Property accounting and banking at the click of a button

Tuesday 04 August 2015

When an estate agency was expelled from The Property Ombudsman Scheme recently, the importance of proper record-keeping and administration came under the spotlight once again.

When an estate agency was expelled from The Property Ombudsman Scheme recently, the importance of proper record-keeping and administration came under the spotlight once again.

Property payments company PayProp has developed an automated payment and collection platform that gives agents unrivalled visibility of and control over rent and third-party payments.

In recognition of its simplicity, transparency and top-to-bottom visibility, PayProp has been made an affinity partner of the NFoPP and ARLA. The company has processed over 25 million automated transactions on more than 200 000 properties.

“Our platform is accounting and banking rolled into one solution. It is the choice of thousands of estate agents as the smarter, easier, more powerful way to manage rental payments and properties online,” says Shawn Brown, director.

Automated payments

Agents won’t have to lift a finger or ever print a bank statement again: PayProp automatically and securely collect payments from tenants, pays all beneficiaries, and pays commission directly into agencies’ bank accounts, Brown says.

PayProp accepts all types of payments, automatically raises tenant invoices and pays beneficiaries according to unique payment rules per property. It also makes agents’ lives easier by sending payment reminders, notifications and monthly statements to tenants and owners.

Automated reconciliation

PayProp further helps agents streamline their reconciliation process by automatically matching deposits with expected payments and providing them with real-time information on what's happening in the account.

Thanks to PayProp’s close relationship with banks, reconciliation happens within the banking environment. Not only does it check that payments have been made, it also confirms that they ended up in the landlord or other beneficiary’s account!

Real-time reporting

PayProp's secure online database captures and stores all payment data in the cloud for anytime, anywhere access on any device.

“Agents can see everything at a glance – tenants in arrears, beneficiaries to be paid, expiring contracts, commissions and more,” says Brown. “There’s a full suite of easy-to-use downloadable reports on every aspect of the account, and data can be exported for custom reporting requirements.”

Grow your business and get compliant

“With PayProp as your payment platform, you will meet the NFoPP and TPO guidelines on client money handling. It is so effective that PayProp clients see growth of 23% year-on-year, thanks to the ability to see the health of their business on one screen. And thanks to our unique payments and reconciliation automation they have more time to focus on their clients and grow their business,” says Brown.

Payprop offers these and many other features that make good record-keeping a breeze.

For more information, call 0203 740 7614, email support@payprop.co.uk or visit www.payprop.co.uk