Here at Fourandhalf, we are always on the look out for new property management technology that interests and inspires us. Recently, we talked to John Minor who is with Pay Near Me, a new company that is making it easier for tenants to pay rent. Alex asked him to describe what this technology does, and this is what he told us:
“With Pay Near Me, people can make cash payments at places like 7-11 and Ace Cash Express. If folks want to pay their rent in cash, they simply present a bar code at the register. The bar code can be printed out, or pulled up on their mobile phones. They can instantly make a payment right there. The whole process is similar to paying cash for merchandise in stores. Instead of taking a payment to the property manager or landlord you are renting property from, you simply find a retailer close by and make your payment.”
We like this idea because it’s unique, and it allows the landlord to avoid the hassle of money orders or bounced checks. It allows tenants to pay rent in cash, which is often easier for them. John told us that payments through Pay Near Me post immediately:
“We notify property managers and landlords in real time when a payment is made. As soon as a tenant makes a rent payment using our system, we immediately share the information with the property management company or the landlord so they can credit the tenant’s account. Because the payment is made in cash, we can guarantee 100 percent that the funds are there. Property managers won’t have to worry about fraud or charge backs.”
This system developed by Pay Near Me doesn’t sound like anything else we have heard about in the industry. John agreed that it is unique, and drew a distinction between this technology and prepaid cards:
“People in the industry have access to prepaid cards. This is a little different because once you pay; it’s posted to your account immediately. With prepaid cards, you have to first load that card with funds before you use it. We are unique because of our direct integration with retailers.”
Also exciting for property managers is that Pay Near Me recently completed integration with Appfolio. John confirmed that anyone using the Appfolio software system can use Pay Near Me to collect cash rent payments directly from tenants. Not only will the property manager and landlord be notified of the payment, the account will also be updated in the Appfolio system.
We’re glad John took the time to tell us about Pay Near Me and the exciting opportunity for property managers to collect rent more easily. If you have any questions about this interview, or you’d like more information on it, give us a call or send us an email.
