Media article by IT Wire published on 5 June 2019.
Australian-based international edtech company Cohort Go has partnered with UniLodge Australia to roll out custom-built payments software designed to make it easier for students to pay for their accommodation.
Cohort Go says the partnership enables UniLodge – a specialist accommodation provider for universities, colleges and TAFEs – to eliminate manual reconciliation of fortnightly student payment records, “thanks to the creation of a sophisticated payments solution”.
Cohort Go chief executive and co-founder Mark Fletcher said the payment platform uses machine learning and seamless integrations to streamline global payments for international students.
“The payment solution we’ve developed has enabled us to adapt our existing payments capabilities to manage over 70 UniLodge bank accounts — one for each of UniLodge’s accommodation sites — while providing a centralised view of their records.”
In addition to the consolidation of these accounts, the payment solution also sees UniLodge and Cohort Go working together to create custom-built, direct debit functionality to offer students a more convenient payment method.
Scott Nicholas from UniLodge said that the integration of payments has already saved its finance team significant time by reducing manual payment reconciliations across multiple accounts.
“Our partnership with Cohort Go has offered our finance team the opportunity to move away from manually reconciling, towards a fully dedicated payments portal. The reconciliation of student payments can now be automated, reducing administration time and enabling our staff to engage in resident-focused activities,” Nicholas said.
The payment solution comes with Cohort Go’s “competitive” foreign exchange rates, with no transfer fees, and can manage over 70 different bank accounts. Students can choose multiple payment options including local currency transfer, BPAY, direct debit, or credit card.
“International students in Australia now have access to more convenient payment methods. They can also expect to see savings on their accommodation costs due to better foreign exchange rates. Studying overseas can be expensive and complex, so we’re delighted that this partnership will help provide more transparency and make the financial side easier,” Fletcher said.