New start up intends to eliminate the Rent Check

In 2013, with the ever growing ecommerce environment expanding its reach in to our non-digital lives it is surprising that we still have a need for checks. In today's society the need for checkbooks have become somewhat obsolete, that is until the rent is due. For many who rent apartments the only reason for them to actually posses the archaic checkbook is for the sole purpose of paying their rent. This is why Patrick and Philipp Postrehovsky have devised RentMoola.

RentMoola is a new Canadian ecommerce Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term that has the rent check in its crosshairs. The Idea behind RentMoola is simple and quite radical at the same time. RentMoola is a new payment system that will allow apartment tenants to pay their rent to their landlord via online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.

The idea came to Patrick after a period of living abroad in Shanghai. The limitations and fees on bank withdrawals drove him to the point where he needed to place 5 to 6 withdrawals a month just to cover his $5000 monthly rent. “We were all trying to find a better way to pay.” Patrick adds. When Patrick returned to Canada, he teamed up with his brother Philipp to start RentMoola.

RentMoola's premise is devised by having the landlord register for the service, and by giving their tenants the option to pay online via RentMoola’s website. The main initial obstacle was the prime reason as to why landlords do not accept credit cards in the first place. The rates and processing fees associated to accepting credit card payments cuts in to the already slim margins associated to rent. This was solved by a lower processing fee of only 2.75% that is debited from the tenant. The fee is associated to a rewards point system, and is also marketed as the price for the convenience of paying online.

The service is not only intended for rental payments but also is targeting building management firms to allow the payment of monthly building maintenance fees.

It takes new companies like RentMoola to remind us that the ecommerce environment has yet to find its boundaries and that there are still aspects of our financial life that have yet to be simplified by online payments.

Subscribe to our newsletter to stay up to date on news and interviews about new and unique companies and ideas that keep pushing online payments into new and revolutionary fields