New start up intends to eliminate the Rent Check
In 2013, with the ever growing ecommerce environment expanding its reach in to our non-digital lives it is surprising that
In 2013, with the ever growing ecommerce environment expanding its reach in to our non-digital lives it is surprising that we still have a need for checks. In today’s society the need for checkbooks have become somewhat obsolete, that is until the rent is due. For many who rent apartments the only reason for them to actually posses the archaic checkbook is for the sole purpose of paying their rent. This is why Patrick and Philipp Postrehovsky have devised RentMoola.
RentMoola is a new Canadian ecommerce startup that has the rent check in its crosshairs. The Idea behind RentMoola is simple and quite radical at the same time. RentMoola is a new payment system that will allow apartment tenants to pay their rent to their landlord via online payments.
The idea came to Patrick after a period of living abroad in Shanghai. The limitations and fees on bank withdrawals drove him to the point where he needed to place 5 to 6 withdrawals a month just to cover his $5000 monthly rent. “We were all trying to find a better way to pay.” Patrick adds. When Patrick returned to Canada, he teamed up with his brother Philipp to start RentMoola.
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RentMoola’s premise is devised by having the landlord register for the service, and by giving their tenants the option to pay online via RentMoola’s website. The main initial obstacle was the prime reason as to why landlords do not accept credit cards in the first place. The rates and processing fees associated to accepting credit card payments cuts in to the already slim margins associated to rent. This was solved by a lower processing fee of only 2.75% that is debited from the tenant. The fee is associated to a rewards point system, and is also marketed as the price for the convenience of paying online.
The service is not only intended for rental payments but also is targeting building management firms to allow the payment of monthly building maintenance fees.
It takes new companies like RentMoola to remind us that the ecommerce environment has yet to find its boundaries and that there are still aspects of our financial life that have yet to be simplified by online payments.
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[…] offline payments to bring them online and on mobile devices. Toyota joins other companies like RentMoola who are also filling in the gaps by taking traditional banking and bringing it a step further into […]
[…] We are currently witnessing a insurgence of Ecommerce check replacement services, most notably in the home rental space with firms like RentMoola. […]