Deposit alternative firm adds traditional service to its platform

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Deposit alternative service flatfair is launching a product to process traditional deposits alongside its deposit alternative. 

Whereas flatfair’s deposit alternative is called No Deposit, the traditional service is called - of course - Deposits. 

The company says that for agents and landlords, processing traditional deposits is an outdated process. It’s often manual, time-consuming and prone to human error. Getting it wrong runs the risk of high penalties – typically three times the deposit amount – and makes it much more challenging to remove tenants.

The flatfair platform now automates the traditional deposit process. The firm pledges that this now removes the risk of non-compliance and will save agents on average an hour of admin time per deposit.

Flatfair cites a customer - Carmine D’Orazio, building manager at Greystar - as saying: “Bringing flatfair’s Deposits platform to Ten Degrees in Croydon has brought significant efficiency gains to a time-consuming process. Deposit alternatives have been a highly requested feature, particularly as the cost of living bites, and having both options in one platform is a much simpler process for our staff.”

Meanwhile Gary Wright, co-chief executive of flatfair, adds: “Feedback from agents and landlords about No Deposit often mentions the simplicity and ease of use of our platform, so we aimed to bring that user experience to traditional deposits. Until now, these were a largely manual process in which small errors could come back to bite landlords and agents. 

“Rolling out flatfair Deposits is an exciting next step in the continuation of our mission to make renting fairer and simpler for everyone involved. It has been great to see the benefits this is already bringing to Greystar and I look forward to providing the same benefits to many more agents and landlords.”