Top 5 rental payment platforms
- Finance has come a long from landlords slipping rent bills under the door at 7 AM.
- Companies like RadPad and Yapstone are streamlining payments for both tennants and landlords.
Finance has come a long from landlords slipping rent bills under the door at 7 AM. Rent payments have moved from handing checks to your super into the digital age, providing landlords and renters easy and organized payment methods. Although people can pay rent using any payment platform (like Venmo, Chase Quick Pay, or even the blockchain), there are various software platforms specializing in finding and paying for a swanky new pad. Here, in no particular order, are five platforms that help tenants and managers manage their rent payments. Cozy The Portland, Oregon-based payments company has been helping landlords and tenants facilitate rentals since 2012. Property managers can use the online platform to list properties, find and screen new tenants, as well as set up lease terms and allow current tenants to pay over the website. Renters can create a professional profile to quickly find a place to live, plus invite their landlords to use the online app. Cozy, founded by John Bragg and Gino Zahnd, recently finished an eight and a half million dollar series B round, with participation from American Family Ventures, Social Capital, and General Catalyst. RentPayment by Yapstone RentPayment is global payment provider YapStone’s answer to paying your rent online. Founded in 1999, Yapstone offers services in multiple payment departments, including home, vacation and storage rentals. Catering to property managers of large multifamily properties and individuals looking to rent out their single family units, users add their investment properties to RentPayment for streamlined payment services. Tenants living in properties listed on the platform can pay online or via mobile apps, using credit and debit cards, eChecks, or even MoneyGram cash transfers. Founded by Tom Villante and Matt Golis, Yapstone is based in Walnut Creek, CA and has raised $55 million in venture funding and $60 million in debt financing. ClickPay ClickPay focuses on multifamily and commercial real estate payment solutions for property managers, offering multiple solutions that include online bill pay and lockbox features. ClickPay also offers API services that integrate with property management and accounting services, allowing for easy exchange of information that keeps property managers up to date with their investment’s financials. Once properties are set up, tenants can pay for rent, common charges, and assorted building fees through ClickPay’s online portal. ClickPay was founded in 2009 and currently has offices in New York and New Jersey. RadPad RadPad is a Los Angeles-based rental marketplace that also has rental payment capabilities. Founded in 2013 by Jonathan Eppers, Tyler Galpin, and Tim Watson, the real estate platform has raised $12.8 million since inception. What makes Radpad unique is that landlords don’t need to use the platform for tenants to use the RadPad payment service. Renters can set up automatic monthly payments and RadPad sends the landlords a check that’s guaranteed to get there on time. Renters can pay using ACH for no fee or debit and credit cards for a fee. Prospective tenants can also search for pads across the U.S., including Austin, New York, Chicago, and Los Angeles. PayLease PayLease enables landlords to manage properties from single and multifamily investments through a suite of financial services for property managers. The SaaS product also has the option to integrate utility payments and resident billing into the platform, allowing for an easier net operating income snapshot. Users can also use the site to pay homeowners association bills. PayLease was founded in 2003 in San Diego, CA by Ty Kalklosch and Yann Phung. Photo credit: Mechanoid Dolly via Visualhunt / CC BY-SA