Optimal Payments Partners with RentMoola to Digitize the Rental Market

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Jun 09, 2015, 08:00 ET

MONTREAL, LONDON and NEW YORK, June 9, 2015 /PRNewswire/ - Optimal Payments (LSE AIM: OPAY), a leading global online payment solutions provider, has partnered with RentMoola, a Vancouver-based service that transforms conventional rent and condo fee payments of cash and cheques to virtual currency for tenants, property managers and owners. Through this exclusive partnership, RentMoola is able to offer fully automated, real-time payment and onboarding services for merchants and customers via Optimal Payments' NETBANX® online payment gateway.

The North American rental market is worth US$50 billion annually but currently only three per cent of payments are made by credit card¹. A recent survey by MasterCard® revealed that as many as 60 per cent of property managers report that post-dated cheques, the most common method of payment, result in payments being late by up to four weeks in duration. Paying by credit card reduces late payments and rental revenue loss while increasing working capital for property owners. Moreover, a credit card's instant payment error notification allows for quick resolution of failed attempts as compared to as long as three weeks for bounced cheques.

RentMoola's services are available to small rental operations, which may own a few apartments to major players, however the company's main focus is on large properties that manage in excess of 5,000 apartments. In addition to enabling tenants to pay by credit or debit cards, RentMoola offers access to MoolaPerks, which include deals and discounts on services associated with rental properties such as phone, cable, Internet and cleaning.

"Through our partnership with RentMoola, we are able to offer an innovative digital payment service that benefits rental property managers and owners in Canada, the U.S., Australia and the U.K. This relationship is yet another indication of our ability to develop leading-edge payment services that are highly valued by businesses in the markets we serve," said Danny Chazonoff, chief operating officer, Optimal Payments. "We are very pleased to partner with RentMoola, a company that is making significant inroads in broadening the application possibilities for the digital payment space. Our commitment to delivering leading and differentiated solutions remains our major priority, and our software as a service (SaaS) and independent software vendor (ISV) partners like RentMoola can now offer their customers a turnkey solution that includes integrated payments in multiple markets."

"We are pleased to partner with Optimal Payments to offer our digitalized rental payment and reward platform. By making rent and condo fee payments convenient to tenants and landlords alike, RentMoola is seamlessly transforming the rental property world with our industry leading solution," stated Patrick Postrehovsky, co-founder and CEO of RentMoola.

"Consumers want payment options and choice. The demand for credit card acceptance with rental payments is growing and our partnership with RentMoola and Optimal Payments makes acceptance a reality for tenants, property owners, managers and renters," said Wendy Braithwaite, SVP & Group Head, Market Development, MasterCard. "This service provides landlords with the opportunity to accept credit cards and benefit from reduced incidents of late payment, faster clearance, and a better way to track.

About RentMoola

RentMoola is a global payment network that allows tenants and owners to receive rewards for paying for rent and condo fees on line via credit card or direct debit. Members receive MoolaPerks, which provide discounts and exclusive access to transportation, food, beverages and other rewards redeemable across North America and the U.K. The platform is certified PCI DSS compliant providing financial, transactional and accounting reports ensuring seamless integration into accounting systems. In partnership with Visa, MasterCard, Discover, American Express and RM Direct Debit™ and powered by BMO Financial Group and Barclays, RentMoola is the rent payment network for everyone. More information is available at www.rentmoola.com.

About Optimal Payments Plc

Optimal Payments is a global provider of online payment solutions, trusted by businesses and consumers in over 200 countries and territories to move and manage billions of dollars each year. Merchants use the NETBANX® platform and services to simplify how they accept credit and debit card, direct-from-bank, and alternative and local payments; and the NETELLER® service to increase revenues and capture new customers. Consumers use the multi-lingual and multi-currency NETELLER® and Net+® Card stored-value offering to make secure and convenient payments. In addition, Optimal Payments Card Services, another division of Optimal Payments, provides innovative prepaid products and services to merchants. Optimal Payments Plc is quoted on the London Stock Exchange's AIM, with a ticker symbol of OPAY. Subsidiary company Optimal Payments Ltd is authorised and regulated as an e-money issuer by the UK's Financial Conduct Authority (FRN: 900015).

For more information on Optimal Payments visit www.optimalpayments.com or http://www.optimalcardservices.com to find out more about our Card Services division.

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SOURCE Optimal Payments Plc