Did you know that you can pay your rent in Dubai by direct debit? Asteco has made the option available across the remainder of the UAE. One of the biggest property management businesses in the UAE, Asteco (also known as Asteco Property Management), offers a Direct Debit System for property payments. In the UAE, rent is usually paid via post-dated cheques. Tenants are able to pay their rent by direct debit through Asteco, making the process easier for all parties involved.
This digital payment mechanism is just one example of how creative real estate technology, like PropTech, has changed the dynamics of the UAE property market.
Direct debit rent payment by Asteco UAE
The Direct Debit System, set up by the UAE Central Bank in 2013, is a digital payment system. Simply said, it’s a safe and easy way to make periodic payments, whether fixed or variable.
The company’s direct debit system allows tenants in the UAE to pay rent by direct debit with Asteco. Even now, post-dated rent payments are a prevalent practise in the UAE, which Asteco considers redundant in a quickly changing digital age. Rent payment by direct debit is safe, efficient, and entirely automated. More crucially, it allows renters in the UAE to deposit payments into the landlord’s account on a predetermined schedule, whether quarterly or monthly.
Bounced checks in the UAE might have legal repercussions. As a result, Asteco’s direct debit mechanism can offer relief to all parties.
The corporation carried out the digital payment system a few years ago. It has been successfully incorporated into Asteco’s property management software and has received landlord approval. It also means that tenants may simply pay rent by direct debit in Dubai and other emirates for Asteco-managed properties.
Recent updates
The UAE Central Bank has authorised the business being the originator of the Direct Debit mandate. This gives landlords extra protection since it prohibits renters from cancelling payments or cancelling accounts without permission.
Asteco is now working with Direct Debit UAE to guarantee sure the method complies with UAE Central Bank requirements. This permits the firm to be notified when transactions are received or a refund is made. The latter case could indicate a lack of cash in contractual payments, allowing owners to file a legal lawsuit. The renter, unit origin, and payment are all listed.
How do tenants and landlords sign up for direct debit payments in the UAE?
The first step is for the landlord to agree to accept direct debit payments for rent on their UAE properties. The tenant then opts for a one-time setup instead of sending post-dated cheque(s) when signing the rental contract.
Tenants will be able to pay rent by direct debit once it is set up. Payments will be taken from the tenant’s current or future savings, or even their credit card, and put into the landlord’s account on the agreed-upon dates and frequency.
What are the benefits to pay rent by direct debit in Dubai and the rest of the UAE?
Post-dated rent checks could result in problems for renters. Paying less often necessitates taking out loans or gathering considerable sums to satisfy rent commitments. Tenants in Dubai and other emirates could profit from direct debit payments since they need smaller, more frequent payments. It’s also an enjoyable break for people who are new to the UAE or who owe money to a bank. Asteco makes it simpler to pay rent by direct debit.
Direct debit payments for rent help landlords as well. It allows them to have at least two months’ rent on site at all times — one month’s rent in advance and the other as a security deposit.
How secure willI I be if I pay rent by direct debit with Asteco?
The Direct Debit rental payment system is a strong financial instrument sponsored by the UAE Central Bank. Signing the appropriate document with Asteco also registers the tenant with the Central Bank. Other forms of payment are also widely used in other nations.
Rent payment by direct debit is now more safe than ever for those who are using the system in Dubai and other emirates.
Visit Asteco’s official website for more information on the many benefits of Direct Debit for landlords and renters. It could be useful if you want to know how to pay via direct debit in Dubai.
About Asteco
Rent may now be paid by direct debit in Dubai and other Emirates due to Asteco. The real estate services firm has a proven track record of providing high-quality services on schedule. Asteco has locations in Dubai, Al Ain, Jordan, Abu Dhabi, and Sharjah.
Asteco is the UAE’s largest real estate firm and property services company, having been in business for over 30 years. They offer an array of services like development advice, valuation services, sales and leasing, and asset and property management.
