Paying rent electronically is a relatively new idea that may become the wave of the future. Over $550 billion in rent was paid in the U.S. last year. Of that $300 billion was paid by check.
RentMoola aspires to make paying rent as easy and convenient as it is to pay other bills. RewardExpert spoke with Philipp Postrehovsky, Co-founder and Chief Operating Officer to learn how the idea came about and how it all works.
Founding of RentMoola
The company, founded in 2013, is the brainchild of twin brothers Patrick and Philipp. While Patrick was living in Shanghai, China, he dealt with the hassle of paying rent. He’d make multiple ATM withdrawals over a few days to get enough cash for the monthly tab.
Patrick returned to Vancouver with a plan to help renters in North America pay their rent more easily. RentMoola was born as a global online payment network. Renters in the network are able to pay rent by debit card, credit card, checking account or even cash.
Philipp co-founded the business with his brother Patrick, who serves as chief executive officer. He says he works well with his brother because they work on different sides of the business. The entire team of 30 have “complementary strengths,” he said.
RentMoola has had strong growth and currently has a presence in 400 cities in the U.S. and Canada, according to Philipp.
RentMoola not only makes it much easier for people to pay rent, but also offers incentives for participation.
How Paying Rent Online Works
To use RentMoola, a tenant signs up and then the property manager approves electronic payment. Philipp says many large properties are already in the program.
What if an apartment building isn’t? Philipp says tenants can use RentMoola’s referral program and send an invitation to join to property managers. The renter receives a $200 gift card if the property manager signs up.
The system works for tenants and property managers alike. Philipp explains, “People want to pay their rent online.” Property managers prefer an automated system to opening mail and depositing checks. “It’s advantageous to property managers by saving time, money and pleasing tenants.”
RentMoola accepts Visa, MasterCard and American Express.The service fee is between 1.75% and 2.99% per credit card transaction. Some property managers may pick up that cost.
People who sign up for RentMoola and pay their rent online are eligible for rewards. The rewards, called MoolaPerks, are varied and friendly for the traveler. People who pay rent using their favorite credit card are eligible.
RentMoola’s motto is “Paying rent is rewarding.” For the company’s members, that seems to be true. RentMoola has partnerships with many well-known companies such as Starbucks and Uber who offer discounts to members. Exclusive discounts are available for more than 200 products and services in North America.
There are deals that give 10% or greater discounts on clothing, travel and other products or services. For example, RentMoola members can get discounts to book rooms at Caesar’s Palace, Palms Casino Resort and Planet Hollywood in Las Vegas. There are also deals with booking travel with Booking.com and a $35 credit for a Zipcar short-term rental. Philipp says monthly rent is expensive, but putting that expense on a rewards credit or debit card can yield benefits.
The company runs different specials throughout the year. For example, RentMoola had a partnership with the Capital One Aspire Travel World Elite MasterCard. Rent payments and other purchases made on the credit card earned two miles for every $1 spent. Keep your eyes out for future rewards’ promotions. To view current rewards for RentMoola, please go to MoolaPerks.