Upstart fixed-fee estate agency Auctioneera has entered into an agreement with NoFrixion to handle digital payments infrastructure for real-time payments reconciliation and accounting updates.
Auctioneera said it would cut payment processing charges by 87% as a result of the partnership, which will also enable instant payments and settlement to and from customers while also considerably reducing the company's manual processing needs.
Eddie O’Driscoll, director of Auctioneera, said: "We have taken the plunge and have migrated our company’s payment processing to NoFrixion, and we could not be happier with how it has gone. While the payment processing fee savings got our attention, NoFrixion’s technology has proven to be the main advantage.
"It is integrated with our accounting system, saving us substantial hours every month of labour-intensive data entry work. Partnering with an innovative payment partner at rates substantially less than our previous service-provider has expanded our margins and has helped us to streamline our operations to a level not previously possible. It is of huge benefit to us.”
NoFrixion's MoneyMoov API bridges legacy and digital infrastructure and simplifies payment automation, reducing the need for internet banking.
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Feargal Brady, co-founder and CEO of NoFrixion, said: “Auctioneera is a perfect NoFrixion customer, in that it is a disruptive high growth business, enabled by internet technologies that did not exist ten years ago.
"Both the business and its customers rely on instant, low-cost payments, with immediate notification and settlement which traditional banking services don’t provide. We are delighted to align with Auctioneera and look forward to playing a role in its future success.”
Auctioneera said it is now actively recruiting estate agents in Dublin and Cork now that the market is normalising following the shock of Covid. The company provides services at a flat fee of €1,799 plus VAT, and claims its clients save an average of €4,975.
Since launching in 2018, Auctioneera has sold almost €350 million worth of property and estimates it has saved its vendors €4.4m in fees compared to traditional estate agencies, which charge c. 1.5% of the value of the property.
NoFrixion, established in 2021, is picking up an average of five to 10 clients per month and has seen interest in the e-commerce and SaaS sector from businesses seeking reduced payment processing fees and automated reconciliation.
NoFrixion currently employs 17 people at its Dublin headquarters and expects to grow its headcount by 30 people next year. It recently announced a €3.6m funding round led by Delta Partners and Middlegame Ventures and joined by Furthr VC.
Photo: Feargal Brady and Helen O’Keeffe, director of Auctioneera. (Pic: Fennell Photography)
