Rent Payment Technology Coming to 7-Eleven
Published in CSP Daily News
PayNearMe, AppFolio deal provides cash option at register, online, mobile
DALLAS -- An alliance between cash transaction network PayNearMe and web-based property management software provider AppFolio will allow many property tenants to pay their rent at 7-Eleven stores, as well as at other retailers.
PayNearMe and AppFolio have announced that AppFolio will integrate PayNearMe into its existing suite of payment options including ACH, credit, debit and checks. The property owners and managers who use AppFolio will be able to offer tenants in hundreds of thousands of units multiple ways to pay for rent with cash by early 2013.
PayNearMe will also simplify and improve the collections process for property owners by giving them a safe and streamlined means of accepting cash 24 hours a day, seven days a week, it said.
The solution solves the problems that have long inhibited property managers from accepting cash, said the companies. Property managers will no longer have to worry about dealing with the problems of accepting and reconciling cash and money orders on site, while tenants take advantage of anytime access to multiple neighborhood payment locations. Renters will no longer have to purchase money orders and drive across town to take payments to property management offices, which are often only open during regular business hours.
With AppFolio's PayNearMe-enabled option, tenants can pay with cash at their local 7-Eleven or ACE Cash Express stores any hour of the day or night, and funds will be immediately credited to their accounts.
AppFolio will give property owners the means to take advantage of PayNearMe without requiring changes to existing management systems. Property managers can offer cash payment options through traditional paper billing, online bill pay and mobile.
Regardless of the billing method, tenants take the unique payment barcode or code they receive to any one of more than 8,200 neighborhood 7-Eleven or ACE Cash Express stores to complete their cash transactions at the register. Cash payments take less than 60 seconds, and property managers will immediately see payments posted to tenants' accounts.
"The acceptance of cash payments has traditionally been a complex proposition, but it doesn't have to be," said PayNearMe CEO, Danny Shader. "AppFolio recognized the need for its customers to offer a compelling cash payment solution, and together we are pleased to help property owners overcome the hurdles associated with accepting cash payments, giving millions of tenants the ability to use cash to pay for rent at the places and times that are convenient for them."
Mountain View, Calif.-based PayNearMe is the cash transaction network that enables consumers to pay rent, transfer money, repay loans, buy tickets, make online purchases and much more with cash.
Based in Santa Barbara, Calif., AppFolio creates web-based solutions for multiple markets, and its AppFolio SaaS service (AppFolio Property Manager) was created for residential property managers. AppFolio also provides RentApp, the first free, online rental application solution and AppFolio SecureDocs, secure virtual data rooms that speed up financial transactions.