Finally tenants can pay rent online through credit/debit card and ACH. American Volume, one of the world’s leading payment processing providers, has announced the launch of its fully incorporated platform for rent payment processing – Rentigo.
Rentigo.com the creation of 2 payment processing entrepreneurs, was born out of a need to provide landlords and property management firms with a way to streamline their rental collection process while simultaneously reducing cost and the legwork involved in chasing checks.
For residents of rented properties, Rentigo.com allows them to pay their rent by card or ACH, giving them the opportunity of automating rental payments to recur each month, while in turn saving on late fees and bank debt payments. Arguably the biggest benefit though is that by paying rent on their credit cards, tenants may use this to boost their credit score.
Many credit report agencies are nowadays incorporating on-time rental payment data into their scoring models thus helping tenants to build a healthier financial picture for themselves.
While the advancement in computing and internet technologies has revolutionized the consumers way of shopping through new channels and methods of paying for goods and services, these advancements have hardly filtered down to the rental market.
According to the Head of Business Development and one of the Founders of Rentigo, Maya Har-Noy, “It occurred to us that there was a distinct need in the property market. These days you can pay for almost everything online. So why not rent?”
She went on to say, “We have already had several decades experience between us in the rental and payment processing markets, so it seemed the natural progression. From in-depth research we have conducted, it’s clear tenants want to pay their rent without having to send checks each month. This opens up a bigger market to the landlords who can pick from a more diverse pool of potential tenants”.
With Rentigo, online rent payments and dues are automatically processed by the system, and it connects with their accounting software, meaning that property managers can expend the time saved on furthering their business. Not to mention the money saved – with each check costing around $2.40 per check to process, this can translate into a $1200 monthly saving for a 500 unit-property.
Kaynak : 