While Plastiq converts MasterCard credit and debit card payments into checks or money orders via its technology, Planet Payment helps in currency conversion, finance.yahoo.com reports.
Most of the US educational institutions only accept payment via check or electronic bank transfer, making it difficult to manage fees from overseas.
According to the Institute of International Education’s Open Doors Report (2014-2015), China was in the lead with 31% of total international students going to the US followed by 14% Indians and 7% South Koreans.
MasterCard has also teamed up with Plastiq, since it offers an easy operation. The recipients do not require a separate Plastiq account since it processes and makes payments in forms already accepted. It thus eliminates the requirement of maintaining a separate account, making it easy and attractive to use.
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