Rentalic, Inc., a Silicon Valley technology startup whose innovative web platform promotes a green lifestyle of sharing and re-use of goods among friends, family, and neighbors, announced today the release of its new “Rentalic-Mobile Borrower Verification and Payment Processing Platform“, a component of its new cutting edge business transaction model.
“Keeping with the promise to provide innovative technology solutions to solve some of the social, logistical, and security concerns that prevent sharing and re-use on a mass scale, we devised this solution that will revolutionize online rental transactions in the months and years to come,” said Punsri Abeywickrema, Founder & CEO of Rentalic.
“Since the launch of our private beta Web site last October, we worked closely with dozens of early adopters who were excited about Rentalic’s concept. Taking the time to understand the concerns of our users helped us build a solution which introduces new technology that will add protection for both owners and borrowers engaging in rental transactions,” added Abeywickrema.
Rentalic’s reservation system verifies the borrower’s availability of sufficient funds to support the transaction, providing the item’s owner with financial assurance. Upon reservation of an item, Rentalic provides the borrower with a secret security code. Upon meeting the owner for exchange of the goods, the borrower must provide the owner with the secret security code to facilitate payment. This allows the borrower to first inspect the item, ensuring that it is representative of what had been promised, before authorizing the payment.
Likewise, Rentalic’s verification of the security code provides the owner with reassurance that the person receiving his item is indeed the authorized borrower. The security code can be quickly validated via Rentalic’s Web site or via its Interactive Voice Response (“IVR”) phone system, known as the “Rentalic- Mobile Borrower Verification and Payment Processing Platform“. Thus, the security code can be validated instantly with a mobile phone during the meeting of the owner and borrower – even from a remote meeting place without access to a computer. Rentalic currently has a patent application pending with the United States Patent and Trademark Office for this unique feature.
This cutting-edge business transaction model helped Rentalic advance into the grand finale of the PayPal X Developer Challenge, a competition where companies must demonstrate how they have integrated innovative payment solutions into their business applications. The winner of the competition will be announced on March 22nd.
About Rentalic:
Rentalic, Inc. is a privately held company based in San Mateo, California. The company provides an innovative web platform that enables person-to-person renting among friends, family, and communities. Rentalic’s mission is to help people save money, make money, and save the environment by encouraging reuse and sharing through person-to-person renting. The company’s vision is to ultimately use its business model to build economically and environmentally sustainable communities. To learn more about Rentalic, visitwww.rentalic.com.
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