Property management software startup integrates GoCardless bank payments

UK-based property management software startup COHO has begun working with GoCardless to be able to offer bank payments to property managers.

By integrating GoCardless bank payments, COHO’s customers, which includes single-let landlords, property managers and landlords of houses in multiple occupancy, can collect recurring and one-off payments via a single platform.

The integration includes direct debit, enabling landlords and property managers to automatically collect regular rent payments on the day they are due, as well as GoCardless’ ‘Instant Bank Pay’, which uses Open Banking to support one-off payments for rental deposits and ad-hoc charges, without the fees often associated with card payments.

In addition, landlords and property managers will gain insights through the GoCardless platform, which records rental payments in real time.

In the case of late payments, the platform provides the option to implement credit control processes immediately, giving COHO customers the ability to “contain and manage” rent arrears.

Tom Metcalfe, director, UK&I partnerships at GoCardless, said: “With automatic collection, instant visibility and one slick flow to set up end-to-end payments for new tenants, GoCardless bank payments are ideal for the property sector. We look forward to raising the bar on the payment experience together with COHO.”

According to Vann Vogstad, founder and chief executive officer of COHO, the new partnership will reduce the “payment admin burden” its customers.

Vogstad added: “This integration is perfectly aligned with our mission of helping customers grow whilst also improving the tenant experience.

“The unique combination of direct debit and Open Banking creates a seamless payment journey for tenants, while reducing admin, costs and late payments for landlords and property managers.”

Further reading: GoCardless, 11:FS reveal what will take Open Banking payments mainstream