With its new automatic rent-payment platform, rental site Lovely is looking to make rent payment by snail mail a thing of the past for renters and landlords across the U.S. Unlike Lovely’s other offerings, the rent-payment feature is the first tool on the platform that renters can initiate, Lovely co-founder and CEO Blake Pierson told Inman News.
Renters, who set up their payment info on Lovely, can invite their landlords to use the platform. Once both parties are signed up with banking information entered, renters and landlords can facilitate the digital transaction on a monthly, automatic basis. Landlords pay a $1 service fee for each payment, Pierson said.
Paving the way for this product, Lovely acquired the payment processing firm Rentmatic in November.