Xspaced Virtual Banking Accounts Help Tenants Segment Rent Payments 

Rental-focused FinTech Xspaced on Wednesday (Nov. 10) launched virtual bank accounts for tenants through FlexRent, giving tenants the power to split rent payments into smaller chunks throughout the month, regardless of whether their landlords use the platform. 

“Since launching FlexRent last year, we’ve continuously heard from tenants that they would like to have more flexibility when it comes to paying rent and from landlords that they want to keep their current rent collection system,” said Alex Pelin, co-founder at Xspaced, in the company announcement. 

“With the launch of Xspaced Virtual Banking…tenants can save money towards their next rent payment via smaller payments over the month (and) landlords can keep collecting rent on their preferred payment portal,” he said. “It’s a win/win for everyone!” 

Xspaced doesn’t require tenants to go through credit checks and can be used on any property where tenants pay rent online without the approval of or registration by the landlord. The company says its platform is three to five times less expensive than other flexible rent payment products. 

More than one in five renters (21%) fail to pay by the 6th of the month, according to data from the National Multifamily Housing Council. 

Read more New Jetty Rent Product Lets Renters Choose When to Pay 

In September, rental-based financial services company Jetty launched Jetty Rent to give renters more flexibility in dealing with late fees.

You may also like: Veem, Visa Team on Virtual Card, Cross-Border Payments for SMBs 

Meanwhile, business payment service provider Veem announced last month it’s teaming up with Visa on a virtual card program and cross-border money transfers for small- to medium-sized businesses (SMBs), giving Veem’s 400,000-plus users access to digital money movement capabilities in more than 160 currencies through Visa Direct. 

Veem customers can create and hand out virtual Visa payment cards for business payments, including those for third-party vendors. Veem works with more than 400,000 businesses in more than 100 countries.