RentPayment Review

Overview

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. 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 Paymentech. YapStone also offers other 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. Matt Golis is listed as the CEO of RentPayment.

RentPayment Products and Services

  • Debit and credit card processing
  • Online rent collection
  • Rent collection via smartphone app
  • Rent collection via text message
  • ACH processing
  • Recurring billing

Industries

  • Property management
a

Sales & Marketing

Key Points - Sales & Marketing

Employs Independent Resellers No
Advertises Deceptive Rates No
Discloses All Important Terms No

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 appear to be renters rather than property managers, so it is unlikely that these difficulties will apply to merchants.

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Costs & Contract

Key Points - Costs & Contract

Swiped Rate Variable
Keyed-in Rate Variable
Early Termination Fee Variable
PCI Compliance Fee Variable
Equipment Lease Terms Variable

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 or per-transaction pricing, please leave that information in the comment section of this review.

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Complaints & Service

Key Points - Complaints & Service

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/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.

a

BBB

Key Points - BBB

Product & Service Complaints 8
Billing & Collection Complaints 16
Advertising & Sales Complaints 2
Guarantee & Warranty Complaints 0
Delivery Complaints 0

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.

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 26 complaints filed against it in the last 36 months. Of the complaints, two were filed regarding an advertising and sales issue, eight were in relation to problems with products or services, and the remaining 16 stemmed from billing and collection disputes. RentPayment successfully resolved 24 of the 26 complaints, but two 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 an “A-.”

RentPayment Logo

RentPayment Bottom Line

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.

Phillip Parker is a former merchant services agent turned small business advocate and the author of "Fee Sweep," which teaches merchants how to dramatically lower their processing rates, eliminate junk fees, and avoid fine-print scams. He founded CardPaymentOptions.com to help merchants enact positive change in the credit card processing industry. Schedule a Consultation with Phillip

Schedule a Consultation with Phillip

4 Reviews Leave Your Review Below

  1. 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.

  2. 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.

  3. 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.

  4. 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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