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A proptech firm is looking to shake up the rental market with the launch of an Australia-first payment app that will allow tenants to pay their rent “safely and securely” while optimising administrative processes for property managers.
Cloud-based property management platform PropertyMe, shared the rollout of its latest offering, MePay, which processes rental payments using encrypted payment software with a direct link to a major bank.
By using the new app, tenants will not be required to disclose their account details to agents, unlike the traditional payment method.
The platform also streamlines the process for tenants, who can set up their payments, view their rental bonds, and submit maintenance requests all in one place. For example, the app features real-time payment reporting and removes the need for next-day invoice matching.
For agents, owners, and renters who are already on the PropertyMe platform — which currently has 30,000 real estate agents and 2 million tenant users — MePay is free to use.
PropertyMe chief product officer Scott Shepherd said MePay would “change the status quo for both agents and tenants”.
“MePay will be a game-changer for agents, providing full visibility on real-time rental payments and reducing the amount of time spent on managing payments and chasing arrears.
“We expect the platform will also be welcomed by tenants, as it provides greater security, control and convenience than alternative payment methods. Unlike other third-party rental payment platforms, there are no fees for tenants, owners, or property managers,” he explained.
According to Mr Shepherd, the payments are compliant with Fair Trading legislation in all states and provide greater security to tenants and agents.
“Unlike some other property management systems, PropertyMe processes all payments through rental trust accounts, adding an extra layer of protection for both landlords and tenants,” he added.
He said the app was created to address one of the major pain points for property managers, namely, the time required to handle the rental ledger.
“With MePay, payments are processed without the agency needing to do anything — it happens even when the office is closed. And tenants are automatically reminded about their auto payment,” Mr Shepherd concluded.
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