PropertyMe launches MePay, an Australia-first payment platform for renters
Cloud-based property management platform, PropertyMe, has today launched MePay, an Australia-first payment platform to enable tenants to pay their rent safely and securely.
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.
PropertyMe Chief Product Officer, Scott Shepherd, said MePay would change the status quo for both agents and tenants, by reducing administration time and improving safety, security and visibility.
“MePay will be a game-changer for agents; providing full visibility on real-time rental payments and reducing the amount of time spent on managing payments and chasing arrears.
“We expect the platform will also be welcomed by tenants, as it provides greater security, control and convenience than alternative payment methods. Unlike other third-party rental payment platforms, there are no fees for tenants, owners, or property managers,” Scott said.
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.
Scott said the payments are compliant with Fair Trading legislation in all states and offered greater security to tenants and agents.
“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,” Scott said.
“We know 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. And tenants are automatically reminded about their auto payments, further reducing the admin overhead for property managers,” Scott explained.
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. It will be available to renters from 2pm AEDT, Monday 30 January, once their agency completes the onboarding.