Property Solutions' ResidentPay Hits $1 Billion in Monthly Rent Payment Processing
April 10 2014
Multifamily's largest payment processor reaches more than 1.8 Million Households
Lehi, UT --April 10, 2014-- Property Solutions, the multifamily industry's open-access Platform as a Service (PaaS) provider, announced milestone achievements with rent payments through ResidentPay, including $1 billion processed in a single month. The announcement comes as Property Solutions goes public with its Paperless Payment Program--a free service available to all ResidentPay clients to increase online resident payment adoption. ResidentPay serves over 1.8 million units across the U.S. with credit card, ACH, paperless money order, and check/money order scanning options.
"For over 10 years, ResidentPay has been all about making payments hassle-free. That's our continual pursuit with everything from our mobile payment app, to our seamless integrations, to whatever is the next tech convenience on the horizon," said Property Solutions CEO Dave Bateman. "Most recently, our paperless program brings together all the best strategies for increasing online payment adoption that have proven effective over the years for both new and long-time clients on ResidentPay. When a community has strong online payment performance, it saves time, paperwork, and headache for residents and staff."
Compiling metrics across billions of dollars in rent payments, data points that have proven to increase online rent payments for Property Solutions clients include:
- Offering free ACH (electronic check) increases online payment adoption by an average of 20 percent.
- Sending email rent reminders increases online payment adoption by an average of 4 percent.
- Listing online payments as a community amenity increases online payment adoption by an average of 3 percent.
Property Solutions has garnered additional insight from pilot companies of the Paperless Payment Program, including Trinity Property Consultants, RMK, Lincoln, and RAM Partners. To date, this nationwide program has taken companies already exhibiting strong paperless payment practices and ramped up efforts for additional increases topping at 79 percent.
An advancement that is gaining considerable traction for communities serving under-banked populations is secure cash handling through electronic MoneyGram payments. For the estimated one in four Americans without a bank account, residents can make cash payments at any of MoneyGram's 35,000 locations in the U.S., and Property Solutions will automatically update their resident account and transfer the payment to the respective property's ledger. Property Solutions has seen a 769 percent increase in MoneyGram transactions from 2013 to 2014, totaling more than $44 million in rent payments.
At the company headquarters in Lehi, Utah, Property Solutions employees have been closely watching and anticipating the $1 billion mark. "We decided to throw a party," said Bateman. "That 10-digit mark is a big milestone for everyone here. It's an awesome opportunity to celebrate and applaud our team."
Those interested in learning more about Property Solutions' integrated payment solutions, as well as the new Paperless Payment Program, are encouraged to contact their sales representative or client success manager. Complete information on Property Solutions' company background and product offering are found at http://www.propertysolutions.com.
About Property Solutions
Founded in 2003, Property Solutions is the only comprehensive property management software provider with a single-login, open-access Platform as a Service (PaaS) system. Offering a wide variety of online tools including websites, mobile apps, payments, lease signing, accounting, and resident management, Property Solutions' Entrata PaaS currently serves more than 20,000 apartment communities nationwide, including 33 of the NMHC Top 50 Largest Managers. Property Solutions' open API and superior selection of third-party integrations offer management companies the freedom to choose the technology and software that best fit their needs. For more information, go to http://www.propertysolutions.com.