Rental property website rent.com.au has announced that it is expanding its service offering to rental payments by acquiring RentPay, a rental payments system from a subsidiary of MYOB Group Limited.
Rent.com.au has entered into an agreement with MYOB, leading provider of business solutions to 1.2m businesses across Australia and New Zealand, to acquire the RentPay system and customer base.
RentPay has more than 6,000 renters using the system to pay their rent using a variety of payment methods. An initial payment of $225k has been made with the balance payable upon the completion of the formal sale and operational support agreements.
“We have been quite clear that we see payments as a core part of our future and this transaction allows us to ‘hit the ground running’ with an existing customer base and income stream,” said rent.com.au Chief Executive Officer, Mr Greg Bader.
“Renters are at the heart of all we do, and RentPay delivers a good service which we will build upon. It currently provides renters with choice of payment methods for their rent and related bills, reminders and automation as well as full transparency on their payment history. We will of course continue to improve on the system, focussing on delivering the front end changes our customers expect”.
The payment gateway will continue to be operated by MYOB’s payment solutions division, which provides simple and secure payment solutions including merchant service facilities and invoice payments.
“The great thing about this acquisition is that it also allows us to deliver value to our Agent and Landlord customers. We already provide a platform that allows our landlords and agents to manage the listing and letting of their properties on our site, and RentPay will allow us to build on that and offer payment solutions to clients facilitating rent collection, reconciliations, accounting and more,” continued Mr Bader.