Rent collection and client accounting for letting agents

LetCompliance vs PayProp

PayProp is a rent payment platform for UK letting agents. Rent goes into its CMP-recognised NatWest client accounts, is matched to the tenant automatically and is paid out to landlords, contractors and the agency, often on the day it arrives. It charges a licence from £79 a month, a monthly service fee of less than 1% of the money it processes, and a one-off set-up fee of £600 to £2,000 set by portfolio size, and its own pages offer it to letting agents alongside their property management software. LetCompliance is letting agent software that runs the whole let in one workspace: adverts, applications and references, tenancies signed online, rent recorded on each tenancy or collected by Direct Debit on the agency’s own Stripe account, repairs, Section 8 and Section 13 notices, landlord statements with the agency’s fees, a payment file for paying landlords from the agency’s own bank, and a three-way reconciliation of the client account. It takes no share of the rent and charges no set-up fee.

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The bottom line

33features in one login,
from the advert to the landlord statement

LetCompliance is letting agent software that runs every landlord’s let in one login: lettings, rent and arrears, e-sign, landlord statements, commission and a per-landlord balance report, compliance and Section 8 / 13 notices.

The side by side below sets out what each one does.

PayProp pricing in 2026

PayProp charges a licence from £79 a month, a monthly service fee of less than 1% of the money it processes, and a one-off set-up fee of £600 to £2,000 set by portfolio size; its pricing page states no VAT. LetCompliance charges by the agency plan, with no set-up fee, no share of the rent and no VAT added: Agency Mini £24 a month for up to 5 properties, Agency Starter £39 for up to 20, Agency Growth £79 for up to 50 and Agency £129 for unlimited properties. Below, two agencies with rent of £1,000 on each let.

Cost a month	LetCompliance	PayProp
15 properties	£39 (Agency Starter), no set-up fee; £99 with every rent by Direct Debit	From £79, plus a fee under £150, and £600 to £2,000 once
40 properties	£79 (Agency Growth), no set-up fee; £239 with every rent by Direct Debit	From £79, plus a fee under £400, and £600 to £2,000 once

15 properties at £1,000 rent: 15 lets at £1,000 put £15,000 of rent a month through PayProp. Its service fee is less than 1% of that, so under £150 a month, on top of a licence from £79, and the set-up fee of £600 to £2,000 is paid once. The first year is from £1,548 before the service fee, which adds under £1,800 over the year. Its pricing page states no VAT. The Agency Starter plan covers up to 20 properties for £39 a month, or £390 paid yearly, with no set-up fee, no share of the rent and no VAT added. Rent paid by standing order into the agency’s own client account and matched from its bank statement adds nothing to the LetCompliance price; the agency’s own bank charges for its client account and its payments are separate. Rent collected by Direct Debit on the agency’s own Stripe account adds Stripe’s fee, 1% of each Direct Debit payment with a 20p minimum and a £4 cap, and £5 for a disputed payment. On a £1,000 monthly rent 1% would be £10 a payment, so the fee is the £4 cap. For 15 lets that is £60 a month, £720 a year, before any dispute.
40 properties at £1,000 rent: 40 lets at £1,000 put £40,000 of rent a month through PayProp. Its service fee is less than 1% of that, so under £400 a month, on top of a licence from £79, and the set-up fee of £600 to £2,000 is paid once. The first year is from £1,548 before the service fee, which adds under £4,800 over the year. Its pricing page states no VAT. The Agency Growth plan covers up to 50 properties for £79 a month, or £790 paid yearly, with no set-up fee, no share of the rent and no VAT added. Rent paid by standing order into the agency’s own client account and matched from its bank statement adds nothing to the LetCompliance price; the agency’s own bank charges for its client account and its payments are separate. Rent collected by Direct Debit on the agency’s own Stripe account adds Stripe’s fee, 1% of each Direct Debit payment with a 20p minimum and a £4 cap, and £5 for a disputed payment. On a £1,000 monthly rent 1% would be £10 a payment, so the fee is the £4 cap. For 40 lets that is £160 a month, £1,920 a year, before any dispute.

