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
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
|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.
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RentPayment Complaints & Customer Reviews
|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.
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.
RentPayment BBB Rating Summary
Key Points - BBB
|Product & Service Complaints||43|
|Billing & Collection Complaints||46|
|Advertising & Sales Complaints||1|
|Guarantee & Warranty 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.
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.”
Truth In Marketing & Advertising
|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.
RentPayment Marketing Example
About Phillip Parker
Thank you for reading my review. I hope that it has helped you with your research.
Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services
I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.
From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.