Eliminating costly transaction fees allows property managers to pass savings onto tenants
Property management platform TenantCloud and Dwolla, Inc., a financial technology company, are partnering to enable fee-free transactions through the TenantCloud platform for tenants and property managers. The TenantCloud platform allows a user to easily link their existing bank account and send rent payments online, eliminating the need for paper checks and manual rent collection. With Dwolla’s software, TenantCloud connects its users to the Automated Clearing House Network to initiate ACH transactions.
Joe Edgar, a former property manager, founded TenantCloud in 2014 to make sending and receiving rent payments easier for landlords. In addition to fee-free transactions for tenants or property managers, TenantCloud enables prospective tenants to fill out lease applications and submit maintenance requests through the platform.
In order to offer fee-free transactions, Edgar says TenantCloud needed a connection with the ACH Network to take advantage of low transaction costs. The Dwolla team, Edgar says, understands the importance of providing a secure online payments solution.
“Dwolla is a premium, trustworthy service,” Edgar says. “Our collaboration is the most significant step towards maintaining a high quality rental product for our users. We don’t believe tenants or property managers should pay a fee for making a payment. Dwolla makes that possible for us to offer.”
At the end of 2018, TenantCloud had more than 500,000 properties featured on its platform with nearly 200,000 users in 60 countries. By offering fee-free transactions through its integration with Dwolla, tenants and landlords in the U.S. are saving a combined $750,000 each month in fees.
TenantCloud chose Dwolla due to its connection with the ACH Network, which enables property managers to offer their tenants the option to pay rent without a transaction fee, while also being able to pay maintenance providers for rendered services.
Dwolla, Inc. is a financial technology company that offers businesses an onramp to the Automated Clearing House Network, the electronic funds-transfer system used by U.S. financial institutions that moves $43 trillion annually.
Date: March 28, 2019