Say YES to automation and watch your business grow!
Agents spend a considerable amount of time reconciling their portfolio, only to have to do the same thing again next month, the month after that and so on.
They accept that it’s a necessary evil that allows them to understand how much money they have made in a given month. Until now, there has not been a fully-automated alternative to the repetitive, error-prone manual reconciliation of landlord accounts.
Most systems today still require an agent to log on to their bank account, download a CSV file of payments received and upload it into Excel or similar before an agent can even begin the laborious process of reconciling or matching payments to external records.
Then comes the calculation of commissions and deductions from tenant monies before a payment run can finally be uploaded onto the banking system, so that the agent, landlord and contractors can all be paid – some three days later.
The future is here!
Those days are over. With PayProp, the purpose-built payment platform for rental agencies, this whole process is automated and 100% accurate – guaranteed .
“Agents won’t have to lift a finger or print a bank statement ever again: PayProp automatically and securely collects payments from tenants, pays all beneficiaries and transfers commissions directly into agencies’ bank accounts – in real time,” says Shawn Brown, director of PayProp UK.
Invoicing and statements
The automation does not stop at payments and their reconciliation either. Tenant invoices, landlord statements and payment reminders can all be auto-generated and dispatched with PayProp. “With your corporate branding on every communication, it keeps your brand front-of-mind, offering an extra advertising channel to help grow your business,” says Brown.
Reduce bad debt
PayProp also recently introduced automated payment reminders, using SMS and email. “While we are all aware of the power of SMS, nothing quite prepared us for the results of our first pilot,” says Brown. “Some 61% of customers in arrears settled their outstanding amounts within 48 hours of being reminded!”
Improve cash flow
PayProp frees agents up from the repetitive drudgery of bookkeeping and helps them focus on growing their business.
The platform’s smart digitisation of business processes further allows property businesses to gain better insight across their entire portfolio, revealing who has been paid and who still needs to be.
And due to the faster payment network that PayProp utilises, agents receive their commissions faster than ever – PayProp ALWAYS pays its agents their commission first.
All these factors, combined with the new payment reminder, help improve the agent’s cash flow, Brown says.
PayProp has been designed specifically for people on the go. Whether you are on a smartphone, tablet or PC, all of the agents’ data is available at the touch of a button. The PayProp platform is cloud-based to enable this seamless access to your business, and it works on all connected devices. So whether you are out seeing tenants or at home with the family, PayProp is available 24/7!