JetPay and Rezzcard are teaming up to provide a range of electronic payment options to tenants of affordable housing properties, the companies announced earlier this month.
The eCommerce processor’s card services team will work with Rezzcard to offer a Visa-branded prepaid debit card called MAC and the Rezzcard mobile app as low-cost rental payment solutions for those living in public, Section 8, tax credit subsidized and workforce housing developments.
“The card works in combination with the Rezzcard mobile app, giving users the option to pay their bills and rent directly through their phones,” reported Lowcards.com yesterday (June 10).
The MAC Visa prepaid card can be funded via direct deposit, a bank account transfer, Green Dot cash deposit or an approved check directly from a smartphone with Ingo Money. Cardholders can also make cash withdrawals from any ATM or wherever Visa debit cards are accepted. JetPay will also provide payment processing services for Rezzcard, the company confirmed.
“Our partnership with Rezzcard will provide many benefits to families and individuals in low- and moderate-income households,” said JetPay CEO Bipin Shah in a company release. “Consumers will be able to check their balances 24/7, and because it is a prepaid card, users will not be burdened with the usual high fees associated with account overdrafts, minimum balances, and money transfers,” he added.
According to the National Multifamily Housing Council, households earning less than $50,000 in annual income comprise 70 percent of all multifamily rental housing.
“Affordable housing tenants have enough to worry about without the high fees and burdensome process that comes with money orders, payday loans and other rent payment solutions. The MAC Visa prepaid card offers a low-cost, convenient alternative with benefits for both tenants and property managers,” said Ron Moelis, founding member of the New York State Association for Affordable Housing.
The new prepaid card may be a desirable option considering it is expected to offer significant savings as compared to third-party payment methods.
“Together, Rezzcard and JetPay are creating the first electronic payment card for low-income households to process a no-fee rent payment directly to their property managers,” added Rezzcard’s CEO Alex Cooper.
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