NAB has introduced Portal Pay, a new platform designed to simplify and streamline property payments.
Backed by Australia’s largest business bank, NAB Portal Pay integrates with major real estate software to facilitate the transfer, tracking, and reconciliation of rent and sale deposits.
The platform aims to modernise the payment process, making property transactions easier, safer, and faster.
NAB Portal Pay: Simplifying deposits and rent payments
NAB Portal Pay offers innovative solutions for the real estate industry, allowing renters to automate their payments and enabling secure, fast deposit transfers for property sales, including private sales on auction day.
The platform replaces traditional cheque payments, transforming how deposits are managed in the property market.
Positive feedback from early adopters
Luke Johnston, who started Johnston Donoghue Property in Gunnedah in 2021, shared his experience with the platform.
“We’ve sold more than 80 properties in the last 12 months and security is always top of mind for customers when they’re making a deposit payment,” Johnston said.
He highlighted the challenges of managing large sums across multiple accounts, noting that Portal Pay has simplified the process significantly.
“It’s easy to use and most importantly it’s safe, which is really reassuring for us and especially our customers,” Johnston said.
NAB’s commitment to enhancing real estate payments
Julie Rynski (pictured), NAB executive for business metro and specialised, emphasised that NAB Portal Pay is part of the bank’s ongoing efforts to deliver user-friendly payment solutions for small and medium enterprises (SMEs).
“The Australian real estate market is a core part of the Australian economy, yet the payment systems and processes that service it haven’t kept pace,” Rynski said in a media release.
The platform allows real estate agents to receive sales deposits within minutes, enhancing the overall customer experience.
Advanced features for a seamless experience
NAB Portal Pay not only accelerates deposit payments but also offers features designed to reduce the time required for rent roll reconciliations.
“Real estate agents, buyers, and renters can expect a much more simplified user experience combined with state-of-the-art security features to facilitate fast, safe transacting,” Rynski said.
With the strength of NAB’s business banking network, Portal Pay is set to revolutionize property payments, making them more efficient and secure for all parties involved.
For more details on NAB Portal Pay, visit NAB’s website.
In related news, NAB reported just last week a dip in business confidence in August, noting weak consumer spending, a strained labour market, and rising unemployment driven by population growth pressures.
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