Good things are happening in British business
Find out how some of our customers have evolved their businesses in innovative ways.
Njoy Student Living
Enjoying the ease and simplicity of PayFrom Bank.
Read time: 2 mins Added: 22/07/2022
Student lettings company Njoy Student Living has introduced Lloyds Bank PayFrom Bank to manage their rent collection processes, providing a more streamlined operation encompassing faster settlement and significantly reducing its costs.
Njoy Student Living has 104 professional lets and 507 student tenants across Manchester and Leeds. Its aim is to make its customers’ experience as simple as possible and transforming its payments processes was a way to achieve this. When Lloyds Bank suggested PayFrom Bank Njoy Student Living wanted to know more. For students, rent is one of their biggest annual outlays, so the easier the process, the better.
A chance to streamline
PayFrom Bank suits these aims as it facilitates the transfer of funds from its customers’ bank accounts using a seamless digital journey. Njoy Student Living receives the funds instantly and the system also creates clear transaction records for automated reconciliation.
Jason Worrall of Njoy Student Living says “PayFrom Bank is one of the easiest payment systems we have ever worked with. Lloyds Bank colleagues were very helpful, and the installation was painless.”
Working smarter not harder
PayFrom Bank meets the growing demand for digital payments. Jason Worrall adds “There’s more self-service so less waiting around, say, for an office to open or a card machine to become available. If tenants want to pay at the weekend or in the evenings, they can.”
Njoy staff are also feeling the benefits. With less time spent on admin and chasing payments, they are freed up to focus on other tasks. Since April 41% of transactions come through PayFrom Bank, with an aim to increase this to over 90% in October’s student payment run.
They are already seeing positive effects on the company’s bottom line, citing significantly lower processing fees than the company was used to, as well as payments coming in quicker and more smoothly than in previous years.
“It’s a bonus for students who already understand the payment process, plus it’s a lot less work than setting up a standing order or having to go in person and remember the right details,” Jason says.
Looking ahead
Having seen the success with student rents, Njoy is looking to implement PayFrom Bank into its online booking system for short-term stays and all other areas of its business.
Gary Shaw, Director of Cash Management Sales at Lloyds Bank, says: “PayFrom Bank will reduce Njoy's operating expenditure enabling the company to invest in and expand its property portfolio.”
Jason Worrall adds: “It is easier to understand who owes what and when. PayFrom Bank has massively reduced our admin on the back end. Payments are coming in quicker and more smoothly.”