Green Dot Corporation, a leading provider of retail-based financial services for America's underserved community, announced today an agreement with RentPayment, the largest electronic payments processor in the multifamily industry. Through this agreement, customers of RentPayment will have access to convenient cash payment methods using Green Dot's MoneyPak.
MoneyPak 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 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 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 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, 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 as a form of payment, especially for those billed on a recurring basis.”
The Green Dot MoneyPak 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 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.”
About Green Dot Corporation
Green Dot Corporation is a leading provider of retail-based financial services for America's underserved community. The company offers consumers a comprehensive portfolio of financial products and services through thousands of leading retailer locations nationwide including CVS/Pharmacy, Radio Shack, Rite Aid, Walgreens, WalMart and Kroger, including Kroger store chains Ralphs, Smith's, Fred Meyer and King Soopers. Green Dot’s Products include Green Dot MasterCard, Visa and Discover branded prepaid debit cards, Green Dot credit cards and the Green Dot MoneyPak. The Green Dot MoneyPak is a consumer to business "C2B" cash processing gateway that provides a convenient and efficient way for consumers to load cash to prepaid cards, use cash to pay bills, and add cash to a variety of accounts. Green Dot is headquartered in the greater Los Angeles area.
RentPayment, a division of YapStone, Inc., is the largest electronic payments processor in the multifamily industry, serving over 20 of the Top 50 National MultiHousing Council Property Managers (2006 survey). Founded in 1999, RentPayment's services are available in over 2 million apartment units. RentPayment provides a unified Web-based platform for check scanning, credit card processing, and electronic check processing to the property management industry. RentPayment's headquarters is located in the heart of the Financial District in San Francisco, California. RentPayment has additional offices in Salt Lake City (UT), Santa Monica (CA), and Santa Barbara (CA).