Payments are processed using encrypted payment software with a direct link to a major bank, ensuring that they are safe and secure. Unlike with traditional payment methods, account details are never shared with the agent and there are no fees for tenants, owners, or property managers.
According to PropertyMe, MePay would change the status quo for both agents and tenants, by reducing administration time and improving safety, security, and visibility. The platform provides full visibility on real-time rental payments and reduces the amount of time spent on managing payments and chasing arrears.
PropertyMe is Australia’s largest property management platform and is used by more than 30,000 real estate agents. MePay will be available to almost two million tenants already on the PropertyMe platform. The payments are compliant with Fair Trading legislation in all states.
Officials from PropertyMe said that unlike some other property management systems, PropertyMe processes all payments through rental trust accounts, adding an extra layer of protection for both landlords and tenants. In additionknow a major pain point for property managers is the amount of time spent managing the rental ledger. With MePay, payments are processed without the agency needing to do anything — it happens even when the office is closed. Tenants are automatically reminded about their auto payments, further reducing the admin overhead for property managers.
MePay will be free to use for agents, owners, and tenants, with payments reported in real-time with no next day receipt matching to be done. The platform will also streamline the process for tenants, who can set up their payments, view their rental bond, and submit maintenance requests all in the one place.
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