Auctioneera, Ireland’s largest and fastest growing fixed fee estate agency today announced it has initiated an agreement with NoFrixion for the provision of digital payments infrastructure for real time payments reconciliation and accounting updates, while enabling instant payments and settlement to and from customers. As the result of its partnership with NoFrixion, Auctioneera is cutting its payments processing charges by 87%, while also considerably reducing its manual processing needs.
There has been enormous innovation at the consumer end of payments in recent years but almost none in business payments. Now NoFrixion is delivering efficiencies and savings to Auctioneera and core to the service is NoFrixion’s MoneyMoov API, which bridges legacy and digital infrastructure while simplifying payments automation, making the use of internet banking redundant.
Eddie O’Driscoll, Director, 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.”
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.”
With Covid now in the rear-view mirror, Auctioneera is actively recruiting estate agents in Dublin and Cork to add to its existing team to fuel expansion as the market normalises after the pandemic shock. The company believes that its low fixed fee model is the future of estate agency. It will ultimately see property sellers start to realise that they can sell their property for the best possible price while paying a low fixed fee. As vendors become aware of this alternative, they are eschewing the notion of paying several thousand Euro to sell a property.
NoFrixion is currently adding five to ten customers each month and has seen keen interest from e-commerce and SaaS businesses looking to cut payments processing fees and automate reconciliation. The Auctioneera model is a good example of the potential for both cost-savings and automation.
To date, Auctioneera which was established in 2018 has sold almost €350 million worth of property saving its vendors an estimated €4.4 million in fees compared to traditional estate agencies rates, where circa 1.5% of the value of the property is charged to customers. Its average client saves over €4000 in estate agent fees.
Established in 2021, NoFrixion is a fast-growing digital payments provider headquartered in Dublin, Ireland, which specialises in Banking as a Service solutions for business. It currently employs seventeen people at its headquarters in Dublin and expects to grow its headcount to thirty people by next year. NoFrixion’s current customer base spans Ireland, the UK, Belgium and Portugal. It recently announced a €3.6M funding round led by Delta Partners and Middlegame Ventures and joined by Furthr VC.