RentPayment Overall Rating
Last Updated: January 31, 2014
RentPayment (rentpayment.com) is a payment processing platform designed specifically for collecting rent on properties and housing. Launched in 1999, RentPayment is a subsidiary of YapStone Inc. and allows tenants to pay rent to landlords and property owners via credit card, debit card, e-check, phone or text message. There is some evidence that YapStone (and, by extension, RentPayment) is an ISO of Chase Paymentech. YapStone also offers services that are similar to RentPayment, such as Vacation RentPayment, Storage RentPayment, DuesPayment, and InnPayment. The company operates at 2033 N. Main St., Walnut Creek, California 94596 and is a registered ISO/MSP of Wells Fargo Bank NA in Walnut Creek, California.
RentPayment Sales & Marketing Tactics | A
RentPayment appears to be marketed through a combination of telemarketing and inside sales agents. At this time, YapStone does not appear to employ independent sales agents to sell RentPayment. We are also unable to locate any complaints about the company’s sales team at this time. RentPayment’s website does not appear to engage in any deceptive advertising tactics, but we have located some complaints from customers expressing confusion about fee structure and how to schedule payments through the service, which occasionally led to overcharges. These customers do not appear to have been merchants, so it is unlikely that merchants are experiencing similar difficulties understanding their agreements.
RentPayment Costs & Contract Terms | A
As of this update, the standard RentPayment contract terms are unclear. The service is likely reselling Chase Paymentech contracts, but this is unverified at this time. We are unable to locate any RentPayment complaints that specifically mention the company’s contract terms at this time, indicating that most of the company’s clients are satisfied with their rates and fees. If you have any knowledge of the standard RentPayment merchant agreement, please leave that information in the comment section of this review.
RentPayment Complaints & Service | A-
As of this update, we are unable to locate any complaints about RentPayment or its provider, YapStone, in which merchants accuse either entity of being a ripoff or a scam. Most available RentPayment complaints have been posted by renters, who express confusion over the company’s policies or irritation with paying fees in order to use a credit card to pay their rent. These issues should not affect rental industry merchants beyond the possibility that their tenants might be dissatisfied with the service. Additionally, we have located numerous complaints by current and former YapStone employees who describe a taxing work schedule and low workplace morale. Like the renter complaints, these issues may only indirectly affect merchants, as unhappy employees tend to provide subpar service. Overall, though, RentPayment and YapStone have fairly low complaint rates and do not appear to provide poor service to merchants.
RentPayment BBB Report | B+ (CPO Adjusted)
RentPayment is not an accredited business with the Better Business Bureau (BBB). As of this review, the company holds an “A+” rating with the BBB (up from an “A” at the time of our last update) and has had 23 complaints filed against it in the last 36 months. Of the complaints, two were filed regarding an advertising and sales issue, nine were in relation to problems with products or services, and the remaining 12 stemmed from billing and collection disputes. RentPayment successfully resolved 20 of the 23 complaints, but three complainants report being dissatisfied with the company’s response despite what the BBB determines was a good-faith effort by RentPayment. Given the information available, we have slightly adjusted the BBB’s rating to a “B+.”
RentPayment rates as a reliable payment processing service according to our system. The service and its provider, YapStone, are showing very few merchant complaints online, although renters and employees have expressed some concerns. There is not a great deal of information available about the company’s sales tactics or its contract terms at this time, so merchants are advised to read all terms carefully despite the company’s high overall rating. It is also worth mentioning that we have located some reports of an email scam in early 2013 that claimed to be affiliated with RentPayment, often going by RentPayment Safe Exchange. This scam does not appear to have been an official initiative of the company, but merchants should take care to ensure that they are interacting with the actual RentPayment rather than the scammer.
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