February 20, 2014

RentMoola to Power SHIFT's condo payment solution, bringing mobile paperless payments to condominiums across Ontario

TORONTO--RentMoola announced its latest partnership with SHIFT to offer its innovative online and mobile paperless payment solution to condominiums across Ontario. Condo Payments by SHIFT is the latest product offering, helping condo owners and property management companies save time and grow their business with the industry leading SHIFT Suite of products.

"Partnering with RentMoola allows us to deliver more innovative services to the condominium industry. Having a payment solution that guarantees funds and eliminates waiting for NSFs or late payment issues is very compelling," said SHIFT CEO Darryl Deen. "Condo owners and property mangers are both winners. You're now able to pay your monthly condo fee payment and any other related payments with your favourite rewards credit card or direct debt and enjoy the convenience of making a payment right from your smartphone."

RentMoola's industry compliant platform gives property managers the ability to accept secure credit card payments from tenants at no cost. A low service fee is charged to owners for each payment allowing people to leverage their favourite rewards credit cards. Rentmoola allows owners to make auto-recur and one-time payments using any major credit card from 100+ countries. Tenants also have access to RentMoola's exclusive MoolaPerks program offering additional rewards.

"The average cost per PAD setup is $20 and the cost for processing and handling in a single cheque is between $15 to $25 according to a recent Scotiabank audit," said RentMoola CEO, Patrick Postrehovsky. "Our paperless mission brings convenience to the owner and the ability to finally make their condo payment provide some benefit easily offsets the service fee. It's a must have payment option for the property manager with the continual growth of mobile payments."

SHIFT is the leader in condominium innovation, having pioneered the condo community website through NEXUS®, re-invented the status certificate through CONDUIT®, and has introduced KEY®, the industry first cloud-based Condominium Accounting & Property Management tool. NEXUS®, CONDUIT ®, KEY ® and all other SHIFT products are integrated on a single platform. SHIFT is represented in over 350,000 condominium units.

RentMoola is a mobile and online payment network in partnership with Visa, MasterCard, Discover, American Express and RM Direct Debit™ powered by BMO Financial Group. Property managers can accept credit card and direct debit payments at no cost to them while tenants earn rewards faster through the MoolaPerks program. RentMoola also provides powerful cloud financial, transactional and accounting reports ensuring seamless integration into existing accounting systems.



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