At 15 lets: the Agency Starter plan at £39 a month costs less than PayProp’s licence at its lowest, £79, before PayProp’s service fee. With every rent collected by Direct Debit, Stripe’s fee takes it to £99 a month, against PayProp’s licence from £79 plus a fee under £150, so which costs less turns on the fee PayProp quotes. Over the first year, the Agency Starter plan paid yearly is £390, or £1,110 with every rent by Direct Debit, against at least £1,548 for PayProp’s licence and lowest set-up fee before its service fee, so LetCompliance costs less either way, before the agency’s own bank charges. At 40 lets: the Agency Growth plan at £79 a month costs the same as PayProp’s licence at its lowest, and PayProp’s service fee comes on top. With every rent collected by Direct Debit, Stripe’s fee takes it to £239 a month, against PayProp’s licence from £79 plus a fee under £400, so which costs less turns on the fee PayProp quotes. Over the first year, the Agency Growth plan paid yearly is £790, less than the £1,548 PayProp’s licence and lowest set-up fee come to before its service fee. With every rent by Direct Debit it is £2,710, so which costs less turns on PayProp’s fee.

Every agency plan runs the whole let as well as the money: adverts and applications, references ordered per check, tenancies signed online, rent recorded on each tenancy or collected by Direct Debit on the agency’s own Stripe account, repairs, Section 8 and Section 13 notices, landlord statements with the agency’s fees and, where the agency is VAT-registered, the VAT on them, a payment file for paying landlords from the agency’s own bank, and a three-way reconciliation of the client account. Every agency plan has every agency tool and unlimited seats and branches; only the number of properties and the storage differ. LetCompliance holds no client money and pays nobody: PayProp holds the rent in its own client accounts and pays landlords out itself, while with LetCompliance the agency pays from its own bank.

PayProp’s figures are from payprop.com/uk/pricing, read on 31 October 2026; what it does is from its client accounting page and its landlord and tenant page, read the same day. The rent of £1,000 on each let is an example. Stripe’s fee, 1% of each Direct Debit payment with a 20p minimum and a £4 cap, and £5 for a disputed payment, is from stripe.com/gb/pricing/local-payment-methods. Prices change, so check each page before you buy.

Every agency plan is on the letting agent page, and how the statements, the payment file and the reconciliation work is in the guide to landlord statements and client money. What other letting agent software costs at 3, 10 and 50 properties is in what letting agent software costs.

Side by side

The PayProp column says only what PayProp’s own website shows, read on 31 October 2026. Plans change, so check theirs before you decide.

Feature	LetCompliance	PayProp
Tenant referencing (regulated UK credit check)		Tenant Assessment Report: a credit score with rental payment data from PayProp agencies
Rent tracking + arrears chasing LetCompliance emails the tenant about late rent only once you switch arrears chasing on.		Live payment status, and arrears reminders by email and text
Rent collection and records In an agency workspace the rent received is recorded on each tenancy, with arrears and the agency’s commission for each landlord client, and it can be collected by Direct Debit on the agency’s own Stripe account, set up in Agency settings. There is no Open Banking bank feed: bank statements come in as CSV files.	Rent recorded on each tenancy, or collected by Direct Debit on the agency’s own Stripe account	Rent paid into its CMP-recognised NatWest client accounts by Direct Debit, bank transfer or its tenant portal
Tenant portal		Tenants pay rent, view invoices and log maintenance issues
Maintenance work orders + AI repair triage		Maintenance tickets, with payments created from them
MTD ITSA quarterly summary on HMRC dates	For a landlord’s own account, not inside an agency workspace	Through its Nexus by Landlord Studio integration; no product named PayProp on HMRC’s finder (31 October 2026)
Landlord statements, commission and a per-landlord balance report		Account statements, with the client money held in its own client accounts
Pricing starts at (2026)	Agency plans from £24/mo, unlimited branches and seats	Licence from £79/mo, plus under 1% of the money processed and a £600 to £2,000 set-up fee
Client money held in the provider’s own client accounts	No: LetCompliance holds none and pays nobody out. Rent goes to the agency’s own bank, or by Direct Debit to the agency’s own Stripe account	Yes, in CMP-recognised NatWest client accounts
Paying landlords	A payment file of what each landlord is owed, paid by the agency from its own bank, then marked paid	Paid out by PayProp under rules set for each property, often the same day the rent arrives
Matching rent to tenants	Bank statement lines, imported as CSV, matched to rent, several rents to one line	Automatic, through its bank integration
Client account reconciliation	Three-way on a day you choose: the bank, the cash book and each landlord’s ledger, signed off with a PDF	Rent reconciled as it is received
The agency’s fees	Fees earned on issued statements recorded as they move to the agency’s own account	Commission paid out with the rent
Share of the money processed	None: Stripe charges its own fee on each Direct Debit	A service fee of less than 1%
Set-up fee	None	£600 to £2,000 once, by portfolio size
Extra users	Unlimited seats on every agency plan	No cost for extra users
Integrations and API	No API: properties come in from a CSV, and records export as CSV	Reapit and other software, and a documented API

Also in LetCompliance

33 more parts of the let, in the same login. They are not compared with PayProp here.

