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Friday, 21 September 2018 10:14

PayProp to Automate Payments, Accounting & Reporting for PADRentals

("PayProp"), a global cloud-based transactional platform for the property management industry, has been selected to automate the rent collection, reconciliation, outgoing payments and landlord reporting for PADRentals.



PayProp is used by property management clients of all sizes to securely and efficiently manage their rental transactions and back office processes. Detailed reporting and drill-down dashboard views offer clients business transparency and control.

PADRentals provides student and family rental accommodation and services throughout London, Ontario, including collection of monthly rents, deposits into landlords' accounts and tenant receipts for tax purposes.

Chris Lesky, co-owner of PADRentals, says PayProp's automation of collections, payments and reconciliation to landlords, contractors and the agency has been incredibly helpful. "We were actively looking for technology to help with our complex back office processes, including reconciliation of payments to the correct tenants and scheduling of batch payments out."

"Landlords now receive detailed Property Statements. They know who is in their home and who has paid. Monthly reconciliations of the landlord accounts are easy to do and takes only minutes. Before we would spend hours going through records to see who paid and when the landlord received their rents. With Payprop, accounting is done for us."

Lesky says PayProp addresses all PADRentals' needs, from complete back office automation to rent reconciliation and payouts, with 100% accuracy. "It will allow us to scale our business very quickly and with higher margins, while also offering a better service to our clients."

"We are delighted to work with PADRentals, a fast-growing full-service provider, to help automate their back office processes and deliver faster payments, automated communication and real time reporting," said Mislav Majic, President of PayProp Canada.

"PayProp is a great fit for PADRentals and will be invaluable to help grow their portfolio, while also allowing them to provide exceptional service to their tenants and investors."