PayProp is an automated payment and reconciliation platform specific to the lettings industry that is both easier to use and more powerful than solutions offered by banks and traditional software vendors.
PayProp was launched in 2004 and has quickly grown to become one of the largest processors of rental payments for the property management industry.
In the United Kingdom, PayProp is recognised as a Platinum Industry Approved Supplier by ARLA Propertymark and sets the standard for speed and accuracy of payments, cost and payment status transparency, complete transactional control, and regulatory compliance.
PayProp is part of the Humanstate Group, an international company with subsidiaries in the United Kingdom, Switzerland, Canada and South Africa.
For more information, visit: uk.payprop.com
Launched in 2004
£2.3 billion processed
A Humanstate company
44 London Road, Sevenoaks
Kent, TN13 1AS
+44 (0)20 3740 7614
Sometimes, running a lettings agency can feel as if you’re losing control of client money.
Recent cases of property management fraud such as this, this and this show how hard it can be to keep track of funds in a lettings environment. In some cases, fraud can go on for years without being detected, as most agencies rely on a complex mixture of online banking, some sort of IT system or an Excel spreadsheet – giving ample opportunity to manipulate the figures.
While only a very small percentage of accounting mistakes are fraudulent, having figures that don’t add up can be a real challenge. This is where trusted PropTech can help.
PayProp accounts with 100% accuracy for all incoming and outgoing transactions on your client money account – including rents, commission, landlord and contractor payments. This eliminates the need for a diverse blend of systems and duplicated data, thereby reducing human error and the temptation to do wrong.
The system is backed up with bank-level security and user restrictions that put you in control by letting you limit what people can and can’t do on the platform – unlike traditional banking mandates. A complete system audit log shows what actions users have taken and when they did it. Bottom line – you have total visibility and control over your lettings business.
What’s more, PayProp is cloud-based, live 24/7, meaning you can see the true real-time financial health of your business any time of the day in just a few clicks. All of which adds up to a good night’s sleep for you and your clients.
To experience the peace of mind that comes with PayProp, click here to book a free consultation.