- rent.com.au has launched their latest innovation - the RentPay app
- The app has unique features that work like a buy-now-pay-later, for tenants
- The company has aspirations of 200,000 paying users by mid-2023
Filling a gap in the market, the property tech company rent.com.au has officially launched its new app – RentPay – dubbed the “smarter way” to make rental payments.
The innovative technology provides users with a single platform to manage all aspects of renting.
Available on both the App Store and Google Play, as well as on a web version, RentPay comes with a ‘rent wallet’ where rent is stored, ready for the next rent payday. This can be set up as automated rent payments.
The app works by allowing users to fund the ‘rent wallet’ to line up their pay cycle, aiding them in always having enough set aside for rent.
The unique app has a ‘SafetyNet’ feature which works as a short term loan, helping users to cover the rent if they happen to be short.
Essentially this is buy-now-pay-later for tenants.
Interestingly, RentPay’s innovative ‘ScoreBuilder’ feature allows rental payments to contribute to improving its customer’s credit score.
All this sounds lovely, but how much is to with the wallet?
SafetyNet has a set-up cost of $3, then a flat monthly fee of $1 to stay subscribed to the ScoreBuilder service. When SafetyNet is activated to borrow money, there’s a weekly fee of $2.
On the other hand, the app provides a highly requested feature allowing customers to put away ‘buffer savings’ to add a layer of security for life’s unexpected turns.
As reported in other media rent.com.au CEO, Greg Bader is excited by the opportunity RentyPay will provide to extend the relationship with their customers.
“Our vision is to reimagine the renting experience to create Australia’s most empowered rental community and RentPay is a significant milestone towards that goal,”
rent.com.au CEO, Greg Bader
Mr Barder has also announced an internal target of 200,000 paying RentPay customers by mid-2023.