Paying the rent has never been easier, faster or more convenient, thanks to South Africa’s leading rental payment platform PayProp and its technology partnership with Ozow, the instant electronic fund transfer (EFT) provider that has taken the market by storm.
The dream combination of Ozow’s cutting-edge instant EFT technology and PayProp’s unique pre-reconciled payments makes settling the rent quicker and simpler than ever – whilst using the same bank-grade security PayProp is known and trusted for.
Since its launch in 2004, PayProp has processed over R66 billion in transactions in SA alone. Ozow, in turn, has processed millions in consumer transactions as a trusted provider to big-name brands like Uber, Vodacom and Takealot.
Getting started with Ozow – which is available to all PayProp-powered rental agencies – could not be easier. Once enabled by the agency, tenants simply select Ozow as their payment option on the PayProp Tenant Portal.
After entering the amount they need to pay, it’s just a few simple steps to complete payment. Ozow then provides instant notification that payment has been made, meaning no proof of payment is required and making this payment method faster than a traditional bank transfer.
With instant payment, even if the tenant only pays on the day the rent is due, they can avoid any late fees that could be caused by slow bank transfers.
What’s more, the tenant does not need to enter the agency’s bank details or a reference number – it’s all done automatically through Ozow. As a result, rent payments aren’t held up or lost because of misentered details.
PayProp and Ozow’s collaboration also helps to take the pain out of reconciling rental payments.
When a tenant pays with Ozow, the rent is automatically reconciled to the right tenant and property in PayProp. Once the money is in the agency’s trust account, agents can collect their commission and pay the landlord their share, safe in the knowledge that the money cannot be from anyone else but the tenant.
Secure and trusted by the brands you trust
Despite Ozow being relatively new to the market, South Africans have already been using them to pay millions of Rand to big brands such as Mr Price, Flysafair and Dischem in place of traditional bank transfers and credit card payments.
Ozow securely complies with the stringent Payment Card Industry Data security standard used by Visa, Mastercard and American Express – ensuring your financial details are safe.
To see how Ozow can benefit your rental business, simply enable payments through Ozow in your PayProp settings and let your tenants know about this easy, new way to instantly pay the rent.