LettsPay - Automated Client Accounting for Letting Agents

Workflow and control supplier

What this supplier takes off your team's plate — what to look for.

Hours saved per branch per week
How many tools it consolidates into one workflow
Audit and compliance posture (FCA, ICO, RICS — naming the relevant body)
Cost per branch vs cost per user
What it doesn't do — scope clearly stated

The best operations layer is the one your team forgets is there because it just works.

The client accounting problem

Manual rent reconciliation is slow, error-prone and puts your CMP compliance at risk every single month.

Most letting agents still run their client accounting through a pooled bank account. Every month, rent from hundreds of tenants arrives in one pot and has to be manually matched to the right landlord. One missed payment, one misallocated deposit, and your CMP audit becomes a crisis.

Your property managers are processing, not managing

If your team starts the day chasing bank statements, cross-referencing CRM records and building BACS payment files, they are processing transactions rather than managing properties and landlord relationships. That is a poor use of qualified staff - and it scales badly as your portfolio grows.

A pooled client account is a reconciliation nightmare

When all landlord funds flow through a single account, every payment has to be manually traced to its source, matched to the correct landlord, and recorded before a payout can be made. In a busy month with arrears, partial payments and deposit movements, the margin for error is enormous - and the compliance risk sits entirely with your agency.

BACS runs delay landlord payments by days

Traditional bank BACS runs process payments in batches with a one to three day settlement delay. Landlords receive their money late, chase your team for updates, and your property managers spend time on payment status queries rather than portfolio work. The expectation of instant payment is now set by every other financial service landlords use.

Opening client accounts is getting harder, not easier

High street banks are increasingly reluctant to offer client money accounts to letting agencies, particularly newer or smaller agencies. Agents who cannot secure a compliant client account cannot legally operate - and agents whose existing bank changes its policy are forced into an urgent migration with no obvious destination.

How LettsPay works for letting agents

One digital wallet per landlord. Rent arrives, reconciles instantly, and the payment queues itself. You approve and everyone is paid.

LettsPay replaces the pooled bank account model entirely. Each landlord gets a dedicated account with their own sort code and account number. Funds cannot be released unless they are reconciled, which means compliance is built into the architecture - not dependent on your team following a process correctly every time.

1

Dedicated digital wallet per landlord

Every landlord on your portfolio gets their own ring-fenced account with a unique sort code and account number, hosted by LettsPay via their banking partner Griffin. Tenants pay directly into their landlord's account - not into a shared pool that needs manual splitting.

2

Automatic reconciliation as money moves

The moment rent enters a landlord wallet it is already reconciled. For direct debit and open banking payments, reconciliation is 100% automatic. For other payment methods, 72% of transactions are auto-reconciled - meaning your team reviews the edge cases, not the routine ones.

3

Real-time payments - no BACS delay

Approve a payment in LettsPay and the landlord is paid instantly, 24 hours a day, 7 days a week. Contractors receive payment immediately once the landlord payment is approved. No end-of-day bank run. No three-day settlement wait. Statements are generated automatically and sent as soon as payment is made.

4

Built-in AML, PEP and sanctions checks

Identity verification, anti-money laundering checks, politically exposed persons screening and sanctions checks are built into the LettsPay landlord onboarding process. Compliance does not depend on your team following a checklist - it is automated and auditable from day one.

5

CMP compliant without a high street bank

LettsPay provides Client Money Protection compliant accounts without requiring an agency to hold a separate high street client account. The banking partner Griffin is authorised by the Prudential Regulatory Authority and regulated by the FCA. Client funds are FSCS protected.

6

Making Tax Digital ready

LettsPay is built with Making Tax Digital requirements in mind, generating the financial records your landlords need in a format compatible with MTD obligations. Statements are produced automatically as part of the payment process - no additional step for your team.

The agent journey

From rent received to landlord paid - without a single manual reconciliation step.

LettsPay handles the processing. You handle the approvals. Your team logs in and finds the work already done - every payment allocated, every reconciliation completed, every payout queued and ready.

1

Onboard landlords to LettsPay

Each landlord is onboarded via Griffin's automated verification workflow, which handles identity checks, AML screening and account creation. New accounts open in minutes. Your existing landlord data transfers from your current system securely.

2

Tenants pay directly into landlord wallets

Each tenant is provided with the unique sort code and account number for their landlord's dedicated wallet. Rent arrives directly in the right place. No pooled account. No manual matching. The reconciliation happens as the payment lands.

3

Log in to find your work done

When your team logs into LettsPay, rent receipts are already allocated, reconciled and ready. You are starting at the end of the reconciliation process, not the beginning. The dashboard shows exactly what is ready to pay and what needs attention.

4

Approve and everybody is paid instantly

Authorise landlord payments with two-factor authentication. The payment hits the landlord's account immediately. Contractors receive payment as part of the same flow. Statements are generated and sent automatically. No follow-up actions required from your team.

5

Compliance maintained automatically

Because funds cannot be released until reconciled, your CMP compliance is maintained by design rather than by process. Your audit trail is complete and auditable at any time. Regulatory requirements for client money handling are met without additional procedures.

The Kerfuffle & CTP member offer

Kerfuffle members get prioritised onboarding, a named contact and terms reviewed before any commitment.

LettsPay works with Kerfuffle to give CTP members a structured route into the platform. Your Kerfuffle AM is involved from the first conversation, reviews the commercial terms with you, and ensures the migration from your current system is supported throughout.

