A leading accounting software company has brought a new rental payment capability that can reduce rent receipting to just five minutes.
Console Group has partnered with Ezidebit, a leading Australian payments company, and brought Console Pay to the market. It is a new capability that will integrate with Console’s trust accounting software, Console Gateway.
CEO of Console Group Tim Molloy said that the new initiative provides “significant” advantages for PMs, including automatically reconciling payments and reducing processing times.
“We’re really excited to be launching this after extensive testing,” Mr Molloy said.
“We believe integrated direct debit is the future of rent collection for real estate agencies, offering huge benefits in property management efficiencies. Unlike other similar payment services on the market, we are also offering our clients a free tenant activation service, which will help property managers get tenants on board faster.”
Ezidebit sales director Rob Baird said that there are great advantages to the industry in using the system.
“After great success in simplifying processes and payments in industries like Childcare and Health Clubs,” Mr Baird said, "we’re thrilled to now partner with Console and have the same positive impact on the property industry, [which has] been struggling with this for some time.
“We think agencies will be surprised how much time they can save with automated payments.”
Console research has found that managing arrears and late payments is a key concern for property owners, with 30 per cent of property owners having experienced problems with receiving rent on time.