Solution to Complicated Payment Process - Easy and Secure Way at LettsPay

Since April 2019, all agents who hold money for their clients are required by law to be registered with an approved Client Money Protection scheme. This is to ensure that tenant and landlord money is protected in case the business should fail. 

With a crackdown underway, may letting agents have been found to be in breach of this law with many being served with a formal ‘Notice of Intent’ by their local council, warning of an intention to impose a financial penalty. 

When this happens, agents are given just 28 days to provide evidence in their defence before councils are issuing penalties of up to £30,000 for failing to belong to a CMP scheme. 

At LettsPay, we hold and process the money for you. As a professional business accounting software, it is our job to ensure that your clients are protected. The money your tenants pay in, is only used to pay their personal landlord. The money is never put into a large agent account.  Any invoices the landlord has against their properties is directly paid for via their own landlord account. This means that what is paid into a landlord account, minus fees, is then paid directly to the landlord. We never withdraw any funds, so should we fail, your money will always be safe. Every penny this goes into a landlord’s account is accounted for through our platform. Therefore, the agent doesn’t need to handle bank accounts, the tenants can pay with ease, and the landlord can be confident that their money is safe should their agent’s business fail.