Payment Technology Firm flatfair Launches Revamped Deposit-Alternative Offering

Payment technology firm flatfair has launched its revamped No-Deposit offering to provide landlords with market-leading levels of protection.

Landlords can now get up to 10 weeks of damage and rent arrears protection – double that of a traditional deposit – when tenants sign up to flatfair’s No-Deposit solution.

flatfair’s No-Deposit solution lets tenants secure a new home with just a small, one-off check-in fee equal to 1 weeks rent +VAT instead of having to provide a costly cash deposit, with any damages paid when it’s time to move out.

With the average monthly rent in England sitting at around £700 (and £1,400 in London), flatfair’s No-Deposit solution saves tenants the burden of having to find hundreds (if not thousands) of pounds every time they want to move.

With significantly more protection being offered than similar deposit alternative providers, as well as faster payouts, and continuing to service any further losses that go above 10 weeks on top, flatfair is confident that landlords will welcome the revamp.

Any landlord, not just those who have used flatfair in the past, can sign up for the market-leading No-Deposit product.

Franz Doerr, founder and CEO of flatfair, commented:

“We’re delighted to bring to market our revamped No-Deposit offering at a time where landlords may be experiencing difficulties in recovering money from tenants in the wake of the pandemic.”

“The additional levels of protection will provide extra security for landlords and their rental properties when they need it most.”

“While renting through traditional methods means landlords can only secure a deposit capped at just five week’s worth of rent, we’re offering an extra five weeks worth of protection completely free for landlords and with only a small upfront cost to tenants, releasing them from the main financial burden of renting.”

Gary Wright, chief revenue officer at flatfair, commented:

“From 1 May 2021 all landlords, whether new or existing customers, can benefit from our new 10-week product as standard and also enjoy faster payouts within just 10 working days of charges being established.”

“This is an exciting development for flatfair and we are very pleased to be able to offer this market leading protection to landlords.”