Eight out of ten Foxtons tenants now paying deposits online

Foxtons is now getting 80% of all tenancy deposits paid online, six months after becoming what was claimed to be the first lettings agency to offer the facility.

DataCash, a MasterCard company, was behind the shift to electronic payment deposits.
 
DataCash integrated its Secure Hosted Payment Pages solution, allowing Foxtons to offer its tenants the ability to pay rental deposits online at their convenience. Since the payment solution is ‘device agnostic’, tenants can make deposit payments from any web-connected device.

As a result, Foxtons has now processed £17.5m of transactions, and delivered cost savings through reduction of paperwork and the need to pay a 2% premium on deposits taken over the phone.

The implementation immediately proved to be a popular option for Foxtons’ customers and within its first month over 38% of all deposits were fulfilled through this channel. In just a six-month period, this has now increased to 80% of payments being made online.

Raj Patel, senior project manager at Foxtons, said: “At Foxtons, we strive to deliver customer service that meets the specific needs of our customers as a lettings agency. With this in mind, we sought a best of breed solution that was secure and proven.

“When handling transactions related to someone’s dream home or renting your first flat, there’s zero tolerance for mismanagement.

“The support we received from DataCash throughout the implementation was second to none and the benefits were immediately visible. This has given us tremendous confidence in delivering this new service to customers.”