TransUnion and YapStone announced a partnership to provide RentPayment, YapStone’s online rent payment solution, to independent landlords and small property managers through TransUnion SmartMove. The new offering provides access to rent payment and reporting tools typically available only to larger property managers.
According to a recent TransUnion survey, more than six in 10 landlords prefer to always or frequently use online payments to collect rent checks. Using TransUnion and RentPayment’s technology, landlords can now collect rent payments entirely online or through a mobile device.
“For independent landlords or smaller property management companies, the manual collection of rent checks can be a frustrating process that often involves driving across town to collect rent checks, recording those checks in an accounting ledger, and then finally depositing paper checks at their bank,” said Michael Denbeau, YapStone Vice President and General Manager of RentPayment. “By integrating RentPayment’s payment solution into SmartMove, landlords will be able to eliminate the hassle of paper checks, view reporting on rent payments entirely online, and more importantly, accelerate cash flow for their business. And renters will get the ability to pay their rent conveniently and securely online — with the payment method of their choice.”
With the vast majority of the 80 million millennials in the U.S. being renters, there is a growing preference for using online and mobile technologies for many aspects of the rental process, including tenant screening and rent payments. Through the YapStone integration, renters can submit rent payments, security deposits, or other fees to landlords using debit cards, credit cards, or ACH.
“Traditional solutions for tenant credit checks and online payment solutions are based on monthly subscriptions, making them expensive and ineffective for independent landlords,” said Jason Norton, Vice President of TransUnion SmartMove. “With the new SmartMove and RentPayment offering, landlords can either pay as they use the service, or elect to have their residents pay for the service. This new service gives landlords greater flexibility and reduces the number of delinquent rent payments by ensuring renters have the most convenient and modern options to pay their landlords on-time.”
The new payment processing will be offered within TransUnion’s SmartMove solution, which offers an easy-to-use, intuitive product for independent landlords. For more information on TransUnion’s SmartMove, visit http://rentpayment.com/smartmove
YapStone powers a web-based and mobile payments platform that is changing the way the world pays for everyday expenses ranging from apartment rents to online marketplaces. YapStone processes over $10 billion annually in the U.S. and internationally. Its payments products offer the flexibility to serve industry-specific payment, reporting and software integration demands of the vertical markets it serves. Today, YapStone payment solutions include RentPayment.com (multi-family), VacationRentPayment.com (vacation rentals), HolidayRentPayment.com (vacation rentals — Europe), ParishPay.com (non-profit), DuesPayment.com (HOA assessments) and StorageRentPayment.com (self storage). In addition to powering its own payment solutions, the YapStone payment platform is increasingly being used by third parties looking for a turn-key transaction solution in specific markets. With a $50 million minority investment by Accel Partners and Meritech Capital Partners, YapStone is expanding its platform into new vertical and geographic markets. Yapstone was recently recognized by Inc. 5000 as one of Fastest Growing Private Companies for the 7th consecutive year and was also named to Forbes’ List of America’s 100 Most Promising Companies. YapStone has offices in Walnut Creek, CA, Santa Monica, CA and Ireland. www.yapstone.com