Apr 02, 2015

RentMoola and PayNearMe Partner to Enable Round-the-Clock Cash Collections for U.S. Property Managers

New technology integration digitizes cash to decrease fraud risk and provides 24-hour rent collection locations

SUNNYVALE, Calif. and VANCOUVER APRIL 2, 2015PayNearMe, the electronic cash transaction network, and RentMoola, an online global payment network that allows tenants to pay rent and earn rewards, have partnered to offer a cash collection method to U.S. property managers and owners that eliminates fraud risk and errors. The partnership also helps increase the likelihood of on-time payments by giving tenants an easy and convenient way to pay in cash for rent and other housing costs.

The partnership between RentMoola and PayNearMe will remove the hassle of cash and money order processing on-site for property owners and managers. Tenants who wish to pay in cash will be able to do so at their convenience at 17,000 participating stores across the U.S., including 7-Eleven and Family Dollar. Many of the stores are open 24 hours a day, seven days a week. The funds are guaranteed to the property manager as soon as they are collected by the cashier.

The addition of PayNearMe’s cash collection option to RentMoola’s current credit card and RM Direct Debit options in the U.S. will give cash tenants a convenient method to pay their rent while they are already running errands at a retail store. At the same time, the partnership provides property managers and owners with added safety and peace of mind by eliminating the need to carry large amounts of cash to the bank at day’s end.

The traditionally error-prone, manual method of cash and money order processing is eliminated through payment receipts and automatic features like real-time payment notifications for both the tenant and the owner.

“At RentMoola our mission is to make paying rent rewarding, even if you pay with cash. PayNearMe is the ideal launch partner for RM Cash as we continue to expand our payment methods and deliver on the convenience users expect,” says Philipp Postrehovsky, RentMoola co-founder.

To make a cash payment, residents simply bring their printed or mobile payment code to a nearby store and pay at the register as if they are making a purchase at the store. Property managers instantly receive notification of the payment and tenants receive a paper receipt and/or confirmation on their mobile device. The whole process takes less than 60 seconds to complete.

“RentMoola is dedicated to making the rental payment process easier for both tenant and owner, and we agree – paying for basic necessities like a roof over your head should never be difficult,” said Christopher Volgenau, general manager of PayNearMe’s real estate and property management business. “This is a solution that meets the needs of the 68 million un- and under- banked Americans who rely on cash as their primary form of tender, as well as the countless Americans who simply prefer to transact that way.”

To learn more about using PayNearMe through RentMoola, please visit https://rentmoola.com/partners.

About PayNearMe

PayNearMe is the electronic cash transaction network that enables consumers to pay rent and utility bills, repay loans, buy tickets, make online purchases and do much more with cash. Consumers can conveniently make payments on their own schedule and in their own neighborhood in less than a minute at one of over 17,000 trusted locations, including 7-Eleven® and Family Dollar® stores across the United States. For more information, please visit: http://home.paynearme.com.

About RentMoola

Solving the age-old problem that paying and collecting rent is a major hassle, RentMoola is an online global payment network that allows tenants and owners to pay rent and other payments by credit card, debit card, RM Direct Debit™ or RM Cash™ while earning rewards.Our members have access to our MoolaPerks™ program that provides exclusive deals to travel, lifestyle, home services and other rewards redeemable across North America, UK and Europe. For more information please visit: www.rentmoola.com/press