Rentals.com Puts Mobile Payments Tech to Work in Covering Rent
Paying rent every month can be a bit of a trial sometimes, especially if your landlord isn’t already standing at the door on the first of the month demanding money to get her drink on. But not all of us have Pearl the Landlord holding title on our dwellings, so sometimes getting that payment where it needs to be can be a challenge. It’s a challenge made a little easier by Rentals.com, who got together with our friends at Yapstone—who tipped us off about this development—to bring mobile payments power to paying the rent.
With over 43 million households paying rent every month in the United States alone, and about 80 percent of them still turning to the earliest mobile payments alternatives of check or cash, it was clear that a more modern solution was called for. Some rental platforms have tried adding mobile payments before, but it commonly proved problematic. Landlords had to “opt in” in order to put the tools to work, and even then, renters were limited by the payment choices their landlords favored. If the landlord didn’t want it, it was unavailable.
That divide, meanwhile, meant opportunity to Rentals.com, who stepped in with the RentPay solution—a Yapstone creation—that allowed renters to pay in whatsoever method they pleased: debit or credit card, eCheck or the like were all taken, and Rentals.com did the rest. Renters just need to sign up for RentPay, and then offer up the information about the landlord that would be needed anyway, like name, address and rent amount paid monthly.
By offering up their service as a bridge, Rentals.com makes things that much easier in the landlord / renter arrangement. The renter pays the cash to Rentals.com, who then sends a check to the landlord. That’s actually the kind of arrangement that’s so often seen with cryptocurrency; it’s not the most elegant solution, but it should work reasonably well.
When you make it easier for people to pay rent, it becomes easier for landlords to collect, and that improves relations on all sides. It will be interesting to see if this new solution is adopted with any kind of frequency, but it’s got the makings of a winner.