Merchant Services for Estate Agents and Letting Agents

With the average house price set to increase by a further 3% during 2017, the property market is still on its upward trajectory – despite setbacks with increased stamp duty for second homes and the uncertainty that come with Brexit.

Most landlords require tenants to set up standing order for monthly rental payments, though some tenants prefer payments to be made by debit or card especially if they haven’t got the same pay day each month. The majority of deposits are also paid using debit or credit card, and when tenants sign their agreement the option to pay the first month’s rent and deposit in advance and on a credit or debit card is a useful option.

Seasonal lettings and student lets

Seasonal lettings such as holiday or student lets often mean shorter merchant contracts that run for a matter or weeks or months. These can be very cost effective and giving the option to pay estate agents via credit card is a preference for most customers, especially if it’s a high value rental where they are looking for the added security a credit card payment offers, so having the option available will likely help convert sales.

In recent years there has been an increase in rental payments being made over the phone. The reason for this is the trend of weekly paydays and also zero hour contracts for employed tenants, meaning the date in which they pay rent is no longer certain. IVR payment lines for rental estate agents allow tenants to make a rental payments over the phone by card during or after office hours. Payments can be taken 24/7 365 days of the week!

This automated service works by the tenant keying in their card details directly into the telephone keypad, illuminating the need for staff to take card details over the phone and increasing security. Most IVR facilities integrate with customer database, meaning that the systems talk to each other in real time benefiting both the business and the tenants using the facility. Rental records can be updated within a matter of seconds, saving administration time as well as freeing up the main line telephone numbers for future sales.