PYMNTS.com Developer Tracker™ October 2016
Developer Tracker: The future of rent payments
Developments in payments technology are disrupting many industries that once relied on cash or checks. For example, rental housing is one market where checks were the long-time king. But with two-thirds of American Millennials currently renting, and their ever-increasing appetite for mobile payments, technology providers are stepping up to fill this gap in the market to allow property managers to accept payments.
October’s edition of PYMNTS.com’s Developer Tracker™, powered by Vantiv, features an interview with Entrata, a payments processor for large property management companies. In the interview, Kate Hampton, vice president of ResidentPay at Entrata, discusses the payments-related hurdles that property management companies face at a time when checks are falling out of favor with renters — particularly younger ones. Entrata estimates that younger renters account for the majority of the $1.6 billion in rental payments it processes every month.
“The rental demographic is relatively young,” Hampton says. “This affects how they prefer to conduct business with their apartment community, which includes paying rent.”
Hampton explains that some of these younger renters have never written a check, so the “old way” of paying rent is foreign to them. Many of these same residents don’t have a computer and are reliant upon their smartphones to access the internet. This makes it critical for property management companies to offer viable apps.
In response, Entrata developed its software and ResidentPay App to support fingerprint authentication, voice commands, balance inquiries, and even maintenance request submissions. It also lets users store new payment methods using their mobile cameras.
“If you say the words ‘pay my rent’ without even having the app open, the operating system automatically deep links to the system and the payments screen,” Hampton says. “We auto-populate everything we know … what the balance is, what was the last payment method used, so the user literally pays the rent with a single tap.”
Read the full interview and other notable news items including:
- Payments processor RS2 Software and Alpha Payments Cloud are partnering to offer financial institutions in Thailand with several services made available through their integration, including fraud prevention and rewards programs.
- Sterling Payment Technologies is teaming up with Focus POS Systems to create integrated EMV solutions for the hospitality industry. Features include a tip processing capability and mobile wallet payments acceptance powered by NFC technology.
- In the security space, global remittance company UAE Exchange is partnering with digital identity verification firm Jumio to offer enhanced digital protection for processing money transfers. Through UAE’s remittance platform, money2anywhere.com, customers can create a new account in less than a minute by scanning a government-issued ID card. Jumio supplies the Middle Eastern company with its Netverify solution, which is expected to help with digital identification and also facial recognition via Jumio’s web-based portals.
Download this month's Developer Tracker here.