LONDON | DataCash a MasterCard company, announced that it has helped Foxtons become the UK’s first lettings agency to offer electronic deposit payments.
Traditionally, lettings agents have tenants sign their tenancy agreement and pay their rental deposit by visiting a high street office. Foxtons recognised the need for a more efficient process to better serve the needs of its customers and opted to take online payment processing and make paying deposits easier for tenants.
DataCash integrated its Secure Hosted Payment Pages solution, allowing the lettings agency to offer its tenants the ability to pay rental deposits online at their convenience. Since the payment solution was device agnostic, tenants were able make deposit payments from any web-connected device with an internet browser.
The implementation immediately proved to be a popular option for Foxtons’s customers and within its first month over 38% of all deal payments were fulfilled through this channel. In just a 6 month period, this has now increased to 80% of payments being made on-line.
Other benefits include:
- Foxtons have experienced great success since the service went live, processing £17.5 million worth of transactions in the first 6 months
- It also delivered cost savings through the solution as it reduced the need to pay a 2% premium on deposits taken over the phone
- Cost savings were also achieved through the reduction in paperwork and the administration and storage space that accompanies record keeping
- The solution was also fully PCI DSS compliant, which Foxtons will continue to benefit from throughout its contract lifetime
Founded in 1996, DataCash Group Ltd (part of MasterCard Incorporated) provides multi-channel global payment processing services and advanced fraud prevention and risk management solutions to merchants and banks. As a global partner to some of the world’s most recognisable brands in the gaming, travel, retail and finance sectors, DataCash combines smart thinking and an end-to-end solution to help its customers transcend the complexities and expense associated with payment processing. Advanced technology from DataCash enables customers to accept and process payments in over 177 currencies, from over 45 brands across e-commerce, m-commerce channels and cardholder present channels – with the security and confidence of tools tailored to meet exacting and expanding business needs. DataCash customers protect their brand and reputation, enhance end-user experience and capitalise on new global market opportunities.
Foxtons is the UK’s leading lettings agency with a total of 36 offices throughout greater London and Surrey. Beginning as a two man operation in 1981, it has entrepreneurial spirit engrained in its operation. It led the way by being the first lettings agency in London to offer longer opening hours in response to the demands of those living and working in London as well as offering 0% commission as far back as 1982.