Fast-expanding lettings platform Teclet has added rent payment service LettsPay to its platform after signing a strategic partnership.
LettsPay provides an automated end-to-end rent management and other payments platform via standing order, direct debit or merchant services and is AML compliant with payments traced through from request to payout.
But perhaps most crucially for many lettings agents, LettsPay can provide a Designated Landlord Account Management (DLAM) which means every client is assigned their own dedicated client account wallet.
This meets all client account and banking compliance requirements as well as future-proofing businesses from the changes to be implemented under the 5th Money Laundering Directive.
Through the integration with teclet, rent arrears management is fully automated directly between the bank and the tenants, including, if necessary, exercising guarantor involvement.
Garrett Foxon, Managing Director of LettsPay says: “We are delighted to announce our strategic partnership with teclet and to be able to, for the first time in the lettings industry, create a true end to end solution in a fully compliant and automated set up.
“This will be a genuine game-changer for letting agents, property managers and accounts teams as well as providing landlords and tenants with quicker, safer and more transparent processing.”
John Evans, Commercial Director at Teclet said: “The benefits from using teclet and LettsPay will be clear to anyone currently processing rents and payments either manually or via software that does not have the integration benefits we are creating.”