teclet and LettsPay become strategic accounting partners

Leading automated lettings and management platform teclet have announced a strategic partnership with LettsPay, the most innovative and compliant client accounting platform currently in the lettings market.

LettsPay provides a fully automated end to end rent management and other payments platform and will be seamlessly integrated into the teclet platform. Payments are facilitated by standing order, direct debit or merchant services.

LettsPay facilitates seamless visibility in the collection and disbursement of funds including rents and deposits and crucially is fully AML compliant with funds traced through from request to payout. It closes a current compliance risk and is uniquely able to provide Designated Landlord Account Management (DLAM) which means every client is assigned their own dedicated client account wallet. This meets all current client account and banking compliance requirements as well as future-proofing businesses from the changes to be implemented under the 5th Money Laundering Directive.

Through the integration with teclet, rent arrears management is fully automated directly between the bank and the tenants, including, if necessary, exercising guarantor involvement. Landlords are automatically updated whilst also updating rent and legal protection providers to ensure that any claim deadlines are not missed and rent and legal protection funds are assigned automatically. 

All transactions can be monitored in real time and payments can either be manually created or automated including batching payments so that they can be made with a single click. Monthly and annual statements are produced automatically.

LettsPay already does more than any other payment platform and combined within teclet provides the opportunity for agents, property managers and accounts teams to save time and ensure compliance through automation.

Garrett Foxon, Managing Director of LettsPay said: “We are delighted to announce our strategic partnership with teclet and to be able to, for the first time in the lettings industry, create a true end to end solution in a fully compliant and automated set up. This will be a genuine game-changer for letting agents, property managers and accounts teams as well as providing landlords and tenants with quicker, safer and more transparent processing.”

John Evans, Commercial Director at teclet said: “The benefits from using teclet and LettsPay will be clear to anyone currently processing rents and payments either manually or via software that does not have the integration benefits we are creating. The processing is also completely compliant with current regulation and already has  the ability for individual client account wallets which many agents are finding that their banks are requiring and will, in the near future, be a mandatory requirement on everyone.”

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