Optimal Payments (LSE AIM: OPAY), a leading global online payment solutions provider, has partnered with RentMoola, a Vancouver-based service that transforms conventional rent and condo fee payments of cash and cheques to virtual currency for tenants, property managers and owners. Through this exclusive partnership, RentMoola is able to offer fully automated, real-time payment and onboarding services for merchants and customers via Optimal Payments’ NETBANX® online payment gateway.
The North American rental market is worth US$50 billion annually but currently only three per cent of payments are made by credit card1. A recent survey by MasterCard® revealed that as many as 60 per cent of property managers report that post-dated cheques, the most common method of payment, result in payments being late by up to four weeks in duration. Paying by credit card reduces late payments and rental revenue loss while increasing working capital for property owners. Moreover, a credit card’s instant payment error notification allows for quick resolution of failed attempts as compared to as long as three weeks for bounced cheques.
RentMoola’s services are available to small rental operations, which may own a few apartments to major players, however the company’s main focus is on large properties that manage in excess of 5,000 apartments. In addition to enabling tenants to pay by credit or debit cards, RentMoola offers access to MoolaPerks, which include deals and discounts on services associated with rental properties such as phone, cable, Internet and cleaning.
“Through our partnership with RentMoola, we are able to offer an innovative digital payment service that benefits rental property managers and owners in Canada, the U.S., Australia and the U.K. This relationship is yet another indication of our ability to develop leading-edge payment services that are highly valued by businesses in the markets we serve,” said Danny Chazonoff, chief operating officer, Optimal Payments. “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. 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.”
“We are pleased to partner with Optimal Payments to offer our digitalized rental payment and reward platform. By making rent and condo fee payments convenient to tenants and landlords alike, RentMoola is seamlessly transforming the rental property world with our industry leading solution,” stated Patrick Postrehovsky, co-founder and CEO of RentMoola.
“Consumers want payment options and choice. The demand for credit card acceptance with rental payments is growing and our partnership with RentMoola and Optimal Payments makes acceptance a reality for tenants, property owners, managers and renters,” said Wendy Braithwaite, SVP & Group Head, Market Development, MasterCard. “This service provides landlords with the opportunity to accept credit cards and benefit from reduced incidents of late payment, faster clearance, and a better way to track.