Gain Control Over Rent Collections
We know that Late payments and non-payments are arguably the biggest problem landlords face. This costs you and your business money in lost staff hours chasing and reconciling rental income and debt management.
Landlords in the UK are left £900m out of pocket every year due to unpaid rents
40% of landlords have had an issue with a tenant not paying rent, with research showing that 46% of tenants with arrears had not paid the money. This costs you and your business money in lost staff hours chasing and reconciling rental income and debt management. The tenant has control on when they pay and by how much and chasing them can be a real hassle.
Tenants who are persistent late payers are a thorn in the side of UK landlords. Not only do landlords have the inconvenience and stress of having to find out why the payment is late ‘this time’, but a late payment can also make it difficult for landlords to meet their own financial obligations, such as paying their buy-to-let mortgage.
Benefits to Agents and Landlords CONTROL
As the Agent/Landlord you can take back control of the collection of rent, rather than rely on the tenant to pay it.
The collection of rent can be highly automated with Direct Debit, requiring one batch process to be run per day for the collection of all rents due on the agreed collection date. Or we can automatically check your bank account to see who has paid by bank transfer and let you know.
Direct Debits are highly efficient, because they collect what is due rather than a fixed amount, they can be easily adjusted and efficiently handled on renewal. Direct Debits also do not require any manual input as they are automatically matched to the corresponding tenancy. No need to check you bank account we will do this for you.
Whether you are collecting five or five thousand pounds, the Direct Debit process is handled in the same way and takes the same amount of time, making it a very scalable collection method. If you collect 10 or 50,000 rent payments a month each of our payment channels can handle it.
If an agency has a problem with tenant arrears, then Direct Debit can be prevention and cure. It prevents arrears situations arising in the first place, by giving the agent control over the collection and can alleviate arrears situations by giving the agent the chance to pro-actively manage credit control.
Get into the driving seat
With our super flexible payment solution, you can pick and choose which payment method you want to offer each tenant at each payment request.
We all know that the majority of your tenants will pay on time. So, why not leave these tenants on your current Standing Order set up, utilising our smart banking solution. We firmly believe that if something isn’t broken then don’t try to fix it!!
However, for those tenants that are a bit more difficult, why not take back full control and take money direct from their bank account utilising our Direct Debit solution.
Lastly, for those late payers, why not give them the option to pay by Card online, we will send out a late payment notification allowing them to click on a link to pay by card to bring them back on track.
Or you can offer all three all of the time. The choice is entirely up to you.
Start taking control back with our free smart tenant messaging
Start taking control with our free email / SMS service, sending notifications to your tenants requesting payment of their rent by a specific date. This allows the tenant to be always informed of the rent date. It is a smart message because it has a ‘Pay now’ button embedded in it, which allows the tenant to pay as soon as they receive the message.
Sit back and watch the rent roll in
With our cloud based dashboard, you can view all of the payments coming in, in real time! No matter which payment channel your tenant chooses to use. The dashboard clearly shows you who has paid, when they paid and by which method or if they have any outstanding debt.
This gives you total control and visibility of your rent collection at anytime of the day, through any smart device.
Book a Demo
Why not let us show you the power of our platform and how much time and hassle it will save you. Whilst making your tenant's life easier and you landlords bank balance happier.