What You Should Know Before Choosing RentPayment

RentPayment is a payment processing platform designed specifically for collecting rent on properties and housing. Launched in 1999, RentPayment is a subsidiary of YapStone Inc. that enables 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 Merchant Services. YapStone also offers other services that are similar to RentPayment, such as Vacation RentPayment, Storage RentPayment, DuesPayment, and InnPayment. In September of 2020, RentPayment was acquired by MRI Software, a real estate software development company.

Payment Processing

RentPayment, operated by MRI Software, provides payment solutions tailored for property managers and residents, aiming to simplify rent and other property-related payments.

Customized Solutions

RentPayment focuses on offering customized solutions to meet the specific needs of property managers and residents. This approach is intended to make the payment process more efficient and user-friendly for all involved parties.

User-Centric Approach

The service emphasizes a user-centric approach, indicating that RentPayment collaborates closely with clients to identify and implement the most appropriate payment solutions.

Launch of Revenue Shield by RentPayment

In 2023, MRI Software launched Revenue Shield by RentPayment, a feature designed to prevent fees associated with non-sufficient funds (NSF) and reduce fraud in multifamily properties. Utilizing technology from Plaid, Revenue Shield aims to reduce NSF and chargeback fees by 95%, thereby saving time for multifamily businesses that would otherwise need to track down residents who missed payments due to NSF.

Overview of RentPayment Feedback

Current investigations have not identified any negative RentPayment reviews outside of their Better Business Bureau (BBB) profile that label the company as a scam or ripoff. The majority of negative feedback from renters revolves around confusion regarding the company’s policies and frustration over fees incurred for credit card rent payments. Such concerns may lead to tenant dissatisfaction but are unlikely to significantly impact rental industry businesses. Landlords and property managers, however, have reported issues with fund holds, account activation delays, and lackluster customer support, which align with broader complaints against YapStone, RentPayment’s parent company. We invite you to share your experiences with RentPayment in the comments below.

Employee Feedback on YapStone

Numerous complaints from current and former YapStone employees highlight a demanding work schedule and low morale within the workplace. While these issues may indirectly influence client experiences through the quality of service provided, they primarily reflect internal company culture.

RentPayment’s Approach to Customer Support

Despite a moderate rate of complaints, RentPayment offers standard customer service options, including a dedicated toll-free phone line, live chat, and a ticket submission system. However, feedback suggests email response times may need improvement. This level of service does not yet meet the criteria for top-rated merchant account providers for exceptional customer service.

PaymentPop Rating for RentPayment

Negative Feedback

RentPayment is a horrible company! In July they double charged my rent (and from my understanding it was thousands of renters for millions of dollars). They ‘hide’ their fees and charge more for using a card. Customer service does nothing but send you back to your property manager for everything.

Positive Feedback

There are no positive reviews published about RentPayment on the PaymentPop website.

RentPayment BBB Rating

RentPayment is not an accredited business with the Better Business Bureau. As of this review, the company holds an “A-” rating with the BBB and has had 17 complaints filed against it in the last 36 months.

What Merchants Say

RentPayment has also received 9 negative informal reviews to its BBB profile. The most recent review describes disagreements poor customer support:

Horrible absolutely horrible. The lies of how long it takes them to process a refund is ridiculously. When you inquire about a refund it seems to take longer … they have no right to hold other peoples money hostage.Customer service is non existing. DO NOT USE , find a different company.

A “C” Performance

Given the company’s decreasing complaint total and resolution ratio, we have adjusted the BBB’s rating to a “C.”

Transaction Fees Paid by Either Tenant or Property Owner

RentPayment’s website previously displayed three different rates, depending on the transaction method. It indicated that credit cards incur a charge of 2.95%, while debit cards have a lower rate of 0.95%, and eChecks/ACH debits are subject to a fee of $4.95. Payments can be made online, over the phone, via text, or through the RentPayment mobile app. No additional rates based on the payment method are evident. The service offers an autopay feature and sends email and text reminders to help avoid late payments. While the payment structure is transparent, it’s unclear whether RentPayment fees are borne by the property owner or the tenant. The signup portal on the company’s website also mentions a setup deposit.

Other expenses such as early termination fees and PCI compliance fees are not detailed on the company’s website.

We always recommend that businesses explore our list of the top providers of merchant accounts.

In April 2019, Todd Feldman initiated a legal battle against YapStone for an alleged breach of contract, which remains unresolved. Additionally, YapStone agreed to a $4.9 million settlement in 2017 for a class-action lawsuit related to a data breach compromising customer personal information.

In 2021, YapStone faced a lawsuit from Priority Technology Holdings Inc., details of which remain unclear. Moreover, a class-action lawsuit was settled in 2022 regarding unpaid wages to former employees. YapStone has also encountered multiple fines for privacy and consumer protection breaches.

Those seeking resolutions without litigation are encouraged to report their concerns to relevant regulatory authorities.

Inside Sales Team

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 RentPayment reviews about the company’s sales team at this time. This compares favorably to our list of best credit card processors.

No Misleading Quotes

RentPayment’s website does not appear to engage in any deceptive advertising tactics, but we have located some RentPayment complaints from customers expressing confusion about the RentPayment fee structure and how to schedule payments through the service, which occasionally led to overcharges. These customers appear to be renters rather than property managers, so it is unlikely that these difficulties will apply to clients. If you suspect that RentPayment is overcharging you, we recommend seeking a third-party statement audit to eliminate hidden fees.

RentPayment is rated as an average credit card processing service. Managed by YapStone, RentPayment has accumulated a low-to-moderate volume of merchant complaints, which is relatively standard for the industry. However, there is a noteworthy level of dissatisfaction among renters and YapStone employees that could indicate broader issues within the company. Details on the company’s sales practices and the specifics of its contract terms remain sparse, prompting a recommendation for business owners to diligently review all contractual details and assess RentPayment against top-rated payment processors before making a decision.

It’s important to address concerns regarding security and legitimacy due to reports from early 2013 about an email scam using the RentPayment name, specifically referred to as RentPayment Safe Exchange. While these incidents do not seem to be directly connected to RentPayment’s official operations, they highlight the necessity for users to verify the authenticity of their interactions with the service. Potential users should ensure they are dealing directly with RentPayment’s official channels to avoid falling prey to similar scams.