RentShare, a payment service that lets tenants pay their rent online, has been acquired by i3 Verticals, a payment-tech conglomerate that provides payment solutions for a number of industries.

The acquisition provides the latest indication that the rent payment industry has reached an “inflection point” that could lead to broader adoption of rent payment platforms, said Christopher Toppino, co-founder of RentShare.

While most rent-payment service require landlords or property managers to sign lengthy merchant agreements, RentShare does not. It will even cut and send rent checks to those who aren’t ready to accept online deposits.

In addition to helping roommates split rent between themselves, RentShare also lets roommates divvy up other expenses, such as utilities, food, toilet paper and even pizza.

One effect of rent payment services has been to open the door for more renters to pay their rent using debit and credit cards.

RentShare charges a flat fee of $1.95 to tenants who use a bank account to pay their rent and a 2.9 percent fee to those who use a debit or credit card.

Toppino and RentShare co-founder and CEO Ian Halpern will stay with RentShare to boost adoption of the service. They’ll get some help from a $50 million credit facility recently announced by i3 Verticals.

Halpern added that RentShare will expand “major product, sales and marketing initiatives” to provide a “universally accessible mobile rent payment and collection platform to fit the needs of any landlord and tenant.”

RentShare will also be looking to take advantage of i3 Vertical’s resources to “pursue key acquisitions in the space,” Halpern said.

Toppino sees the acquisition of RentShare as a turning point in the industry, especially for companies that cater to small-business property managers and independent landlords.

Intuit’s SparkRent and WilliamPaid, two heavyweights in online rental collection, both recently closed their doors.

But along with RentShare’s acquisition, RadPad recently closed a $9 million funding round partly due to the success of its rent payment app.

Email Teke Wiggin.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription