RentalsTechnology

RentMoola and Optimal Payments partner to boost rent payment security

Vancouver-based rent payment service is moving toward full automation

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Weeks after Optimal Payments announced its acquisition of FANS Entertainment, a Montreal-based mobile platform developer, it announced an exclusive partnership with Vancouver-based online rent payment service RentMoola.

This partnership is helping to make fully automated and real-time rental payments available to its users on the Optimal Payments Netbanx online payment system.

RentMoola is available to both small and large rental property management companies, but has a focus on large-scale providers with more than 5,000 apartments. The service is available to landlords and property managers throughout the U.S. and Canada, as well as Australia and the United Kingdom.

This partnership helps to improve the security of RentMoola’s online payment portal and minimize fraud exposure and liabilities via the secure online gateway. Optimal Payments’ proprietary Netbanx is a “state-of-the-art, fully redundant, PCI-DSS Level 1 compliant platform that can deliver end-to-end, customized online payment solutions,” according to the company’s website.

Through RentMoola, it’s free to landlords and property managers to use, but there is a fee of 2.75 percent for tenants who use a credit card. Debit card transactions are free.

Because tenants are able to pay through their mobile device, tablet or computer, the solution is intended to decrease the possibility of tenant defaults. They can even set up regular recurring payments so a payment due date is never missed.

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RentMoola’s real-time data and reporting solutions can be exported into accounting systems to make for a seamless data collection process.

In April, the company announced its expansion of the rewards program, which helps to give tenants an incentive to pay rent with their credit cards. The launch of RM 2.0 came with a slew of new global MoolaPerks partners, as well as the ability to pay in cash at one of the 17,000 retail locations throughout the U.S. that have a partnership with the company.

This and other announcements such as the partnership with Optimal Payments is helping to launch RentMoola into the forefront of online rent and condo fee payment systems.

“We are very pleased to partner with RentMoola, a company that is making significant inroads in broadening the application possibilities for the digital payment space,” Danny Chazonoff, chief operating officer, Optimal Payments, said in a press release.

“Our commitment to delivering leading and differentiated solutions remains our major priority, and our software as a service (SaaS) and independent software vendor (ISV) partners like RentMoola can now offer their customers a turnkey solution that includes integrated payments in multiple markets.”

Of course, RentMoola isn’t the only company to have a credit card payment service for renters. RadPad, RentPayment and RentShare all offer free rent payments with debit cards and a fee structure for credit card payments. And unlike some services, like RadPad that don’t require a landlord to sign up, RentMoola needs both parties to sign up.

Optimal Payments requires a 360-degree approach to ensure safety on both sides of the transaction. The organization keeps up-to-date with global fraud trends to be able to swiftly adjust and screen for security.

As fewer and fewer people are interested in taking time to fill out a check, or potentially even own a checkbook, the way of paying rent is well on its way into the digital age.

Email Kimberly Manning.