RentPayment Review

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Credit Card Processors
RentPayment Logo
Category Breakdown
Sales & Marketing rated A
Costs & Contract rated A
Complaints & Service rated A minus
BBB Rating rated A minus

Overall Rating

A rating


Overview

RentPayment Logo

RentPayment Logo

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

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Sales & Marketing | A

Key Points – Sales & Marketing
Uses independent resellers? No
Promotes deceptive rate quotes? 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 | A

Key Points – Costs & Contract Terms
Swiped rate: Variable
Keyed-in rate: Variable
Termination fee: Variable
PCI compliance fee: Variable
Equipment lease: 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 | A-

Key Points – Complaints & Service
Total 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.

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BBB Report | A-*

Key Points – BBB Report
Product/service: 8
Billing/collection: 16
Advertising/sales: 2
Guarantee/warranty: 0
Delivery: 0

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-.”

* Denotes CPO-adjusted BBB score

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Bottom Line


RentPayment Review

Rated 4.3 out of 5 Stars
Reviewed by Phillip Parker
Reviewed on 2015-04-10

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.

This review was originally published on 2/8/13 and was last updated on 4/10/15.

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