Property management technology startup Zego partnered with flexible payment portal Flex to allow renters to pay their bills on a schedule that better suits their cash flow, according to a Tuesday (June 21) joint announcement.
Zego’s partnership with Flex is “transformative for the multifamily industry,” the announcement says, noting it will boost rent collection rates for property owners and operators at no cost to them and give renters the ability to split their payments into smaller installments throughout the month.
“Flex’s mission is to make paying rent effortless and worry-free by enabling renters to pay rent on a schedule that aligns to their cash flow,” said Shragie Lichtenstein, CEO of Flex, in the joint press release. “Our partnership with Zego is the first of its kind and we are excited to partner with a top-tier residential technology solution that opens the door to payment flexibility for the more than 11 million residents and homeowners that use Zego’s platform.”
Flex uses a subscription model and doesn’t charge interest or late fees for its services. Zego Pay + Flex users can pay their rents on their own schedules without bringing any risk upon property owners.
“Flex aligns with Zego’s goal of providing software and technology solutions that enable operators to deliver the ultimate resident experience,” said Stephen Baker, president of Zego, in the press release. “Through this partnership, property managers can further protect cash flow and revenue.
“At the same time, operators can improve the day-to-day living at their properties by expanding rent payment options and empowering residents to pay rent on the timeline that works best for them. It’s a win-win for all,” he said.
Related: Zego, CheckAlt Solution Cuts Payment Paper Chase
In September, Zego partnered with payment processing firm CheckAlt to help property managers end the paper chase that comes with on-site payments to launch Zego Pay Lockbox, giving property managers the ability to outsource the handling of paper-based payments.
Zego’s platform will also help property managers move toward 100% digital payments.
Zego Pay Lockbox offers contactless service and enables people to pay with a check, while also automating the receivables process for property managers and homeowner associations. The solution gets rid of manual check processing and reduces the possibility of fraud from paper payments.
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