LettsPay – Frequently Asked Questions

What exactly is LettsPay?

LettsPay is the modern way to run client accounting. It is not a fresh coat of paint on traditional workflows. It is a bank integrated financial management platform built specifically for letting agents. Think real time rent, real time reconciliation and instant payouts with full compliance baked in, not bolted on.

How does LettsPay process rent payments?

Tenants pay by standing order or through an embedded open banking link. The payment hits the Griffin client account, LettsPay identifies it instantly, allocates it to the correct tenancy and landlord digital wallet and reconciles it without you lifting a finger. No batching. No delays. No spreadsheet yoga and zero bank statement imports/uploads/downloads!

Does LettsPay really automate reconciliation?

Yes. Every payment is automatically matched to the correct tenant and property. The balance always equals reality because LettsPay and the Griffin client account operate in the same live space. If the bank sees it, LettsPay has already processed it. That is why reconciliation isn’t a task anymore, just a screen you look at to say “approved.”

Is LettsPay compliant with client money regulations?

That is a core purpose. Funds are held in an FCA regulated client account, protected by FSCS per landlord, and fully aligned to ARLA and RICS requirements. The difference is clarity, not complication. Every audit trail is real time and complete.

Do I need a client account to use LettsPay?

Yes. We help you set up and run a BaaS powered Griffin client account in your name!
It runs through LettsPay which is why you get true real time processing instead of next morning spreadsheets or “it will appear later” reconciliations.
Griffin bank are a UK based BaaS. Authorised by the PRA who are part of the Bank of England.
Griffin are regulated by the FCA - Ref 970920.
As a fully authorised UK bank, eligible deposits are protected by FSCS.
Each landlord is recognised as a depositor so each landlord qualifies for £85,000 protection.
FSCS protection is rising to £120,000 on 1st December 2025. It’s VIP treatment for your landlords!

How fast are rent payments cleared?

As soon as the money lands, LettsPay has processed it. Your dashboard shows the live position with no manual chasing or guesswork. When you approve payouts, landlords, contractors and agency fees are paid instantly via Faster Payments any time of day or night. It’s working 24/7 so is already ready when you are. No batch banking delays, no waiting for your supplier to import data from the bank — LettsPay is instant, it is a window into the bank account.

Can LettsPay handle multiple landlords, branches and portfolios?

Yes. LettsPay scales from boutique independents to national multi branch firms without changing how you operate. The system adapts to your portfolio, not the other way around.

Does LettsPay help with landlord payments and statements?

Yes. You approve payouts once, LettsPay handles the speed, accuracy and statements. Landlords receive instant payments and clear statements automatically. Calm landlords stay loyal. Loyal landlords mean stable revenue. Happy landlords mean they tell their landlord friends!
We customise all communications with your narratives and brand.

What are LettsPay fees?

A simple transparent per property per month price. No bank charges. No transaction fees. No surprise add-ons. Agencies get cost stability and a financial operation that becomes an asset rather than a cost sink.

Can LettsPay integrate with my CRM / Software?

Yes. LettsPay connects with leading CRMs and industry products through smooth, in workflow integrations. You do not need to change systems.
You simply upgrade the financial engine that sits beneath them.
Stick with the CRM / product you’ve got, no migration of data, no fumbling around for months training the entire team.
Simple and inexpensive and less chaos all round.

What does LettsPay do about arrears?

Arrears show in real time, not after a reconciliation session days later. Missed payments are flagged immediately so you can act early and prevent issues from snowballing.

What reporting does LettsPay provide?

Landlord statements, rent schedules, arrears tracking, client account summaries and detailed audit trails. Export everything when you want it. Your accountant, compliance officer and HMRC will all sleep better. And yes, there are some reports that we produce on your behalf on demand.

Is LettsPay secure?

Yes. Bank grade encryption, FCA regulated client account, FSCS protection per landlord, Secure user based permissions at login, Separation of Duties (SoD) and 2FA approval for releasing funds. Safety without friction.

Will LettsPay save me time?

That is the point. Hours of rent chasing, manual reconciliation and statement building disappear every week. Agents redirect that time into growth, service and landlord retention.

Can LettsPay handle deposits?

Yes. Deposits flow through the platform just like rent payments, ensuring clean traceability and full compliance. Or direct deposits to the relevant insurance backed deposit account.

Can landlords access statements online?

Statements are emailed automatically today and will be available inside the Making Tax Digital Landlord and Accountant Portal once launched. Same clarity, more convenience.

Can LettsPay handle contractor invoices and agency floats?

Yes. Pay contractors or reimburse agency fees directly from a float or the rent allocation. Every penny is logged transparently. Funds move instantly using UK Faster Payments so you can pay contractors in an instant when funds allow.

What happens if a tenant pays the wrong amount?

Unmatched payments are flagged instantly. No more detective work on bank references that look like licence plates. Each tenant pays into a unique landlord digital wallet so there really is only one place to look. No need to employ forensic accountants here.

Does LettsPay work for agencies of all sizes and stages?

Yes. Whether you manage fifty tenancies or five thousand, LettsPay scales without adding noise or stress. Growth becomes operationally effortless that you can budget for, no hidden surprises, bank charges or transaction fees. It’s all built in to one simple per property/unit fee.

Is LettsPay difficult to learn?

No. Most users pick it up quickly. You get onboarding specialists, training and ongoing support. The goal is confidence, not confusion. And it’s all backed up with dedicated support team you can call, email and live chat with to help you out when you need it. We have a knowledge base, the usual user manuals and once onboarding you are placed into hyper-care so we are on hand to coach you through until you are 100% happy and confident.

How do I get started?

Book a demo so we can run through your specific requirements. You get to see how we compare to the traditional client accounting and also compared to other suppliers who use clever terminology to give the appearance of doing what we do - (they don’t). Once you are happy to get going, we set up your client account, connect your systems and guide you step by step. When the switch happens, your rents do not miss a beat and we will assist you with contacting your landlords and tenants to ensure they are up to speed with your shiny new, modern and digital payment processes.

Final message for agents

• LettsPay is not about replacing traditional client accounting with a replica of what you had.
  It is about raising the standard so far that you never look back.

• Real-time rent = Instant clarity.

• Automated reconciliation = Zero drama.

• Built in landlord IDV, AML PEP & Sanction checks = Compliance peace of mind

• Agents stay in control = Landlords feel protected.

• Tenants trust the process.

• Growth becomes effortless instead of expensive & exhausting.

If you want stability in a world that feels turbulent, we would love to show you the difference.

Book your demo and see real-time live!

…but be warned, once you see modern client accounting done properly, you cannot unsee it.