Most people pay almost every expense they make by credit or debit card–so why not rent? UrbanR allows you to do just that. It’s not an appointment for everybody, but it’s certainly worth investigating in if you have ever experienced […]
Most people pay almost every expense they make by credit or debit card–so why not rent? UrbanR allows you to do just that. It’s not an appointment for everybody, but it’s certainly worth investigating in if you have ever experienced difficulties or inconveniences with paying or receiving payment for rent. Let’s check out some information about urbanr.
History of urbanr
Urbnar is a rental company based in ny City that was founded in 2015. It began as a web marketplace for brand spanking New York City apartments, by offering free rental listings, online applications and even credit reports.
The online rental marketplace continues to be available only in ny City, though there are plans to expand that service into other cities within the future. However the corporate is offering their credit and open-end credit rent payments across the country.
The company offers renters, owners and brokers an improved speed and convenience of rental payments. UrbanR does this by enabling tenants to fund their rent payments using their mastercard . They also offer what they claim are the lowest credit card fees within the U.S.
Though the online rental marketplace continues to be available only in ny City, though there are plans to expand that service into other cities within the future. However the corporation is offering their credit and open-end credit rent payments across the country.
How urbanr works
UrbanR works together with Citibank to supply secure transaction processing, though all client funds are processed through a segregated co-mingled client account with J.P. Morgan Chase.
The service works to unravel problems for each side of the rental equation–the landowner and the tenant.
For the landowner, the power to simply accept credit cards means they don’t need to rely entirely on payment by check. This not only accelerates the rent collection process but also avoids the matter of bounced checks. In effect, the owner is receiving the rent payment electronically instead of through paper.
The tenant gets the advantage of being able to form the rent payment by credit card. While this might be important during a time of tight finances, it also can provide certain benefits. For instance , it could enable you to require advantage of rewards points, cash back and airline miles on a credit card. And if your landlord is in a remote location, it’s a way to get the rent payment in his or her hands before late fees kick-in.
How To Participate in urbnar
To participate, both the owner and tenant must check in for the UrbanR service on the web site.
The landlord signs up as the landowner. You enter the property address, the rent amount, the lease term, and therefore the date the rent is due monthly. You as the landowner, also choose how the credit card fee are going to be paid, either 100% by you, 100% by the tenant, or a 50-50 split.
The tenant goes through an identical sign-up process. Both must also enter an email address and phone number , then set up an account password. The renter also adds his or her credit or open-end credit information for payment purposes.
UrbanR Features and Benefits
Credit Cards Accepted
UrbanR receives Visa, Discover and MasterCard, including both credit and debit cards. they do not accept American Express.
Once a renter makes a payment, the owner will receive the funds in 3 to five business days, deposited directly into their checking account .
You must make the whole rent payment using UrbanR. They do not allow partial payments, so you won’t be able to use the service to hide a rent shortfall.
However, UrbanR allows you to separate your payments into as many as three different credit or debit cards for every rent payment. Which will also function a workaround to the partial payment limitation. For instance, if your rent is $1,000 but you simply have $700 in your checking account , you’ll use your checking account open-end credit to pay $700, and charge the remaining $300 to a credit card.
Improve Your Credit
If you don’t have much credit, using UrbanR to pay your rent is a way to develop a robust credit score. Of course, that needs paying off your credit card balances promptly and always on time.
Great for little or Large Property Owners
There are not any restrictions on either the dimensions of the property (number of units within the building), or the amount of properties owned. They also offer corporate on-boarding capability for larger property owners.
Customer Service and contact
Available by either email or toll-free phone, Monday through Friday, 9:00 AM to 5:00 PM, Eastern Time .
UrbanR Pricing and costs
UrbanR charges a 1.5% credit card fee for the pay rent service which they claim is the lowest credit card fee within the country.
How is it very cheap in the country? Though they’re invisible to the credit card user, banks charge merchants credit card merchant fees to process payments. It’s the merchant’s side of the credit card fee arrangement, while the mastercard user pays interest on the balance carried on the card. Mastercard merchant fees typically range between 2.5% and 3.0% of the transaction amount but they will be even higher. This is often why the 1.5% fee charged by UrbanR is so low.
There are three different payment arrangements for the fee:
Renter pays the complete fee
Owner pays the complete fee
Both parties split the fee at 0.75% each–they ask this as the “Go Dutch” option.
The UrbanR Rental Marketplace
This is UrbanR’s original business. It focuses on the ny City rental market and currently offers over 6,000 rental units at all price levels across the town .
The platform enables you to filter your search by monthly rent range, and even whether or not you are willing to pay a rental fee.
Once you narrow your search it will provide you with a list of apartments within your specified parameters. You can click on any of the listings, and it will provide full property information, including address, contact information, room count, floor level, required security deposit, and whether or not pets are accepted. It will also list various amenities including storage, washer and dryer (or laundry room availability), fitness center, lobby attendant, rooftop deck, and building security.
Many listings will also include a generous photo display. This will show interior photos, the unit floor plan, views (if any), as well as outdoor and street scenes. It will be like taking a tour of the apartment, the building and the neighborhood, except that it’s done entirely online.
There is no fee indicated for the use of the service, though there may be fees payable to a third party real estate company or apartment finding service.
Urbnar service is unique in several ways more than one. They have successfully solved the problem of late rent payment for rentals.