RentMoola: Facilitating Seamless Rental Payments and Rewards

The real estate renting sector is, in a way, lagging behind, in terms of efficiency and digital adoption. For instance, a large portion of property management entities, both large and small, still resort to accepting checks as the primary— and often, the only—means of payment; their workflows are manual and siloed, involving cumbersome and time-consuming paper trails. This, in turn, hampers their ability to scale with the ever-increasing demand for property rentals, especially among the tech-savvy millennials who prefer renting over owning, owing to their mobile lifestyle and careers. Headquartered in Vancouver, with an office in San Francisco, RentMoola, has become the ‘go to’ place for tenants and property managers to render faster and intuitive payment interactions.

“From a tenant’s perspective, what RentMoola does is provide all the payment methods that a user wants in one solution such that they can make that payment whenever or from wherever they want. We’ve integrated with several accounting platforms so that all the payments that are made on our system flow directly to the property manager’s systems,” says Philipp Postrehovsky, the founder and CEO of RentMoola. Philipp, along with his twin brother, Patrick, founded the company in 2013 with a vision to “make paying rent rewarding.” The duo themselves had experienced several of the tenant pain points associated with rent payment, and they soon realized how fragmented and backward payments were in the property management industry.

The overarching benefits of RentMoola’s payment infrastructure are multi-pronged. Tenants can sign up on RentMoola in a matter of minutes and search for properties and are offered a number of payment options like credit card, debit card, or even direct checking account at their disposal. With rents being an emerging vertical in credit card payments, RentMoola has, in a way, “flipped” the merchant fee model such that property managers do not have to pay any fee if their resident pays via the credit card. In partnership with all major credit card companies, RentMoola has been able to negotiate a lower processing fee for their tenants who pay via credit cards.