RentPay a Slow Start or a Lame Duck?
RentPay is an online payment service, launched in 2021, that works with their main Rent.com.au website as a pioneering platform linked to it. Tenants may use RentPay to make payments, keep track of their history, contact landlords, and set up various alerts on the site.
Rent.com.au’s website is a portal for all of its real estate services, which includes Rent Check, Rent Bond, and Rent Connect—all of which are linked together to form an integrated ecosystem for renters to fulfill all of their real estate requirements in one location.
The biggest flex of RentPay is its digital payment facility. Tenants no longer need to hassle with bank transfers or paper cheques. Instead, they can easily and securely make payments with a few clicks on the site.
Also See: Future of Renting in Australia rent.com.au
Tenants who sign up for RentPay will enjoy the following benefits:
- Easy and secure digital payments
- No more paper cheques or bank transfers
- Ability to keep track of their rental history
- Set up various alerts on the site
- Contact landlords easily and securely
This is especially useful for those who are looking to move into a new rental property, as it provides a one-stop-shop for all their needs. From paying rent to getting quick loans, RentPay aims to provide everything to renters and landlords.
Not only does this make the whole process more convenient for renters, but it also makes it more efficient and cost-effective for landlords, who can now use Rent.com.au’s platform to manage their properties and listings more effectively.
RentPay is just one of the many services that Rent.com.au offers its users, and it is quickly becoming one of the most popular payment methods for renters in Australia.
If you’re a renter who is looking for a convenient way to pay your rent, then RentPay is definitely worth considering.
What has it not taken off?
RentPay has not yet taken off as a payment method for renters in Australia for a few reasons. Firstly, it is still a relatively new service, so awareness of it amongst renters is still quite low. The platform is still very young and undergoing constant upgrades.
Secondly, RentPay is only accepted by a limited number of landlords and property managers at the moment, so many renters are not able to use it as their payment method of choice.
Thirdly, RentPay charges a small transaction fee for each payment made and a subscription fee from the landlords, which may deter some users who are looking for a completely free way to pay their rent.
Lasty and perhaps the most important reason for slow uptake of Rentpay has been the pandemic. The pandemic slowed down the housing market, which naturally meant slow business for Rentpay, as less people could be onboarded. However, as living with the virus becomes a norm, Rentpay is expected to experience an uptick in its business.
Despite these challenges, RentPay is still growing quickly, it posted 8% revenue growth in last year, when business was quiet. Rentpay is expected to become one of the most popular payment methods for renters in Australia over the next few years.
How to improve Rentpay?
Improving RentPay’s adoption rate is essential to the company’s success. In order to do this, RentPay needs to focus on increasing awareness of the platform amongst renters and landlords. This can be done by partnering with other companies that cater to renters, such as furniture rental companies or moving companies.
RentPay also needs to increase the number of landlords and property managers who accept its payments. This can be done by offering incentives, such as discounts or lower transaction fees.
Thirdly, they need to make it easier for renters to use RentPay by simplifying the process and onboarding more landlords and property managers onto the platform. For this the company needs to create an outreach program to reach landlords and real estate agents.
The goal of these improvements is to make RentPay the go-to payment method for renters in Australia.
Lastly, they should consider waiving or reducing the transaction fee in order to entice more users to try out the service.
RentPay has the potential to be a very convenient and popular payment method for renters in Australia. However, it still has some challenges that need to be addressed in order for it to reach its full potential. By increasing awareness, simplifying the process and onboarding more landlords, RentPay can become the leading payment method for renters in Australia.
Also Read: Australian Housing Market Renting Vs Buying
