3Pay aims to eliminate fraud from the private housing rental market. Fraud can occur to any prospective tenant when entering into a private rental agreement. Tenants put in excess of two months’ worth of rent at risk in order to secure a property. Tenants currently rely on good faith from prospective landlords when entering into these transactions. However unscrupulous landlords and fraudsters are targeting this market and there is aa fraud incidence rate of 1.98% in the UK, 3Pay aims to solve this annual £150m social market failure. Acting as an intermediary between renter and landlord by providing a simple and effective tailored escrow payments system, 3Pay will supervise the transaction cycle and offer dispute resolution among other services to tenants and landlords. 3Pay aims to make the private rental market a safer environment for both parties.
3Pay is offering protection from private rental fraud. By acting as an intermediary between renter and landlord, renters will be able to transfer their first month’s rent and deposit to 3Pay, who will keep it in escrow until they move into their new property, KYC checks will expose any fraudulent listings and keep the renter’s money safe, 3Pay will generate revenue by charging a small % for this service. 3Pay will go to market and is able to rapidly scale by partnering with existing online rental aggregators this will be feasible and desired by rental aggregators as integrating with 3Pay will provide a new revenue stream and enhanced safety.