RentPayment Overview

A YapStone Subsidiary

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.

RentPayment Location and Ownership

The company operates at Yapstone’s headquarters of 2121 N California Blvd. Suite 400, 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 Review Table of Contents

  • Costs & Contract: RentPayment appears to offer a month-to-month contract through YapStone that may or may not include an early termination fee.
  • Complaints & Service: RentPayment has received more than 40 public complaints.
  • BBB Rating: RentPayment has an “A+” rating with the Better Business Bureau and has received 92 complaints and 28 reviews in the past 3 years.
  • Sales & Marketing: RentPayment does not appear to hire independent sales representatives and has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With RentPayment
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Products & Services Offered

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

Types of Businesses Served

  • Property management

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RentPayment Rates, Fees, and Costs

Key Points

Credit Card Rate 2.95%
Debit Card Rate 0.95%
eCheck/Debit ACH Fee $295

Transaction Fees Paid by Either Tenant or Property Owner

RentPayment’s website advertises three different rates depending on the method of the transaction. Credit cards are charged 2.95%, debit cards have a much lower rate of 0.95%, and eChecks/ACH debit are assessed a fee of $4.95. Payments can be made online, through phone, text, or the RentPayment’s mobile app. No additional 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 prevent against late payments. While the payment structure is clear and transparent, what stands out is that the fees are paid by either the property owner or tenant. The determination as to who is assessed these fees isn’t as clear. The sign up portal hosted on the company’s website also refers to a deposit charged upon set up.

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

 

 

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Response from RentPayment

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RentPayment Complaints & Customer Reviews

Key Points

Total Online Complaints 40+
Live Customer Support No
Most Common Complaint Excessive Fees

Moderate Complaint Total

As of this update, we are unable to locate any merchant complaints about RentPayment that accuse the company of being a ripoff or a scam. Nearly all of the available RentPayment complaints 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 merchants beyond the possibility that their tenants might be dissatisfied with the service. The available 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.

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 merchants, as unhappy employees tend to provide subpar service.

RentPayment Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against RentPayment. Dissatisfied merchants 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 merchants and tenants. The company does not list a dedicated phone number for customer service, and merchants have specifically complained about slow responses via email. This falls well short of our standard for the top-rated merchant accounts for customer service.

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Response from RentPayment

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RentPayment BBB Rating Summary

Key Points - BBB

Product & Service Complaints 43
Billing & Collection Complaints 46
Advertising & Sales Complaints 1
Guarantee & Warranty Complaints 0
Delivery Complaints 2

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.

Over 90 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 92 complaints filed against it in the last 36 months. Of the complaints, 1 was filed regarding an advertising and sales issue, 43 were in relation to problems with products or services, 46 stemmed from billing issues, and 2 were related to delivery. RentPayment successfully resolved 29 complaints, while 63 complaints either were resolved to the merchant’s satisfaction or did not receive a final response from the merchant.

What Merchants Say

RentPayment has also received 28 negative informal reviews to its BBB profile. The most recent review describes difficulties with the user interface

I will not give any stars to this company. More than once, they have arbitrarily changed their policies to the detriment of their customers without any warning. Most recently, they decided to stop their practice of “giving” customers “their own money” that ******** had collected from the customers’ renters. Notice was provided on the same day that the policy changed. However, for a mere 3% more, their customers can get “their money” when originally scheduled. I can understand changing a policy for business reasons. What I can’t understand is making that policy retroactive to rental agreements already in process. I accepted a large rental agreement in June 2019. I agreed to receive 3 installment payments, one in June, one in September and one in December. The guest is not scheduled to arrive for her stay until January 2020. ******** decided just before my 2nd large payment was due from my renter to change their policy. I now either have to wait until Jan 2020 to receive “my money they are holding”, or I have to pay about $220 more in fees to them to get the money when ******** receives it. Not fair, not right, not ethical, and I think probably not legal. Had I known the terms of payment processing would be changed midway through my rental agreement, I would have asked for more money from my renter up front to cover the additional costs to me. At the very least, ******** should have honored any rental agreements in process of receiving payments and should have only exercised their new policy on new agreements accepted after the date of their policy change. Shame on ********. I got nowhere with the customer support people after spending an hour talking with two different people there.

A “D” Performance
Given the company’s rapidly increasing complaint total and poor resolution ratio, we have adjusted the BBB’s rating to a “D.”

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Response from RentPayment

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers No
Advertises Deceptive Rates 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 complaints about the company’s sales team at this time.

No Misleading Quotes

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. If you suspect that RentPayment is overcharging you, we recommend seeking a third-party statement audit to eliminate hidden fees.

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Response from RentPayment

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RentPayment Marketing Example

Rent Payment Logo

Our Opinion of RentPayment

An Average Option for Landlords

RentPayment rates as an average payment 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 merchants 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 merchants should take care to ensure that they are interacting with the actual RentPayment rather than the scammer.

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13 Reviews Leave Your Review for RentPayment Below

  1. wimb2 says:

    I’ve only been here for 4 months and and was told of this new payment method which is really just an increase in the rent. No one was notified of this change and to have to pay an additional 5 dollars a month is ridiculous for someone on a fixed income. This should have been done at the time of lease signing so you could have the option to pay or leave.

  2. Shayla says:

    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.

  3. Nathaniel Sietz says:

    Rent is $2565 per month. First time using this service and had no idea they charged me a $75 service fee. That is INSANE! What a scam!

  4. Jenee Collins says:

    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

  5. Denisha Vail says:

    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.

  6. Jessica says:

    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.

  7. Steve A says:

    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.

  8. Lynne Miller says:

    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.

  9. kiran says:

    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.

  10. Rene Ramos says:

    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.

  11. Charlotte Skinner says:

    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.

  12. Radu Seserman says:

    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.

  13. Mark says:

    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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