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 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.
- Sales & Marketing: RentPayment does not appear to hire independent sales representatives and has not received many complaints about its sales practices.
- 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 30 public complaints.
- BBB Rating: RentPayment has a “B” rating with the Better Business Bureau and has received 56 complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With 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
- Property management
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.
RentPayment Marketing Example
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||Variable|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||Variable|
As of this update, the standard RentPayment contract terms are not publicly disclosed. The service is likely selling Chase Paymentech contracts through YapStone, but this is unverified at this time. We are unable to locate any RentPayment complaints that specifically mention the company’s contract terms for property managers, with the exception of odd one-time fees and fund holds. Some complaints from tenants have stated that the company charges tenants a fee of $43 (Visa) or $29 (MasterCard) for each monthly rent payment made via credit card, which is designed to cover the cost of the credit card’s transaction fee. Obviously, this plan is financially beneficial to landlords, but they may risk losing tenants who have no interest in paying an additional $43 each month. 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.
Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||30+|
|Live Customer Support||Yes|
|Most Common Complaint||Payment Errors|
As of this update, we are unable to locate any complaints about RentPayment or its provider, YapStone, in which property owners 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. The available complaints from landlords primarily cite fund holds, account activation delays, and unresponsive customer support as the main issues encountered, which is consistent with complaints filed against YapStone in general.
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 low-to-moderate complaint rates and appears to provide average service to merchants and tenants.
Key Points - BBB
|Product & Service Complaints||18|
|Billing & Collection Complaints||25|
|Advertising & Sales Complaints||9|
|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.
RentPayment is not an accredited business with the Better Business Bureau. As of this review, the company holds a “B” rating with the BBB and has had 56 complaints filed against it in the last 36 months. Of the complaints, nine were filed regarding an advertising and sales issue, 18 were in relation to problems with products or services, 25 stemmed from billing issues, and four were related to delivery. RentPayment successfully resolved 14 complaints, while 41 complaints either were resolved to the merchant’s satisfaction or did not receive a final response from the merchant. One complaint received no response whatsoever from RentPayment. Given the company’s rapidly increasing complaint total and poor resolution ratio, we have adjusted the BBB’s rating to a “D.”
About Phillip Parker
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