RentPayment 2023: Card Processing Reviews & Complaints

3/5
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How did they treat you? ▼

Company Overview

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.

RentPayment Payment Processing

RentPayment, operated by MRI Software, offers payment solutions tailored for both property managers and residents. Their services are designed to streamline the process of rent and other property-related payments.

Customized Solutions

The focus of RentPayment is on providing customized solutions that cater to the specific needs of property managers and residents. This approach aims to make the payment process more efficient and user-friendly for all parties involved.

User-Centric Approach

The website emphasizes a user-centric approach, suggesting that RentPayment works closely with clients to identify and implement the most suitable payment solutions. This indicates a commitment to adapting their services to meet the diverse requirements of different properties and residents.

Launch of Revenue Shield by RentPayment

MRI Software introduced Revenue Shield by RentPayment in 2023. This new feature aims to prevent fees related to non-sufficient funds (NSF) and reduce fraud in multifamily properties. By leveraging technology from Plaid, a data network powering the digital financial ecosystem, Revenue Shield by RentPayment reduces NSF and chargeback fees by 95%. This significant reduction in fees saves time for multifamily businesses, which otherwise would have to track down residents who missed payments due to NSF.

Location & Ownership

The company operates at Yapstone's headquarters of 3232 McKinney Ave, Suite 700, Dallas, TX 75204, and is a registered ISO/MSP of Wells Fargo Bank NA in Walnut Creek, California. Matt Golis is listed as the CEO of RentPayment.

Pros & Cons
Pros: Cons:
Transparent payment structure. Potential overcharges and payment scheduling confusion.
Convenient online or phone payments. Transaction fees for credit cards.
Autopay feature prevents late payments. Variable processing rates.
No misleading marketing tactics. Unclear cancellation penalties.
Possible customer service issues.

RentPayment Customer Reviews

Here's What Their Clients Say

Customer Reviews Summary
Total Online Complaints 40+
Live Customer Support No
Most Common Complaint Excessive Fees
Recent Lawsuits Yes

Moderate Complaint Total

As of this update, we are unable to locate any negative RentPayment reviews about RentPayment outside of their BBB profile that accuse the company of being a ripoff or a scam. Nearly all of the available negative RentPayment reviews have been posted by renters, who express confusion over the company’s policies and irritation with paying fees in order to use a credit card to pay their rent. These issues should not affect rental industry businesses beyond the possibility that their tenants might be dissatisfied with the service. The available RentPayment complaints from landlords primarily cite fund-holds, account activation delays, and unresponsive customer support as the main issues encountered. This is consistent with complaints filed against YapStone in general. If you have your own RentPayment review to make, please do so in the comments below.

YapStone Employee Complaints

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 clients, as unhappy employees tend to provide subpar service.

RentPayment Lawsuits and Fines

In April 2019, a lawsuit was filed against Yapstone by Todd Feldman in regards to an alleged breach of contract. The case is ongoing and yet to reach a resolution.

In January of 2017, Yapstone settled a class-action lawsuit stemming from a data breach affecting the company. Personally identifiable information of its customers, including social security numbers, names, addresses, dates of birth, and passport numbers were exposed. The company settled the suit for $4.9 million.

In 2021, it appears that YapStone was sued by its partner, Priority Technology Holdings Inc., but at this time it is unclear what the suit concerns.

A further class-action suit was finalized against YapStone in 2022 by its former employees over missing payments.

Yapstone has also been fined repeatedly for privacy and consumer protection violations.

Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

RentPayment Customer Support Options

Overall, RentPayment has a moderate complaint rate and appears to provide average service to clients and tenants. The company now lists a dedicated phone number for customer service as well as a live-chat option and a ticket system, but business owners have specifically complained about slow responses via email.

RentPayment Customer Service Number

  • (866) 289-5977 – Toll-Free Customer Support

Other Support Options

  • Customer support form

This falls short of our standard for the top-rated merchant accounts for customer service.

RentPayment Online Ratings

Here's How They Rate Online

Online Ratings Summary
BBB Reports 26

Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.

More than 10 Complaints

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.”

