Estate agents to recover compliance costs via Credas payment tool

With compliance expenses continuing to escalate in the property sector, estate agents will now be able to pass on the costs of mandatory identity verification checks directly to clients through a new payment tool launched by Credas Technologies.

Credas Technologies has announced the launch of Credas Payments, a feature allowing estate agents to charge clients directly for anti-money laundering (AML) and ID verification as part of the digital onboarding process. The new tool comes as firms grapple with increasing regulatory pressures and compliance overheads, particularly in real estate and conveyancing, where multiple parties are often onboarded for each transaction.

Currently, most firms in the property and legal sectors absorb the cost of identification checks. Traditional processes typically require issuing separate invoices, chasing payments, and manually reconciling client transactions, all of which can lengthen onboarding timelines and add administrative burden.

Credas Payments integrates payment with the ID verification process, enabling clients to pay for compliance checks at the same time as submitting their identification. This creates a streamlined experience for both agents and clients, with the potential to reduce the admin previously involved for firms.

According to Credas Technologies, no system setup is required for agents to enable the new feature. Agents can choose the fees they wish to charge and send verification invitations as normal, while Credas oversees payment processing, tax and VAT compliance, refund management, customer support, and the issuing of a clear monthly rebate to each participating firm.

Tim Barnett, CEO at Credas, commented: "For too long, compliance has been seen purely as a cost centre. With Credas Payments, we're helping firms turn the tide – recovering costs without disrupting the client experience. By integrating payments directly into the verification process, we're giving businesses a way to protect margins, maintain control, and ease the burden of compliance, all without extra admin or risk."

The rollout of Credas Payments comes at a time when compliance demands are impacting the bottom line for many in the sector. Increased regulation, growing due diligence requirements, and ongoing operational costs mean that staying compliant now requires more significant time and resources. Credas reports that the average annual compliance cost for mid-sized property firms stands at more than GBP £70,000.

With these rising overheads, Credas notes there is growing demand within the property industry for ways to more efficiently manage compliance obligations without disrupting the client experience or adding further admin.

The new payment system also broadens accessibility by supporting major card providers, along with Apple Pay and Google Pay, meaning clients can pay using whichever method best suits them.

Founded in 2016 and headquartered in Cardiff, Credas Technologies provides compliance and onboarding software to legal, property, and other business professionals, with its systems reportedly verifying over four million individuals annually. The company was also the first Identity Service Provider to be certified to a 'very high' level of confidence under the UK Government Trust Framework.

By enabling direct client payments for AML and ID checks, Credas aims to help estate agents and other professionals in the property sphere address the challenge of growing compliance costs and maintain efficiency during client onboarding.