A digitised payment solution, is, therefore, more a necessity than a choice in today’s day and age. 

Why Choose Nium: 

Nium is a licensed Visa card issuer partner. Through this partnership, Nium facilitates end-to-end card issuing, allowing enterprises to launch branded debit cards and onboard staff and service providers in as little as four weeks. Businesses using Nium-issued corporate cards are able to:

  • Conduct real-time funds transfers to both physical and virtual Visa Credit and Debit card, such as crediting payroll into Visa cards
  • Enable secure digital payments through tokenization for in-stores, online payments and at ATM points through Visa partnership
  • Unlock simple payment experiences to employees and vendors around the world through multi-currency cards with multi-pocket/wallet spend management features
  • Automate payouts like salaries and set spending limits for vendors 
  • Save on small payouts and cross-border payments
  • Control FX conversion rates on cross-border transactions 

The flexibility of Nium’s API tools and holistic issuing services, coupled with Visa’s products and services, enables Nium to support Spend Management across various business models and platforms, be it for companies looking to reconcile expenses for employees, businesses looking to pay vendors overseas, or innovative technology companies looking to send payments to their community.

Enterprises can create a white-labelled app to transfer funds to employees and vendors. This is especially beneficial for payments to those located in remote or underbanked areas. Payments can be transacted with ease and efficiency, while offering beneficiaries multiple options to receive their money. Recipients can access their funds via their cards, collect them at a store or transfer them instantly to their bank account.

 How Do Companies Benefit From Nium? 

Nium’s agile digital platform has transformed various businesses across sectors. Here’s how your business can benefit from Nium’s services.  

Instant Payments

With Nium you get access to Visa’s network, which means your payments are faster and more secure. Funds can be sent instantly to a debit card issued by the employer. This is a huge advantage in an industry where payments can take 2-5 days, depending upon the number of intermediaries the funds need to pass through [2]

 Enhanced User Experience 

With Nium’s open-loop prepaid solutions, it becomes easy to make payments from a single digital wallet. Companies can enlist new teachers efficiently, streamline and automate disbursements and make small payments while saving on expensive wire transfer fees. 

 Virtual and Physical Cards  

Nium’s card-issuing process is simple. Ancillary issues such as licensing, regulatory requirements, reconciliation and dispute management are all taken care of. Employees can be issued cards with unique logins – both physical and virtual.

Access To Underbanked Markets  

For staff members living in regions with limited banking facilities, the ability to disburse payments via cards is priceless. The app gives them multiple options to receive money in their local currency and transfer it to their bank account at no extra charge. 

Superior Security

Nium allows users to manage the program’s security in one place with features like card lock/unlock, geolocation data and cardholder permissions.  

How It Works: 

  1. Setup: After integrating Nium, customers can set up and define their program using limits and controls. 
  2. Share: Once the program is complete, employers can assign cards and login details to their employees and vendors. 
  3. Fund: Each employee’s card is then pre-funded with a set amount of money, like a regular debit card. 
  4. Spend: Vendors and employees can spend the funds on approved items until the funds run out. 
  5. Track: Each payment is automatically tracked, logged and made into expense reports viewable within Nium’s app.  

More About Nium: 

Nium, formerly known as InstaReM, began in 2015 to simplify and optimise cross-border payments. We eventually scaled the offering to serve SMEs and businesses in all industries. 

Today, Nium utilises radically innovative technology that makes spending, receiving, and managing funds faster, cheaper, and more transparent. It’s designed to integrate with our customer’s lives and business needs seamlessly.  

We have experts on the ground working with local regulators and financial institutions. With offices worldwide, we are in a position to foster these relationships. 

Connect With The Future of Payments: 

Contact us at [email protected] to learn how Nium’s business expense cards can streamline and automate your corporate finances. 

[1] https://www.aninews.in/news/business/lark-makes-its-next-generation-digital-collaboration-platform-available-for-free-in-india20200402141839?amp=1

Card issuing capabilities that span the globe. Grow revenue, reduce cost and simplify the payment process by adding Nium’s card issuing capabilities to your business.