Rentals.com Expanded Feature Allows Any Renter to Pay Any Landlord
Rentals.com announced today expanded capabilities to its RentPay solution, which now allows ANY renter to pay ANY landlord online.
Across the United States, more than 43 million households pay rent each month; 80 percent of them still use paper-based methods, such as writing checks or paying with cash, versus more seamless electronic alternatives. Other rental platforms have built features for online payment acceptance, but face the hurdle of persuading the landlord to "opt in." The renters' payment options are limited by landlord preferences.
The common disconnect between what landlords accept and how renters want to pay created an opportunity for Rentals.com.
Through its enhanced RentPay solution, ANY renter can pay ANY landlord online via eCheck, debit, or credit card, regardless if the landlord has an account with Rentals.com. Renters can submit their online rent payment, and Rentals.com will mail a check if their landlord isn't registered on the platform. This provides flexibility for both the renter, who prefers digital forms of payment, and the landlord, who still requires a physical check.
It's easy for a renter to sign up for the service. They simply create a RentPay account, then provide their landlord's basic information, including name, payment address and the monthly rent amount. They then specify when they'd like their landlord to receive their rent check and choose their payment method.
For landlords eager to begin accepting rent online, Rentals.com offers an effortless and free platform for them. Once enrolled, the landlord will begin to receive rent payments directly into their bank account, removing the burden of depositing checks or cash each month. Additionally, landlords can now offer their tenants the option to use various payment methods, like credit or debit cards, to pay rent.
"We wanted to create an easy and delightful rent payment solution that appealed to both renters and landlords," says Nishant Phadnis, General Manager of Rentals.com. "We believe empowering the renter to drive the payment experience can transform the industry. Even if some landlords have been slower to adopt, we think giving renters the choice and flexibility to pay rent digitally will change historical behavior."
Rentals.com's RentPay feature, powered by Yapstone, now provides renters and landlords with a slick, modern payment experience that will spearhead an industry-wide transformation. To learn more, visit Rentals.com/Rentpay.