Few will argue that managing finances in the property industry is a tedious task for landlords and tenants alike. Landlords often have to rely on cheques or bank transfers, which are slow and prone to errors. On the flipside, card payments for rent or deposits come with hefty transaction fees, eroding landlords' profits. Furthermore the lack of real-time insight into rental income makes financial tracking and management difficult - as if the day job of managing tenancies and portfolios aren't challenging enough.
And then there are the relationship costs: chasing late payments is not only disrupting cash flow and a constant headache, but it also creates an uncomfortable friction point between landlords and tenants. Of course, the traditional ways of settling bills are just as tedious for tenants: setting up standing orders or remembering to make manual payments is a non-stop hassle, especially when there are limited payment options available.
At COHO we recognised these challenges and therefore decided to partner with GoCardless, a global leader in bank payments. This collaboration aims to redefine how payments are handled within our software, making it easier, more transparent, and beneficial for all.
This partnership adds much needed payment flexibility for our landlords and their tenants, by combining the reliability of Direct Debit with the innovation of open banking-powered Instant Bank Pay. Direct Debit automates regular rent collection, ensuring landlords receive payments on time, eliminating manual collection, and reducing late payment risks. Instant Bank Pay simplifies one-off payments like deposits, avoiding the high fees associated with card transactions.
Real-time payment tracking provides landlords and property managers with up-to-date insights. This allows them to respond quickly to late payments and maintain compliance with property regulations.
Tenants also benefit from the integration. Direct Debit removes the need for manual bank transfers or standing orders, simplifying the payment process and ensuring timely payments. Instant Bank Pay offers a quick and convenient way to make one-off payments, giving tenants greater flexibility.
This partnership with GoCardless is a testament to COHO's commitment to improving the tenant experience while simultaneously reducing admin costs and late payments for landlords and property managers. Above all, it underscores the importance and value of innovation in property management solutions. Whether you're a single-let landlord or manage a portfolio of HMOs, COHO and GoCardless are here to make your job easier, your tenants happier, and your business more profitable.
The future of property management is digital, and COHO is leading the charge.
