Entrata Teams With Flex as Renters Seek Digital Payment Solutions

Entrata, an operating system for multifamily communities, has teamed with financial wellness solutions provider Flex.

The collaboration, announced Tuesday (Sept. 17), lets residents divide their monthly rent into “smaller, more manageable payments,” while still letting property managers get the same single rent payment they expect at the start of each month. 

“It’s important to Entrata that we provide the most seamless, flexible services possible to both residents and the property management companies we serve, so partnering with Flex was a great fit,” Stephanie Fuhrman, Entrata’s head of corporate development, said in a news release.

“Not only are residents given more control of their financial wellness, which we’re constantly striving to improve, but our customers can rest easy knowing they’ll receive participating residents’ full rent on time.”

According to the release, residents can register for the program, with Flex then paying the full rent amount to their landlords at the start of the month. Renters benefit from the flexibility of a customizable payment schedule which reduces financial stress, while property managers enjoy cash flow stability and stronger resident relationships, the companies added.

The partnership — which follows a similar collaboration last month between Flex and RealPage — comes as renters are seeking innovations to help them pay, as PYMNTS wrote recently.

Housing costs are steep, in some cases taking up more than a third of take-home pay for consumers making under $50,000 per year, but high across the board regardless of income levels. And because rent and other housing payments don’t always coincide with payday, and the pressures on consumers become even more pronounced.

“For landlords, too, the unevenness of cash flow (13% of renters missed payments last year) in the event that payments are missed or staggered, can wind up impacting their own cash coffers — and the ability to keep their own vendors, staff and supply chains paid on time,” PYMNTS wrote.

Research by PYMNTS Intelligence shows that more than half of renters prefer to pay their rent online, with 77% pointing to the greater ease and speed compared to traditional methods such as paper checks. 

More than three-quarters of renters who use online payments report satisfaction with that method, compared to 35% among those using traditional payment methods. 

“Instant payment options can enhance renter loyalty and satisfaction in the event of refunds (say, if repairs have led to a reduction in given month’s rent) or returns on deposits,” PYMNTS wrote.