RentMoola Adds Paysafecash Option For Tenants To Pay In Cash Online

Paysafe and RentMoola have expanded their partnership to offer Paysafecash™ eCash as an alternative payment method on the online rent payment platform for tenants in the U.S. who prefer to pay with cash. After selecting the Paysafecash™ payment option, renters will receive a barcode that they can store on their mobile device or print out. They can then fulfill the transaction in cash at any participating brick-and-mortar retail location, according to a press release.

Paysafe, an integrated payment platform, has processed card payments on the rent payment platform since 2012. Its eCash option, which launched in December of 2020, will help cash-using tenants transition to the online payments trend.

More and more tenants are paying rent online due to the pandemic’s acceleration of the digital shift. Paysafecash™ helps property managers handle and reconcile cash rental payments on their digital dashboard just as if they were online payments, which is especially helpful as many property management offices are shut down due to COVID-19.

“This is the time for compassion and collaboration, a time for us to revisit the status quo and find ways to make the current financial system more inclusive,” said Karthik Manimozhi, CEO of RentMoola.

Thousands of stores in North America participate in RentMoola’s cash payment offering, including several convenience stores and pharmacy chains. The eCash solution aims to make RentMoola’s platform more accessible to the 22 percent of households that are underbanked and unbanked and have less access to credit and debit cards, noted the press release, citing data from the Federal Reserve.

“Ongoing cash loyalty in the American rental market suggests that our eCash product will significantly facilitate payments for cash-focused renters as well as their landlords,” said Udo Müller, CEO of paysafecard, the team that operates Paysafecash™. In the announcement of the launch of Paysafecash, Müller noted that the eCash product “will allow underbanked and unbanked Americans to participate in the digital economy and prevent financial discrimination against the cash consumer.”