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One high-profile bank has introduced a new mobile platform that allows home buyers to pay their deposit online on auction day, removing the need to organise a cheque in advance.
Macquarie Bank’s DEFT Auction Pay platform has been piloted by Nelson Alexander Real Estate in Victoria.
Sales agent Mark Verrocchi said that it has improved the process.
“For those buyers who’ve been struggling with last-minute cheques and don’t know what to do, Auction Pay has just streamlined the whole process.”
He said that it can also give them an advantage with vendors before they list.
“We explain it as part of our listing service. With Auction Pay, vendors have more certainty on auction day. It’s also reassuring for both the agent and buyer when they receive an email confirming the transaction.
“Being able to do it effortlessly on the spot is so much better — plus it makes us look more professional.
“Plus, buyers aren’t restricted by a pre-printed bank cheque limit if they want to make a higher bid on the day. For some buyers, this could remove yet another barrier to purchase.”
Sales agent James Pilliner added that the public has now become familiar with making online payments, so it has become a preferred option.
“Auction Pay offers ease of access,” Mr Pilliner said.
“Plus, they trust it — Macquarie is recognised as a large institution so it gives them confidence.”
Paying by Auction Pay requires the agent to enter a unique DEFT reference number, property address, sale price and deposit value. Then they need to enter their bank account details and email address.
The transaction is submitted immediately.
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