Our advice to MBA trip organizers – it is never too early to start planning! A lot of detail goes into putting together a trip, and past organizers will tell you that the sooner you start, the better.
While there are a couple of steps to take before you get onto collecting payments, it is one of the most important milestones within the organizational process. There are several ways to accept online payments, and each has its pros and cons. We have done a comparison for you in this article, to help you decide which will work best for your trip.
Ideal Functions Of An MBA Trip Organizer Platform
Because MBA trips can get fairly large (sometimes up to 200 people) you really need more than just a bank account, excel spreadsheet, or simple mobile app to keep track of and move around money. Several core functions will go a long way in making the organizational process simpler. These include:
- Accept online payments, with our without a website
- Process both local and international transactions
- Offer bank card and transfer methods
- Have access to an invoicing tool
- Allow payment installments
- Dashboard which provides an overview of participants and payments
- Be able to download information into excel
- Automatically send information packs/payment reminders
- Allow students to upload required documents
How To Easily Accept Online Payments
Most people have a bank account. Therefore, bank transfers are an obvious choice for transacting. With very little effort, a student can transfer money electronically from their account to the nominated organizer account. Furthermore, transacting is usually inexpensive.
However, it does get a bit more expensive, and sometimes difficult, for students with international bank accounts. Bank charges shoot up as soon as money has to cross-borders. Also, depending on where the student is from, transacting regulations may come into play too.
This is solely a way to accept online payments and provides none of the helpful additional organizational tools.
PayPal is also widely known and trusted and will allow you to accept and make online payments.
The main thing to note about PayPal is its fees for both buyer and seller. They start at 2.9% + $0.30 per transaction in the US and can go up to as much as 6% per transaction in other countries, including several in LATAM and Africa. Every time you transact out of PayPal, whether withdrawing funds, making supplier payments, or receiving transfers, you will be charged.
It is also not the easiest platform to sign up for. Students will need to register for an account first, and then verify it against their bank account, cheque, or credit card before they can send you the necessary funds for the trip. Verification can take a few days as well, which is not always convenient if the student is busy and on the go.
Although PayPal does have an invoicing tool that you can use to manually compile and send invoices, they aren’t highly customizable or detailed.
Mobile Payment Providers
People frequently use mobile payment solutions like Venmo and Google Pay to send money to contacts, friends, or family. However, they are best used for simple applications, and on a small (and personal) level.
For example, Google Pay is only available on android at the moment, and you will be limited to sending five payment requests at a time. Then Venmo is only available in the US and not internationally. Furthermore, security can be an issue with this.
Overall, they lack some of the important features that MBA travel organizers need to make life easier.
Online Payment Services
Services such as Transferwise and Revolut offer online cross-currency payment services and wallets.
Like PayPal, these require users to set up and verify an account. They are also not quite as simple to use outside of currencies such as USD, EUR, or GBP, making them less desirable for students who hold bank accounts in other currencies.
Our payment platform provides MBA trip organizers with an easy solution to accept online payments. You can create a customized booking page for the trip, and either email the link directly to the students or embed the page on your school’s website. Once the students receive it, they can use it to sign up and pay for the trip.
Your booking page can be set up to include all of the itinerary information, display photos or videos, answer FAQ’s, etc. Students will have the choice to pay online using either by bank transfer or credit card at some of the lowest fees in the travel industry. They also get access to multiple currency options and can transact internationally.
In addition to being a payment platform, WeTravel also helps you to organize and manage the trip better. As the organizer, you can set up payment installment plans, and arrange to send out automatic payment reminders before the due dates.
A dashboard gives you an overview of each trip and its attendees, how much they have paid, and how much they still need to pay. Other organizers can also get access to the login details and work off it collaboratively.
Each student’s details can be found by clicking on their profile, and there is no complicated verification process to sign up and transfer money. They simply need to sign up with their email address for a free account.
Before they can complete their trip registration, you can select or customize what details they need to fill in. This could include things like their name, email address, accommodation preferences, meal requirements, etc. Overall, it is seamless for both the organizer and MBA trip attendees.
WeTravel has been built with travel organizers in mind, and you can use it to easily accept online payments and manage the planning of your MBA trip. It will save you hours of organization time and thousands in processing fees.
Want to know more? Watch the short video below to find out how our platform works, or contact us via chat on our website.