Integrated payments platform Paysafe announced on Monday it has expanded its partnership with North American online rent payment platform RentMoola. According to Paysafe, the partnership will allow RentMoola to add Paysafecash eCash alternative payment method to better serve U.S. tenants whose payment preference is cash.
Paysafe revealed that Paysafecash will allow the RentMoola platform, which has leveraged Paysafe’s payment gateway to process card payments since 2012, to cater to the significant proportion of renters favoring cash.
“Seventy-five percent of U.S. consumers say they would be concerned if they no longer had access to cash, according to Paysafe’s Q2 2020 research. In particular, the eCash solution will help RentMoola serve tenants with lower access to credit and debit cards, given that 22% of U.S. households are either underbanked or unbanked, according to the Federal Reserve.”
Paysafe then noted Paysafecash provides a user-friendly solution to cash-focused renters regardless of their comfort levels with technology. By simply selecting Paysafecash as the payment method in the RentMoola platform, tenants generate a barcode that can then either be stored on their mobile device or printed. The company added:
“Renters then present the barcode to make a cash payment at one of thousands of participating brick-and-mortar retail locations, including major branded convenience stores and pharmacies. A simple search online allows renters to find the nearest location to them.”
Founded in 1996, Paysafe claims to be a leading global provider of end-to-end payment solutions. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions.