Green Dot Enables Cash-based Rent Payments
Green Dot has announced an agreement with RentPayment, an electronic payments processor in the multifamily industry, that enables customers of RentPayment to have access to convenient cash payment methods using Green Dot's MoneyPak.
MoneyPak(R) is a safe and affordable way of turning cash into a digital form of payment. It is the leading product for loading cash onto prepaid cards and can be used to make payments and add cash to accounts. With the RentPayment partnership, MoneyPak(R) further expands its capabilities within the bill payment category by providing an easy solution for paying rent and household bills electronically without the risk or security issues of handling physical cash. Available at retailers nationwide, including CVS/Pharmacy, Radio Shack, Rite Aid, Walgreens, WalMart and Kroger, as well as popular store chains such as Ralphs, Smith's, Fred Meyer and King Soopers, MoneyPak(R) is a reload and payment solution that empowers underserved consumers with electronic payment options.
Through Green Dot's partnership with Cardinal Commerce Corporation (announced in May 2007), RentPayment will make the MoneyPak(R) available to their customers as a payment option for monthly rent, cable/satellite services and other revenue-generating services available to tenants.
"We know that money orders make up a large percentage of rent payments. Our customers now have an option to pay their rent with cash using MoneyPak(R), which offers them a new, secure and convenient payment option," said Mark Troughton, President, Cards & Network at Green Dot Corporation. "This partnership with RentPayment highlights the growing number of Green Dot partners that recognize the value of MoneyPak(R) as a form of payment, especially for those billed on a recurring basis."
The Green Dot MoneyPak(R) is available nationwide and can be used by consumers in any part of the country even if a business is regional, such as is the case with many multifamily and apartment facilities.
"We are looking forward to offering our residential income property clients a nationally available cash payment product that can be used by the millions of tenants they represent," said RentPayment's Chairman and Founder, Tom Villante. "There are other cash options, but MoneyPak(R) from Green Dot is the most economical and secure product for the rental industry. We believe it is better than Money Orders, and certainly more secure than cash."
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