LettsPay is based on the concept of wallets.

A wallet is an e-money account with its own unique account number.

Each wallet is associated with one or multiple landlords, so each wallet can also be classed as a portfolio.

Properties are then linked with wallets and tenants linked with properties and wallets.

The tenants receive only their specific landlord wallet details. Therefore, they cannot possibly pay anyone else, making reconciliation a thing of the past. Payments are automatically reconciled using the payment reference used by the tenants.

You can then add supplier charges on every wallet to pay third parties, whilst your management fees are automatically deducted from the rent.

When payouts are created and approved, everyone is paid at the same time: the landlord(s), suppliers and the agent.