LetCompliance is letting agent software that runs every landlord’s let in one login: lettings, rent and arrears, e-sign, landlord statements, commission and a per-landlord balance report, compliance and Section 8 / 13 notices.

Advertise + take applications + book viewings
Waiting list / register-interest capture
Holding deposits (Tenant Fees Act 2019)
E-signed tenancy agreements
Move-in pack: statutory documents assembled
Landlord statements by email: A PDF statement emailed to each landlord client; no landlord login
Professional photography and floor plans
Tenant Risk Report
Gas Safety / EICR / EPC tracking + reminders
AI expiry-date detection on uploaded certificates
0-100 compliance score per property
SMS reminders
Right to Rent checks
Deposit protection deadline tracking
HMO room-level management
Pet request 28-day tracker (RRA 2025)
Section 8 notice builder (Schedule 2 grounds)
Section 13 rent-increase notice builder
Repair response clocks (Awaab’s Law timings as a guide)
Renters Rights Act 2025 toolkit
PRS Database readiness trackerLive today: per-property register-readiness checklist, regional deadline, and status, ref and date. HMO-aware.
SA105-shaped Tax Pack: For a landlord’s own account; not split by landlord client in an agency workspace
Section 24 personal-vs-Ltd calculator: For a landlord’s own account; not split by landlord client in an agency workspace
Capital gains record on a sale
Mileage log
Receipt / invoice scanning
Xero: A Xero-ready CSV; rent invoices and payments go to Xero from a landlord’s own account on a paid landlord plan, not from an agency workspace
Property valuation tracker (HM Land Registry HPI)
Insurance renewal tracker
Planned maintenance scheduler
Property key facts + key-date tracking
Multi-branch agency workspaces
Time to go live: Same-day self-serve

Choose LetCompliance when

You want the whole let and its money records in one product: adverts and references, tenancies signed online, repairs and notices, then landlord statements, a payment file for paying landlords and a three-way reconciliation of the client account.
You would rather pay a flat price for the size of the book than a share of the money you process, with no set-up fee and no VAT added.
You keep the client money in your own client account at your own bank, and want the statements and the reconciliation drawn from the same records as the tenancies.
You want unlimited seats and branches, and to be live the same day, self-serve.

Switching: the questions that matter

What moving across involves, answered for LetCompliance. What PayProp can hand over is theirs to answer, so ask them.

Can I get my data out of PayProp?: Ask PayProp before you cancel, and export while the account is still open: properties, tenants, rent history and the documents. Check what the export actually includes, because a list of properties is not the same as the certificates and agreements behind them.
How do the properties, tenants and landlords get in?: One CSV file, one row per tenant, the format any spreadsheet saves as. A repeated address becomes one property, and the landlord email column files each property under its landlord client, matched on the email or created with the name beside it; a row without a landlord email keeps the name on the property but is not filed under a client. A branch column files it under its office, so add the branches under Team first. Rent, deposits and the gas, electrical and EPC expiry dates come in on the same rows, and every row is checked and shown to you before anything is imported.
How does the team come across?: Invite each colleague as an admin, a manager or a viewer, with no charge per seat, and pin a colleague to a branch if you choose: they then see only that branch’s properties, tenants, costs and keys. Every invite and role change goes into the team’s activity log.
Does every branch have to move at once?: No. Import one branch’s sheet first and the next one after it: a property already in the workspace is not added twice, and a sheet uploaded again can update the properties already there. Branches and seats cost nothing on any agency plan, so moving in stages costs nothing extra.
What happens to the client money already held?: It stays in your client account: LetCompliance never holds client money. Enter what you hold for each landlord on their client page as an opening balance, dated the day you move, and it goes on their first statement and into the CMP report. Keep the old system’s last reconciliation as the record of the balances held that day.
What does not come across?: Past rent and past statements. There is no import for a rent ledger, so rent received is recorded from the day you move, and the first landlord statements are for that month. Save the old system’s rent history and statements before you cancel, as the record of what came before. Certificates and agreements are uploaded as files; the dates are filled in where the reading is clear, and the CSV’s expiry columns can carry them for every property.
Do the tenants need to do anything?: Not to start. Each tenant gets their own portal link, with no account or password to set up, to see their rent, report repairs and find their documents. To collect rent by Direct Debit, the agency connects its own Stripe account in Agency settings, and each tenant authorises their own Direct Debit, because only the account holder can.
What happens to the deposit?: Changing software does not touch it. A protected deposit stays with the same scheme, whether the scheme holds the money or insures it. Record the scheme and its reference here.

