Feature Release

Making rent collection easier & faster

We have recently launched Rent Support - providing all landlords with the capability to accept advanced digital payments through the Ark platform.
January 23, 2023

We know from our many conversations with customers that one of your biggest pain points as a landlord is keeping on top of your finances - specifically checking that tenants are up-to-date with their rent payments, that they have paid the correct amount, and chasing tenants when rent is late.

This issue is one of the primary reasons for landlords choosing to use a managing agent - so they can take the stress and strain of keeping on top of incoming rent. But with some agents charging from 6-8% for just this service, it can quickly eat into your profit margins, and the service can often be unreliable.

We wanted to solve this problem, and make it viable for all landlords to have rent support - so we are pleased to announce that you are now able to take rent payments through the Ark platform.

Rent Support from Ark

The Rent Support Feature from Ark uses state-of-the-art payments processing from Stripe to bring fully digitised payments processing to all Buy-To-Let landlords, giving you the options and control that larger institutional landlords have enjoyed:

  • Set up a recurring payment request for your tenants - control the timing and amount of the rent payment - no need to rely on your tenant getting the details right each month.
  • Offer more payment options - with Ark, you can allow your tenant to pay by either a credit or debit card, or request them to set up a direct debit for you. Either way - you are in control.
  • Get your money faster: all payments go directly to your nominated bank account - unlike some agents, Ark will never hold onto your money.
  • Instant notifications - whether a payment is successful or has been missed, you’ll know immediately, without having to chase.
  • No chase hassle: All payments reminders and chasing for late payments are handled by Ark.
  • Full interactive dashboard of all payments - review payment records at your leisure.

Our calculations show that a landlord switching from a managing agent who charges 8% for rent collection services could save up to £650 a year by switching to Ark.

How to sign up

Signing up for this service couldn’t be easier - if you already have an Ark account, just go to the Payments page and then click on Start Now. You’ll be taken through an onboarding process to confirm your bank account and personal details. This should only take 5 minutes.

Once you’ve completed that process, simply head back to the Payments Page and click “Request Payment”. Choose the property you want to collect rent on, confirm that the tenant details are correct, and choose your payment method (credit card only, direct debit only, or either option).

We’ll then send an email request to your tenant asking them to sign up for the recurring payments with their chosen payment method.

Terms and conditions

The saving of £650 per year is based on a calculation using the average monthly rent payment in the UK (£850) paying a management fee of 8% per transaction. Ark charges an average blended fee of 3.17% per transaction, made up of Stripe processing fees and Ark management fees.