Teclet has announced another strategic partnership with LettsPay, a client accounting platform – the latest in a lengthy series of API partners unveiled by the platform.
LettsPay provides automated end to end rent management, with payments facilitated by standing order, direct debit or merchant services. It offers a so-called Designated Landlord Account Management which means every client is assigned their own dedicated client account wallet.
Through the integration with teclet, the rent arrears management is 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 … 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.”
And teclet’s commercial director, John Evans, adds: “The processing is completely compliant with current regulation and already has the ability for individual client account wallets which many agents are finding that their banks are requiring and will, in the near future, be a mandatory requirement on everyone.”
Eight months ago OnTheMarket bought a 20 per cent share in Glanty, the operator of lettings platform Teclet, and agreed to an option to buy the remaining 80 per cent at a later date.
This post has originally been featured in Letting Agent Today.