Rentec Direct

How recurring digital payments were key to reducing late payments and driving 98% avg. revenue growth

Products used: ACH, Credit/debit card, Advanced Gateway Interface (AGI)

RECURRING DIGITAL PAYMENTS REDUCED LATE RENTS

As Rentec Direct grew, the provider of online property management solutions recognized that the existing standard for making rent payments with mailed checks was inefficient. They wanted to make sure regular, recurring payments could be processed in real time to reduce wasted time and frustration. That’s where CSG Forte came in.

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The Challenge

RentecDirect’s customers—landlords and property managers—needed to be able to accept digital payments and have that payment solution integrated to allow them to handle late fees and missed rent as well.

Rentec sought a payments partner that could provide them with the payment tools and efficiencies designed for its landlords.

“CSG FORTE IS THE BEST PARTNER IN PAYMENTS WE’VE EVER HAD.”

– Nathan Miller, Rentec Direct President & Founder

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Why CSG Forte

CSG Forte had both the experience and expertise to stand up a payments solution that met the needs of the property management industry and do it quickly.

CSG Forte’s integrated solution allowed landlords to onboard in record time and for their renters to choose to make online rent payments each month or set up recurring automatic payments.

How CSG Forte Helped

CSG Forte enabled Rentec and its clients to accept both ACH and credit card payments digitally.

  • Integration: By implementing CSG Forte solutions on their backend, they were able to integrate their systems in only three weeks.
  • Automated sign-up process: allows merchants to fill out the application form and potentially receive instant approval. With CSG Forte, Rentec has been able to turn what was once a two-week undertaking into a two-hour solution.
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The Results

Rentec’s growth continues, supporting more than 16,000 customers totaling more than 700,000 properties. CSG Forte’s solutions have been especially helpful as property owners utilizing Rentec’s solution navigate the COVID-19 pandemic.

Between April and July 2020, renters failed to pay on time approximately 22 percent of the time. However, renters who used Rentec’s recurring payment system, powered by CSG Forte, only made late payments 1 percent of the time.

Conclusion

While using CSG Forte’s payments platform, Rentec has seen their average volume grow by 112 percent over the last five years and average revenue growth of 98 percent over the past four.

“CSG Forte’s automated payment solutions eliminate error for landlords and make tenants a lot happier,” says Miller.

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