RentPayment Fees, Rates & Costs

A Closer Look at The Contract

Cost & Fees Summary
Cancellation Penalties Unclear
Monthly & Annual Fees Unclear
Processing Rates Variable
Equipment Leasing N/A

Transaction Fees Paid by Either Tenant or Property Owner

RentPayment’s website previously advertised three different rates, depending on the method of the transaction. It said credit cards are charged 2.95%, debit cards have a much lower rate of 0.95%, and eChecks/ACH debits are assessed a fee of $4.95. Payments can be made online, through phone, text, or the RentPayment’s mobile app. No additional RentPayment rates depending on how the payment is completed are apparent. The service also has an autopay feature as well as email and text reminders to help prevent late payments. While the payment structure is clear and transparent, what stands out is that the RentPayment fees are paid by either the property owner or tenant. The determination as to who is assessed these fees isn’t as clear. The signup portal hosted on the company’s website also refers to a deposit charged upon setup.

Other costs like early termination fees and PCI compliance fees are not listed on the company’s website.

We always encourage businesses to check out our list of the providers of the best merchant accounts.

RentPayment Employee Reviews & Sales Tacitcs

Should You Work For Them?

Jobs & Marketing Summary
Uses Independent Resellers No
Telemarketing Yes
Misleading Marketing No
Discloses All Important Terms No

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.

Our RentPayment Review Summary

Our Final Thoughts

RentPayment rates as an average credit card processing service according to our system. The service and its provider, YapStone, are showing a low-to-moderate amount of merchant complaints online, but renters and employees have expressed a significant number of concerns. There is not a great deal of information available about the company’s sales tactics or its contract terms at this time, so business owners are advised to read all terms carefully and compare the company to top-rated overall options.

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 readers should take care to ensure that they are interacting with the actual RentPayment rather than a scammer.

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Testimonials & Complaints

How Did RentPayment Treat You?

18 User Reviews

  • Jan

    Ballyntyne Commons Hendersonville NC

    They never sent me an email for need to set up a new expiration date for auto payment. Thus my rent was late to my landlord and I was out of the country and not receiving emails or phone calls. Upon return my property manager was getting ready to start eviction process. I had never been late with any payments. When I called RentPayment to resolve the issue the date was change to 2032 for auto payment to expire. However when I called them back 5 days later it had never been changed by the agent and showed no auto payment set up. I immediately deleted all payments to be taken by RentPayment and will now hand deliver my rent by check to my landlord every month. No more third party. Would rate their company a D.

  • Brad

    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.

  • Amanda

    Tired to pay my down payment and it supposedly didn’t go through. Even though my account shows funds pending. They claim I never paid but the bank says it went through. So now I can’t get my house because I supposedly didn’t pay. Such a SCAM!!!

  • Pam Dixon

    Horrible customer service for the merchants out there. My most recent complaint is that they only deposited funds from part of our transactions that ran on 12/31/20 and since then nothing. They have approved over 8K but I have no access to it and can not get any of their reps to speak to me about this issue. When I call my only recourse is to file a ticket via email or the website- to which they do not reply. I have had replies from this company over 6 months later when they just close the ticket without even a follow-up. I have several customer cards that pull back because of “late presentation” and then RentPayment hits me with a chargeback fee. This company is going downhill fast since their website update in 2020.

  • Melissa

    so……My landlord has us using RentPayment to pay our rent payments. I made our October payment on September 9th because I had the money. On September 10th or 11th RentPayment did a payment reversal on my account. So I called to see what had happened. After 1hr & 8 min on hold I was told they did not know what was going on. they assured me they would submit a “ticket” and get back to me. In the meantime, I called my bank who stated they had not initiated the rent payment reversal, in fact they had already released the funds to rentpayment. after 1 week with no communication from them i called again. After 1 hr & 12 min on hold they again had no knowledge of what was going on. told i should give it another week. third week 3rd phone call after 30 min hold wait i decided to take the option of receiving a call back when my position in the queue came up. After roughly 2 hours my phone did a half ring then it stopped. Caller ID showed it was RentPayment. had to call again and wait on hold to be told they were still looking into it. Week 4 call to inquire again (mind you I have NEVER received any call backs or emails from them as to the status of my account) I proceed to stay on hold for well over an hour. this time I’m told that I have not received a refund because they have not received my bank statement showing I never received the money back into my account (they NEVER once requested bank statements). I was assured once they received the bank statements i would receive a refund within 7 days. Well 7 days comes and no refund…. call again….this time i am on hold for 2hrs & 4 min only to have someone pick up the phone and immediately hang it up. I was needlessly fuming at this point. called the next day. after a lengthy hold i was told there was no refund issued on the account. he was going to submit a request to have the refund issued. another week….. no refund. Now I’m pissed. asked to speak to a manager, i could not for no given reason. asked to speak to the person in charge of my ticket….I could not because they do not have phone access. WAIT….WHAT??? you are customer service and you have no Phone.
    My landlord was finally able to have them credit my account for the rent payment (something I asked them to do week 2 and they could not for unknown reasons. ABSOLUTELY TERRIBLE CUSTOMER SERVICE

  • vee

    Worst customer service and a complicated portal to use. I will not recommend this company to any Landlord
    They have kept my tenant’s rent paid for one month. tossing me back and forth. They have made me changed my bank account several times and they are still giving me stupid excuses just to keep my money.

