Latest News

Still taking sales deposits by cheque?

28 September 2017

Auctioneers and buyers can say goodbye to cheques thanks to a new auction web app. 

DEFT Auction Pay, created by Macquarie Bank, has been designed to provide a better experience for clients when buying property by allowing them to pay securely on the agent’s mobile device in just minutes.

This new technology aims to remove the frustration around deposit funds at auction, with buyers not needing a bank cheque or a higher bank transfer limit in order to bid.

Another benefit is that agents and buyers receive an immediate payment confirmation email meaning accounts teams don’t need to wait for sales information from agents – reducing back office admin. 

Unlike a bank transfer (which is only usually arranged by the super organised buyer), there’s also no need to share sales trust account details or screenshots for proof of payment and, as part of the secure and trusted DEFT payments platform, it’s secure and safe to use.

How does the Auction Pay app work? 

  1. The sales agent enters the unique DEFT reference number, property address, sale price and deposit amount
  2. The buyer then enters their bank details, email address and approves the payment
  3. A confirmation receipt is emailed to the buyer and agent, and payment is processed into the trust account.

All agents need is a tablet or mobile with internet connection and a DEFT reference number/s (DRN). Buyers simply need the funds available in their nominated bank account, their BSB and account numbers, and a valid email address.

Sales agent Mark Verrocchi, who piloted it earlier this year, said: “For those buyers who’ve been struggling with last minute cheques and don’t know what to do, Auction Pay streamlines the whole process and makes the industry look more professional.

“It gives vendors more certainty on auction day, and it is also reassuring for both the agent and buyer when they receive an email confirming the transaction.”

Find out more information here.