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)
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.
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.
– Nathan Miller, Rentec Direct President & Founder
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.
CSG Forte enabled Rentec and its clients to accept both ACH and credit card payments digitally.
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.
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.