Property management platform and CRM provider teclet, which is part of the OnTheMarket Group, has completed its integration with LettsPay, the client accounting solution.

LettsPay is deigned to solve agents client accounting needs, including issues being raised by banks about undesignated client accounts. It provides a fully automated and fully compliant, end to end rent management and other payments platform and has been 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 it is fully AML compliant with funds traced through from request to payout. It closes a current compliance risk and, with its FCA registration, is able to provide Designated Landlord Account Management which means every client is assigned their own dedicated client account wallet. This resolves all client account and banking compliance requirements which have been causing many agents considerable headaches with undesignated client accounts.

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 are 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, when combined within teclet, provides the opportunity for agents, property managers and accounts teams to ensure compliance through automation.

Garrett Foxon, managing director of LettsPay, said: “We are delighted to have fully integrated with teclet and to have created a true end to end solution in a fully compliant and automated set up. This provides a huge, cost effective, benefit for letting agents, property managers and accounts teams as well as providing landlords and tenants with quicker, safer and more transparent processing.”

Alan Blockley, CEO at teclet, added: “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 have created. The processing is also completely compliant with current regulations and provides 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.”