Rent.com.au Limited advised the market that it has launched its new RentPay payments platform to the public. Using the latest technology, RentPay gives the renter flexibility, support and improved financial wellbeing while agents and landlords receive their rent quickly and reliably. It is a platform that will continue to evolve both technically (as Australia's banking infrastructure modernises) and in terms of the value proposition for customers (new products/partners). Renters are pretty adaptable, and they have to be, because every time they move they'll likely be asked to set-up a completely new payment method, losing their previous payment history. RentPay is different. Compatible with all payment methods that agents or landlords may use including BPAY, Visa, Mastercard, Direct Debit etc, RentPay can be set-up once and then move with the renter to their next property, with a simple update. RentPay is completely customer-led, meaning the renter can choose to use RentPay without any impact on their agent or landlord and, when funds are deposited into the RentPay wallet, they're held securely by ANZ Bank in a trust account for the renter. RentPay gives renters more control of their rental payments, with reminders, in-app notifications and alerts, and confirmation of payment history. Renters told us that they only hear from their agent or landlord if something has gone wrong and don't have easy access to receipts and payment history. RentPay changes this, with email, app and SMS prompts for when funds need to be paid in or automated direct debits are due, and when payments are being made. If there are any problems, they'll know before they occur. They'll also receive confirmation when their payment has been received by the agent or landlord, and always have access to a record of their payments in the palm of their hand. Rental affordability is a growing concern for renters. Increasing workforce casualisation contributes to this anxiety, with more ebbs and flows in getting paid. RentPay's buffer feature lets renters stash away some extra funds each week. As their savings build up, they can elect to use those funds to pay their rent, freeing up their cash for other things. With RentPay providing the flexibility and support to the renter (payment timing, amount), agents can focus on optimising their rent rolls for efficiency without needing to change anything. With RentPay using the New Payments Platform (NPP) as its preferred payment platform to agents, no more waiting 2-3 days for funds to clear. Instant payments provide perfect clarity to both the agents and the renters. The next stage of development for RentPay will see trust account reconciliation and a comprehensive suite of property management tools added to the platform. In the meantime, RentPay is compatible for renters to make payments no matter what system their agent uses.