The easiest way to collect rent
From move in day onwards, our service includes automated rent reminders, seamless transfer of funds, and peace of mind.
No more vague promises to set up Standing Orders. Tenants authorise the Direct Debit for the life of the tenancy on the day they collect the keys.
You can also say goodbye to handling cash, depositing cheques and chasing late payments.
Forget tedious reconciliation.
With PAID & CO you can see at a glance when payments are collected and which payments have become late.
Help your tenants to keep on track. Automated text reminders before rent day and feedback if a payment fails.
We will be helping tenants boost their credit ratings by saving payment history to share with credit reference agencies.
Features & Benefits
How PAID & CO works.
Setting up tenancies: PAID & CO allows you to set up Direct Debit rent collection for up to ten tenants per tenancy. For each tenant an SMS and email are instantly sent to invite them to PAID & CO. Tenants review and confirm the payment terms and details on their own mobile device.
As soon as a tenant confirms their details, the collection schedule is set up with the bank and you receive immediate on-screen notification that set-up is complete. The tenant receives an email and an SMS message re-confirming the schedule and amount being collected.
Monthly collections: Tenants receive email and SMS reminders three working days before each collection. When the rent has been successfully collected, tenants get a "Thank You" message by email and SMS. You can also choose to get email or SMS notification of successful payments. Most agents will use the reports in the system that detail which rents have been successfully collected and cleared.
The bank format extract provides the list of collected rents in a format that mimics a bank download so it can be consumed by most Property Management software packages.
Failed Direct Debits: When a PAID & CO tenant cancels their Direct Debit mandate with their bank, we send an email and an SMS to highlight the failure to the Tenant, and to you, so that the problem can be solved before rent becomes overdue.
There can also be collection failures on collection day, e.g. if the tenant does not have funds in their account to cover the rent. When this happens, we notify the tenant and initiate a PAID & CO Retry – see below.
PAID & CO Retry: Our Retry is our mechanism that reduces the effort of chasing and collecting from tenants if we can’t collect on the first attempt. With Retry, when a Direct Debit cannot be collected on the due date we:
Schedule another collection in 3 working days’ time
Notify the tenant that the collection has failed and that there is a the new collection date
We will do up to two retries. There is no additional fee for collection retries. The retries and their impact on collections is shown in the Late Payments report.
Management: Scheduled payments can be suspended, resumed and rescheduled. We do not charge for setting up a new payment, so there are no additional fees when changing tenants or changing collection day.
Credit Reference Agencies: When Tenants sign-up to PAID & CO rent collection we gain their permission to share their rental payment history with Credit Reference Agencies.
Tenants benefit when they pay rent on time because it contributes to improving their credit scores.
Tenants pay more consistently when they know that their payments are being tracked by credit reference agencies and that a late payment might have a negative impact.
We are currently saving data in preparation for sharing with the three main Credit Reference Agencies in the UK, Equifax, Experian and Call Credit.
Reports: All available as Word, Excel, PDF, PowerPoint, TIFF, MHTML, CSV, XML or Atom Service Document.