PropTech can help prevent fraud – here’s how
07 February 2019 4077 Views
To a sales-focused agency, having a lettings department can sometimes feel like losing control of the business.
Recent cases of property management fraud such as this, this and this show how hard it can be to keep track of client money in a lettings environment. In some cases, fraud can go on for years without being detected, as most agencies rely on a complex mixture of online banking, some sort of IT system or an Excel spreadsheet – giving ample opportunity to manipulate the figures.
While only a very small percentage of accounting mistakes are fraudulent, having figures that don’t add up can be a real challenge. This is where trusted PropTech can help.
PayProp accounts with 100% accuracy for all incoming and outgoing transactions on your client money account – including rents, commission, landlord and contractor payments. This eliminates the need for a diverse blend of systems and duplicated data, reducing human error and the temptation to do wrong.
The system is backed up with bank-level security and user restrictions that put you in control by letting you limit what people can and can’t do on the platform – unlike traditional banking mandates. A complete system audit log shows what actions users have taken and when they did it. Bottom line – you have total visibility and control over your lettings business.
What’s more, PayProp is cloud-based, live 24*7, meaning you can see the true real-time financial health of your business any time of the day in just a few clicks. All of which adds up to a good night’s sleep for you and your clients.
To experience the peace of mind that comes with PayProp, click here to book a free consultation.
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