Checks are a dying payment method, according to the Federal Reserve, except when it comes to rent payments. That may be about to change, however, thanks to full-service payment solutions that can accept credit card, debit card and mobile wallet rent, while rewarding tenants for paying rent on time.
According to research from the Fed, the number of paper checks being used dropped by more than 50 percent between 2000 and 2012, as the use of new payment methods, like cards and mobile wallets, more than tripled. But full-service payments have yet to be largely embraced when it comes to the rental industry, which still relies on antiquated methods of payment, such as checks.
But what if you could pay your rent with modern technology and earn perks and rewards in the process?
For the September edition of the Payments as a Service Tracker™, PYMNTS spoke with Philipp Postrehovsky, founder and COO of RentMoola, a full-service rental payment solutions provider, about the future of rental industry payments.
Here’s a preview:
Postrehovsky said that offering a full-service solution to consumers, complete with its own rewards program, could make up for the 2.75 percent fee the company charges.
The company partners with consumer favorites, such as Starbucks, Booking.com and Uber, to reward customers via its Moola Rewards program. Consumers earn rewards by paying rent through RentMoola and utilizing features such as auto payment services. They are also entered in RentMoola giveaways for prizes, such as free rent, prepaid gift cards and other incentives.
“Renters want to make rewarding payments any time, with any method, and we sought to do just that,” Postrehovsky said.
Around the full-service payments world
In an effort to bolster their appeal to potential clients, several Payments-as-a-Service providers around the industry recently partnered with other companies to introduce new features and services.
PayPal was active this month, partnering with a pair of credit card giants to bolster its place in the retail industry. The company partnered with Mastercard, and its subsidiary, Braintree, announced a new collaboration with Visa Checkout.
Meanwhile, restaurant payments system provider Toast announced a new integration with Chowly to help the restaurant payments system provider’s clients streamline their online ordering process. For its part, JetPay debuted a new consulting platform called JetPay Insights, as a result of a partnership with Womply, designed to help businesses track revenue and analyze customers, among other features.
The September Payments as a Service Tracker™ features the latest news and analysis from across the Payments-as-a-Service industry. It also contains profiles of 69 players, including 10 new provider profiles, that not only enable payment processing of new and old technologies but also integrate with other features that make the merchant’s experience easier.
To download the September edition of the Payments as a Service Tracker™, click the button below.
About The Tracker
The PYMNTS.com Payments as a Service Tracker™, in collaboration with Cayan, is designed to give an overview of the trends and activities of merchant platforms that not only enable payment processing of new and old technologies but also integrate with other features to improve the merchant’s experience, including customer engagement, security, omnichannel retail, analytics, inventory management, software and hardware management and more.