The verdict

LetCompliance or PayProp?

Pick LetCompliance if

You want the whole let and its money records in one product: adverts and references, tenancies signed online, repairs and notices, then landlord statements, a payment file for paying landlords and a three-way reconciliation of the client account.

The recommendation. For a letting agency that wants its lettings, its landlord statements and its client account records in one product at a flat price, choose LetCompliance: no share of the rent, no set-up fee, and every let run from the same records.

LetCompliance wrote this page, so the recommendation is its own. The side by side above sets out what each one does.

FAQs

Does LetCompliance hold client money like PayProp?

No. PayProp holds the rent it processes in its own CMP-recognised NatWest client accounts and pays landlords out itself (its pricing page, read 31 October 2026). LetCompliance holds no client money and pays nobody out. Rent paid by standing order goes to the agency’s own bank account; rent collected by Direct Debit is collected on the agency’s own Stripe account, and Stripe pays it out to the bank account the agency sets in Stripe, such as its client account. LetCompliance keeps the records, draws each landlord’s statement, prepares the payment file the agency uploads to its own bank, and sets the client account’s bank balance beside the cash book and each landlord’s ledger in a three-way reconciliation.

What does PayProp cost compared with LetCompliance?

With rent of £1,000 on each of 15 lets, £15,000 a month goes through PayProp, so its service fee is under £150 a month, on top of a licence from £79 and a one-off set-up fee of £600 to £2,000; its pricing page states no VAT (read 31 October 2026). LetCompliance’s Agency Starter plan is £39 a month, with no set-up fee, no share of the rent and no VAT added. Rent collected by Direct Debit on the agency’s own Stripe account also carries Stripe’s fee, 1% of each Direct Debit payment with a 20p minimum and a £4 cap, and £5 for a disputed payment, which on this rent is £4 a payment. The pricing section above works the cost through for 15 and 40 lets, a month and over the first year.

Can LetCompliance pay landlords automatically like PayProp?

No. LetCompliance holds no client money and pays nobody out. Landlord payouts lists what each landlord is owed from their issued statements and draws up a payment file for the agency’s bank; the agency makes the payments from its own bank and marks the statements paid, and the fees it has earned are recorded as they move to its own account. Adding a landlord’s bank details and downloading the payment file are for the owner or an admin, with two-step sign-in.

What kind of software is LetCompliance?

Landlord and property management software for landlords and letting agents in England. In one login you advertise, take applications and viewings, order a reference for each tenant, e-sign the tenancy, track the rent and the arrears, handle repairs and manage HMO rooms, and a landlord can collect rent by Direct Debit into their own account. On paid plans it also drafts Section 8 and Section 13 notices and prepares a landlord’s SA105 tax figures. Certificate dates and a 0 to 100 compliance score per property sit alongside.

Which should a UK letting agency choose: LetCompliance or PayProp?

The page above sets what PayProp's own website says it does beside LetCompliance, and lists everything else LetCompliance does. For a letting agency that wants its lettings, its landlord clients and its client money records in one place, choose LetCompliance: it runs every landlord’s let from one workspace, with the landlord statements and the CMP report drawn from the same records. Agency plans start at £24 a month, priced by portfolio size, with unlimited branches and seats on every plan, with a 14-day agency trial and no card.

Can LetCompliance send Making Tax Digital updates for an agency’s landlords?

No. LetCompliance is recognised by HMRC for Making Tax Digital for Income Tax as software for a landlord’s own UK property income, not as agent software (HMRC’s software finder, read 26 October 2026), so an agency cannot send updates for its clients. A landlord can send their own from a landlord account on any paid plan.

Are these PayProp comparisons independent and kept up to date?

They are written by LetCompliance, which says so plainly. The PayProp column shows only what PayProp's own website says, with the date it was read, and every page states where LetCompliance stops: it has no Open Banking bank feed and does not list on Rightmove or Zoopla, and its Making Tax Digital filing covers UK property income only. Providers change their plans and prices without notice, so check theirs before you buy.