A digital platform that enables tenants to pay their rent via their credit or debit card rather than a BACS payment has officially launched in the UK.

London-based Payr enables tenants to use their existing cards to pay either their landlord or letting agent direct, but also therefore earn the rewards that their card company offers such as points, cashback, or airmiles.

The company also claims that its service enables tenants to manage their cashflow better, although the debt racked up on any credit cards will also need to be paid quickly to prevent interest building up.

Rewarding

“At Payr, we’re committed to helping users turn their biggest monthly expense into a rewarding experience,” says Arthur Greenwood (pictured), Founder and CEO of Payr.

“Our platform not only offers flexibility but also enables tenants to earn credit card rewards, such as points, cashback, or miles, while managing their cash flow effectively.”

Tenants must link their credit or debit card to the Payr platform and then designate which account the money is paid to each month, which they then authorise each time.

Payr charges a chunky 1.99% fee for each transaction made via its platform, so a tenant paying a monthly £1,000 rent would pay £19, although Payr claims the benefits of earned credit card rewards would pay for this.

The service is essentially a competitor with the big banks’ BACS and is not alone – as LandlordZONE reported, a similar Spanish company recently said it was considering a UK launch.