What Kerfuffle members get

Prioritised onboarding via Kerfuffle member route
Named Kerfuffle account manager throughout
Commercial terms reviewed before you commit
Data migration support from existing system
Propertymark Industry Supplier - vetted and trusted

Member route

Pricing structure

Per property

One clear monthly fee per property - no separate banking or accounting software fees

LettsPay charges one fee per property per month that covers client accounting banking, automated reconciliation, and accounting software. There are no separate banking fees, no accounting software subscriptions, and no additional charges for rent collection. Your Kerfuffle AM reviews the full pricing structure with you before you commit.

Claim the member offer

Live demo - open to all Kerfuffle & CTP members

See LettsPay in action - from rent receipt to landlord payment, in thirty minutes.

A walkthrough of the full LettsPay platform: how landlord wallets work, what automatic reconciliation looks like in practice, how payments are approved and processed, and what compliance reporting looks like for your CMP audit.

Real-time rent processing and automated reconciliation - LettsPay for letting agents

See exactly how LettsPay replaces your current client accounting process, what the landlord wallet system looks like in practice, how the auto-reconciliation works for different payment types, and what the compliance audit trail looks like. Bring your current portfolio size and the team will scope the transition with you on the call.

LP

LettsPay Agent Partnerships team

LettsPay - Real-time client accounting for UK letting agents

Book the demo

Automatically matching and reconciling rental payments is a game-changer for rental management, saving agents money and countless hours that they can spend on nurturing quality client relationships.

LettsPay Recognised by the Scottish Association of Landlords as a key supplier for Scotland's letting agents

Frequently asked questions

Questions letting agents ask before switching to LettsPay.

Do we still need a client account with our bank?

No. LettsPay provides Client Money Protection compliant accounts without requiring a separate high street client account. The banking is provided through Griffin, which is authorised by the Prudential Regulatory Authority and regulated by the FCA. Client funds are FSCS protected. This means LettsPay is a complete alternative for letting agencies that cannot secure a high street client account or want to move away from the complexity of managing one.

What does 72% auto-reconciliation actually mean in practice?

It means that 72% of all transactions are matched to the correct landlord wallet and reconciled automatically without any manual input from your team. For direct debit and open banking payments the reconciliation rate is 100%. The remaining transactions - typically non-standard payment methods or unusual circumstances - are presented to your team with only the relevant landlords shown as matching options, so manual reconciliation of edge cases takes seconds rather than minutes per transaction.

How quickly do landlords receive their rent?

As soon as your team approves the payment in LettsPay, the landlord receives the funds instantly. This is 24 hours a day, 7 days a week - including weekends and bank holidays. There is no BACS batch processing, no one to three day settlement delay. Contractors also receive payment instantly as part of the same payment flow once the landlord payment is approved.

How does LettsPay handle AML and compliance checks?

Identity verification, anti-money laundering checks, politically exposed persons screening and sanctions checks are built into the landlord onboarding process via Griffin's automated workflow. Ongoing transaction monitoring runs throughout the customer lifecycle. Compliance is built into the architecture - not dependent on your team following a manual checklist. This means your CMP compliance is maintained by design, and your audit trail is complete and auditable at any time.

Can LettsPay handle overseas landlords and NRL requirements?

Yes. LettsPay handles Non-Resident Landlord requirements automatically as part of its payment processing. Overseas landlords are managed within the same dedicated wallet structure, with the appropriate NRL deductions processed and recorded automatically. This removes the manual NRL calculation and deduction step that typically requires additional work from your accounts team.

What happens to our data if we migrate from a different system?

LettsPay has a migration support process for agents moving from their current client accounting setup. Landlord data, property details and existing balances are transferred securely and accurately. Your Kerfuffle AM is involved in the migration conversation to ensure the transition is planned properly and the timeline works for your team. LettsPay has completed migrations from the major UK letting agent CRM and accounting systems.

Is LettsPay a Propertymark Industry Supplier?

Yes. LettsPay is a recognised Propertymark Industry Supplier, which means the service has been assessed against Propertymark's standards for the letting sector. The Scottish Association of Landlords has also recognised LettsPay as a key supplier for Scotland's letting agents, following assessment of its compliance with Scottish letting legislation requirements.

How do we get started as Kerfuffle members?

Use the member offer button on this page. You will be connected to LettsPay via the Kerfuffle partnership, with your Kerfuffle AM reviewing the pricing and migration plan with you before you commit. The LettsPay team will scope the transition from your current system and provide a clear timeline. The whole process is designed to minimise disruption to your team during the switchover period.

Why automated client accounting matters

Manual reconciliation is a risk multiplier. Every month it runs, the exposure grows - and it is a problem that gets worse as your portfolio scales.

LettsPay was founded in 2019 to solve the manual reconciliation problem that Garrett Foxon saw costing letting agents hours every month. The platform now processes rent for agencies across England and Scotland, with the Scottish Association of Landlords recognising it as a key supplier. The letting agents who automate first are the ones whose teams can focus on portfolio growth rather than payment processing.

4.9

Kerfuffle rating - highest in client accounting

72%

Of transactions auto-reconciled without manual input

Real time

Payments processed 24/7 - no BACS delay

FCA

Banking via Griffin - FCA regulated and FSCS protected

Pays You Back — Not Yet On Platform

LettsPay is not on PropTech That Pays Back yet.

PropTech That Pays Back is the Kerfuffle initiative that rewards estate agents with kredits when they actually use what they have bought - not just when they sign the contract. LettsPay is not on the platform presently. Register your interest below if you would like to see them added.

Register your interest in a demo → Browse suppliers that pay back →