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Qira Launches Security Deposit Payment Plan Solutions for Property Managers

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Qira has added security deposit payment plans to its financial services platform for renters and property managers.

With this new offering, property managers can let their renters choose between using a zero-deposit program for a fee, paying the full security deposit as a lump sum or paying it in installments over the term of the lease, the company said in a Wednesday (March 27) press release.

Whatever the renter’s choice, Qira covers the full security deposit for the renter, handles all operational aspects of the transaction and refunds the security deposit when the renter moves out, according to the release.

“Our security deposit management technology is unique, and we have the only integrated payment plan solution on the market,” Ray Doron, chief technology officer at Qira, said in the release.

The new security deposit payment plan services join the Qira platform that includes security deposit alternative programs, security deposit payments and refunds processing with full escrow management, according to the release.

The solutions are designed to help properties offload administrative tasks, ensure compliance with state laws and reduce financial risk, the release said.

With this system, Qira manages escrow accounts and ensures properties are compliant with interest-bearing account capabilities and other state regulations, per the release.

“We believe these programs greatly benefit our audience of property managers who often prefer to outsource the entire security deposit management to Qira and to our renters who now have more alternatives to pay their deposit,” Qira CEO Revital Gadish said in the release.

PYMNTS Intelligence has found that while tenants routinely pay many of their bills online, a significant portion of residential and commercial rents are still paid by paper check.

For property managers, this reliance on outdated systems can create revenue gaps while waiting for checks to clear and can force increased personnel time to be spent on processing these payments, according to “Money Mobility Helps Property Managers in a Difficult Economy,” a PYMNTS Intelligence and Ingo Payments collaboration.

In another recent development in this space, Obligo and BNY Mellon said in January that they are collaborating to enable Obligo to provide its suite of security deposit solutions directly from banking portals.