Foxtons

Foxtons : Secure Hosted Payment Solution

Foxtons

Foxtons is the first UK lettings agency to offer an electronic deposit payments service using MasterCard Payment Gateway Services’s expertise in payment processing.

Foxtons is the UK’s leading lettings agency with a total of 36 offices throughout greater London and Surrey. Beginning as a two man operation in 1981, it has entrepreneurial spirit engrained in its operation. It led the way by being the first lettings agency in London to offer longer opening hours in response to the demands of those living and working in London as well as offering 0% commission as far back as 1982.

Continuing this tradition of setting the standard in the UK’s lettings market, Foxtons has turned to technology to deliver the services that its customers are demanding. It has always strived to be flexible for its customers and online payment processing has been used to make it easier for its customers to make the transactions they need to make, conveniently.

 “At Foxtons, we strive to deliver customer service that meets the specific needs of our customers as a lettings agency. With this in mind, we sought a best of breed solution that was secure and proven. When handling transactions related to someone’s dream home or renting your first flat, there’s zero tolerance for mismanagement. The support we received from MasterCard Payment Gateway Services throughout the implementation was second to none and the benefits were immediately visible. This has given us tremendous confidence in delivering this new service to customers.”

Raj Patel, Senior Project Manager at Foxtons

 

The Challenge

Foxtons is continually looking at new ways to improve its service and increasingly that means looking at what it can do online to make the letting and buying of properties easier. In the case of tenants and landlords, paying deposits can be a slow process and one that can be streamlined using MasterCard Payment Gateway Services payment processing solutions.

Traditionally, lettings agents have tenants sign their tenancy agreement and pay their rental deposit by visiting a high street office. This process works but there is always room for improvement. Foxtons recognised the need for a more efficient process to better serve the needs of its customers and opted to take online payment processing and make paying deposits easier for tenants.

 

Solution

MasterCard Payment Gateway Services integrated its Secure Hosted Payment Pages solution, allowing the lettings agency to offer its tenants the ability to pay rental deposits online at their convenience. Since the payment solution was device agnostic, tenants were able make deposit payments from any web-connected device with an internet browser. The implementation immediately proved to be a popular option for Foxtons’ customers and within its first month over 38% of all deal payments were fulfilled through this channel. In just a 6 month period, this has now increased to 80% of payments being made online.

 

Benefits of the MasterCard Payment Gateway Services solution

  • MasterCard Payment Gateway Services’s solution was able to directly deliver a new value added service for Foxtons and in turn increase customer stickiness
  • It also delivered cost savings through the solution as it reduced the need to pay a 2% premium on deposits taken over the phone
  • Cost savings were also achieved through the reduction in paperwork and the administration and storage space that accompanies record keeping
  • The solution was also fully PCI DSS compliant, which Foxtons will continue to benefit from throughout its contract lifetime
  • £17.5 million has been processed online over a 6 month period
  • 80% of tenant payments are now made online

 

Future

Foxtons have experienced great success since the service went live, processing £17.5 million worth of transactions in the first 6 months. To follow this success, Foxtons already have plans to introduce additional payment services such as offering Landlords the ability to make payments for repair orders online. This process will further help streamline operations with suppliers being able to settle invoices more efficiently.

Just as Foxtons saw that flexible timing was the key to delivering the services its customers need back in 1982, it is sure to continue using the convenience of the web to deliver better services for its customers.

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