Financial wellness platform Best Egg will be integrating its Flexible Rent solution into the AppFolio Property Manager resident portal, allowing renters to divide their rental payments into installments that can be paid throughout the month, Best Egg said in a Thursday (April 27) press release.
“With this partnership, Best Egg and AppFolio are paving the way for a more flexible and personalized future of rent payments, making it easier for renters to manage their finances and live with greater financial confidence,” Best Egg Managing Director of Flexible Rent David Sullivan said in the release.
Flexible Rent will become available in the second quarter of this year to renters whose property manager uses AppFolio property manager. This will make the payment option available through the resident portal to 7 million renters across the United States, according to the release.
For renters, Flexible Rent provides a more flexible payment option. Best Egg pays their rent in full and on time, the renter creates a payment schedule and pays a fee, and their on-time Flexible Rent payments are reported to credit bureaus, according to the company’s website.
For property managers, Flexible Rent provides assurance that rents will be received on time, at no additional cost to them, and allows them to offer an additional payment option to tenants, according to the press release.
“AppFolio and Best Egg share a commitment to leading the industry forward,” Best Egg Chief Business Officer of Flexible Rent Brady Nolan said in the release. “Together, we expect to revolutionize the rent payment experience for millions of renters, promoting greater financial balance each month.”
Supporting a variety of payment types in the property management business contributes to an improved payment experience, AppFolio Vice President of Product for Payments Adam Feinstein told PYMNTS in an interview posted in February.
Another important aspect is being able to scale accordingly, ensuring that new users can get the most out of the platform, Feinstein said when interviewed for “Money Mobility Helps Property Managers in a Difficult Economy,” the February edition of the “Money Mobility Tracker®,” a PYMNTS and Ingo Money collaboration.
“As we designed our platform, it was critical to us to find the right partners and technology that would scale with us and with our customers, and provide a secure, reliable and modern experience that met the expectations of property managers, residents and owners,” Feinstein said at the time.