  • Shayla

    Horrible.
    They deposited a rent payment into my account and took it back a week later after my mortgage and HOA has been withdrawn. After speaking with my tenant, he said the payment never even left his account, error on his part. Why would they deposit a payment they never received into my checking account? It should never have been deposited in the first place.
    Hard to believe free services such as Venmo and Cash are more reliable then one I am charged for.

  • Jenee Collins

    Pay rent on time for almost 2 years by this service. I’m a homebound disable vet..payments were showing up until this month. The removed my account causing my credit score to go down by 50 pts. And now I can’t even log on

  • Denisha Vail

    I have used our online rent payment system for two years and I guess we switched to this company and now instead of a $4.95 fee I was charged before or free if you use your checking account, this company charges $20 for a Visa (which is all I have) and doesn’t have the option for charging your checking account. I am livid, this is the worst and they are basically extorting money from renter’s because of this. I am going to complain to the manager and the state housing authority.

  • Jessica

    I won’t recommend to use this payment service website due to the expensive fee they charge for every transaction. They have a service fee of $23.30 for every transaction and also if you pay by phone $9.93. It is unbelievably how this company is able to charge double fee for using their service. The only reason for using they service is because it is a requirement from our apt complex where we live. Please, be aware of this and call them before you decide to use them Their number is 8662895977.

  • Steve A

    While most companies process payment transactions twice in case of a problem, Rentpayment does not. Instead if the payment is not honored the first time, they charge a $45 fee even if the institution charges no fees.

    Their explanation statements make little sense, such as “funds on hold”.

    Emails to customer service takes 1-2 business days, the phone agents know basically nothing and someone removes transaction history from their website when apparently things don’t go their way. They never admit fault and are unwilling to resolve disputes.

    They are rated BBB by the Better Business Bureau and “B” (4.3 out of 5.0)

    They are private company and thus no financial information is available.

  • Lynne Miller

    Scam – received an email from them in an email account i haven’t used in over three years. The email asked me to update my credit card info for a beach house rental. I called the rental company because my credit card wouldn’t be expiring for several years and funny, the rental company never heard of them! so, obviously these folks hacked my rental company’s third-party credit card provider.

  • kiran

    I make my payments on 2nd of the month as my rental agreement due date is 5th of every month. But as per rental payment history website they consider mine as late payments and it have negative effect on my history. Finally when I called trans union they took out the account from my reports. The only reason for my payments through here is to make my score better. Now this have left negative mark. When I call rentpayment care they differ me to transunion again; where they say the account is already closed.

  • Rene Ramos

    I made a rent payment via telephone for a friend. I used my credit card to pay off a balance owed, It was less than $50. The operator said there was an additional charge of $11 for paying with a credit card. That is a substantial charge for the service. If people pay their rent via this method, I can imagine the revenue stream associated with this predatory practice. My friend is a low income worker and the impact on him would be great if he paid with a credit card. It would seem that the outfit is predatory in this regard and that a review of their business practices by the State is in order.

  • Charlotte Skinner

    worst customer service. we almost got evicted because they failed to make the payment in time. we paid our rent on the 26th of the month and it was still in “processing” on the 1st. when i called in on the 1st they said it was something with their system and that they would cancel that original payment and reprocess a new one. they assured me they would call my property and sort it all out. on the 6th we received a final warning on paying rent or the property would take further action. when i called rent payment again the guy on the phone had no idea what was going on and put us on hold. i had already spent an hour and a half on the phone when i called in on the 1st. i hope you do not have the same experience we had we will not use them ever again. this is a horrible company with a horrible business model and ever more horrible people representing the company.

  • Radu Seserman

    Extremely poor. Website lacks basic functionality as setting a date for payment or changing information on your financial. There is no phone # or online chat option to contact them for emergencies. I found their phone# from my landlord and their customer service is the lowest I encountered in many years.
    I consider changing my residence just not to deal with them.

  • Mark

    Their auto pay system doesn’t adjust for varying amounts on a per month basis making their auto pay system next to worthless if you need/want to pay the correct required amount.

    Also, I’m pretty sure their $42 card transaction fee (debit and credit) is against California law.

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