RelloPay is a flexible payment solution designed to help vendors sell their property faster, for a higher price - and to provide a single method for agencies to process payments for marketing campaigns.
Every RelloPay "payment request" send to a vendor offers:
A finance option, where Rello pays the full property marketing costs to direct to the agency, who then coordinates and pays for the required services - when the property is sold, Rello is repaid from the settlement proceeds.
A card payment option, where the vendor can pay the requested amount up front via credit or debit card
An EFT option, where a vendor can pay the requested amount up front via bank transfer using BSB/account or PayID
No matter the option selected by a Vendor, the agency will receive a disbursement from Rello in real-time, per transaction
How does the finance option work?
On signing a sales authority or other agreement between an agent and a vendor, the agent will send a payment request to the vendor via the Rello platform.
The payment request is enabled with payment options for the vendor:
Pay now via credit/debit card
Pay now via EFT/PayID
Pay at settlement (selected by the vendor as the desired option)
Rello requires some information about the property to authorise a finance option, this is typically provided by the agent when sending the payment request. The vendor can view/amend as required.
The vendor:
Verifies their identity using an Australian driver's licence or passport
Verifies their Australian mobile number and email
Provides a credit/debit card or direct debit authority as a back-up payment option
Confirms details of their conveyancer
Accepts the terms & conditions.
On approval (usually instantly), Rello advises the agent of the approval and sends the requested funds directly to the agency's trust account.
Unless otherwise advised by the vendor or agent, Rello will also communicate directly to the conveyancer to confirm Rello's interest in the sale proceeds, and to confirm the vendor's advice to pay Rello has been received by the conveyancer.
The agent arranges the required services, pays the various invoices/suppliers, and proceeds to market the property.
When the property is under contract, the agent advises Rello so Rello can coordinate the repayment (either with the agent or the conveyancer).
When the property settles, funds are disbursed per the contract, and either the agent or the conveyancer pays Rello on behalf of the vendor.
The RelloPay agreement is ultimately between Rello and the vendor, with the vendor liable for repayment from the time of application, while the agent and/or conveyancer effectively facilitate the process for everyone's benefit.
How do the up-front payment options work?
Vendors may choose to pay the requested amount up front instead of taking a finance option, selecting to pay via card or EFT.
In either case, payment will be processed by Rello, reconciled to the payment request and disbursed to the agency's preferred account - all in real-time.
No matter the option (pay later, card or EFT payment) - the agency will receive the same instant payments and notifications.
Card payments attract a card surcharge, paid by the vendor. EFT/PayID payments are entirely free.
What are the finance option fees?
Rello charges a flat service fee on the total cost of advertising and styling (referred to as ‘Property Marketing Costs’) for up to 180 days from the date of approval.
The minimum service fee is $100, regardless of the requested amount.
Example 1 (assume the service fee is 6.5%)
Marketing cost: $5,000 Service fee: 6.5% of $5,000 = $325 Total repayable: $5,325
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Example 2
Marketing cost: $1,250 Service fee: $100 (minimum service fee) Total repayable: $1,350
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How much will RelloPay finance?
Rello will typically fund up to 2% of the expected sale price of the property, to a maximum of $25,000.
Example 1
Expected sale price: $2,500,000 Maximum available via RelloPay: Max $25,000 limit
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Example 2
Expected sale price: $400,000 Maximum available via Rellopay: 2% of $400,000 = $8,000
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When is repayment due on the finance option?
A RelloPay agreement states repayment is due on the earlier of these milestones/events:
If the property is withdrawn from sale
When the deposit has been released
When the property is sold
180 days from approval
If a property is withdrawn, the vendor typically arranges payment directly with Rello.
When a property is sold or deposit released, payment is typically organised with the selling agency or the vendor's conveyancer.
If a property has not sold after 180 days and no other arrangement has been agreed between Rello and the vendor, the vendor typically arranges payment directly with Rello.
Rello's staff and automated platform will continually communicate with the agent and vendor through the life of a RelloPay agreement to ensure all parties are aware of obligations, status of the sale process, and payment arrangements.
Ultimately, the vendor is responsible for the RelloPay agreement being repaid and should ensure their agent and conveyancer are enabled to do so per the terms of the agreement.
Legals
Latest RelloPay terms & conditions here.
Do not assume this document applies to a specific agreement - check the agreement for the appropriate version that is attached to that agreement.
Target market determination (TMD) here.
Privacy policy here.