Payments platform operator Yapstone has expanded its work with Rentals.com, enabling it to allow any renter to pay any landlord digitally.
In a press release, Rentals.com said it expanded its RentPay solution to include landlords who may not be ready to accept digital payments. Yapstone powers the RentPay solution, which now allows any renter to pay landlords online via debit, ACH or credit card. Rentals.com makes sure the landlord receives the payment.
“Current rent payment solutions are landlord-specific and cater only to tech-savvy landlords. In the process, they don’t even give a large section of renters the chance to pay online,” Yapstone Chief Technology Officer Sanjay Saraf said in the press release. “Our mission was to provide renters with a slick, modern payment experience and make it super easy for them to pay any landlord online, even if the landlord has not registered for online payments. Yapstone’s micro-services based platform allows for rapid innovation with our partners to create value in the shared economy space and drive overall participation and inclusion in the digital payments transformation.”
According to the company, while close to 109 million people pay rent each month, 80 percent are still using paper-based methods to pay their landlords. While there are rental payment platforms, the lack of landlords coming on board has hurt the adoption. Renters, as a result, are limited in how they can pay their monthly rent. Rentals.com said it experienced the same thing when it launched RentPay in October of 2018. Thousands of renters signed up but landlords didn’t. That prompted Rentals.com to change its strategy by giving the power to the renters.
“Consumers are driving business practices in every industry and property management is no exception,” Nishant Phadnis, general manager of Rentals.com, said in the same press release. “Through RentPay’s digital payment feature, renters have the ability to reinvent this entire industry simply by paying their rent online.”