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Paysafe, a leading integrated payments platform, today announced its expanded partnership with RentMoola, the North American online rent payment platform. Building on its long-standing payment processing partnership with Paysafe, RentMoola has now added the company’s Paysafecash™ eCash alternative payment method to better serve U.S. tenants whose payment preference is cash.
Paysafecash™ will allow the RentMoola platform, which has leveraged Paysafe’s payment gateway to process card payments since 2012, to cater to the significant proportion of renters favoring cash. Seventy-five percent of U.S. consumers say they would be concerned if they no longer had access to cash, according to Paysafe’s Q2 2020 research. In particular, the eCash solution will help RentMoola serve tenants with lower access to credit and debit cards, given that 22% of U.S. households are either underbanked or unbanked, according to the Federal Reserve.
Paysafecash™ provides a user-friendly solution to cash-focused renters regardless of their comfort levels with technology. By simply selecting Paysafecash™ as the payment method in the RentMoola platform, tenants generate a barcode that can then either be stored on their mobile device or printed.
Renters then present the barcode to make a cash payment at one of thousands of participating brick-and-mortar retail locations, including major branded convenience stores and pharmacies. A simple search online allows renters to find the nearest location to them.
As the pandemic shifts renter preferences and behavior, the number of tenants paying rent online for the first time will likely continue to rise. Simultaneously, with many U.S. property managers’ front offices shut down due to the pandemic, Paysafecash™ makes it easier for these businesses to collect and reconcile cash payments, as if they were an online payment on their dashboard.
Udo Müller, CEO of paysafecard, the team behind Paysafecash™ at Paysafe, said: “We’re delighted to continue to expand our Paysafecash™ solution’s presence in the U.S. in partnership with RentMoola. Ongoing cash loyalty in the American rental market suggests our eCash product will significantly facilitate payments for cash-focused renters as well as their landlords.”
Karthik Manimozhi, CEO at RentMoola, commented: “This is the time for compassion and collaboration, a time for us to revisit the status quo and find ways to make the current financial system more inclusive. It is up to companies like us to find solutions to improve the lives of our customers.”
About Paysafe
Paysafe Group (paysafe.com) is a leading integrated payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of over US $98 billion in 2019, and approximately 3,000 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments.
About Paysafecash™
Paysafecash™, from leading integrated payments platform Paysafe, is an eCash payment method for customers who want to pay online easily and safely using cash. Available in nearly 30 countries, Paysafecash™ makes online transactions possible for customers, who do not have a debit or credit card, or who do not want to use them online. Payments are made by generating a barcode during the online checkout, which can then be scanned and paid for in person at one of more than 190,000 payment points. Paysafecash™ was launched in 2018 by the same Paysafe team who created the award-winning, prepaid cash solution paysafecard in 2000. A market leader in eCash payment solutions, paysafecard allows customers to buy prepaid vouchers that they can then redeem online.
About RentMoola
RentMoola (rentmoola.com) is the first fintech to combine financial services and rental payments in one platform. RentMoola is disrupting the rental industry by empowering tenants and landlords to take control of their finances through a simple, integrated, and secure solution that is powered by a diverse ecosystem of global partners.
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