MRI Software has launched Revenue Shield by RentPayment to prevent fees related to non-sufficient funds (NSF) and curb fraud in multifamily properties. The new feature reduces NSF and chargeback fees by 95%, saving significant time for multifamily businesses that would otherwise have to track down residents who missed payments because of NSFs.
Revenue Shield by RentPayment uses technology from Plaid, a data network powering the digital financial ecosystem, to support a “trust but verify” approach to bank account information provided by residents and applicants. Plaid provides account authentication and balance verification to ensure that sufficient funds are in residents’ bank accounts before processing a payment. This approach keeps personal information and bank details secure, giving residents control over how their data is shared.
“Rising operating costs and flattening rents leave little room for unexpected fees, whether they stem from human error or fraudulent activity,” said Brian Zrimsek, Industry Principal at MRI Software. “Revenue Shield by RentPayment enables multifamily businesses to further streamline the rent process by reducing the tedious burden of NSFs. The new offering supplements MRI’s other risk management tools like ID verification through CheckbpointID and resident screening services.”
Zrimsek added that the feature also helps residents avoid accidental overdraft fees.
For additional flexibility and control over personal finances, residents are taking advantage of the Flexible Rent option in RentPayment, which enables them to break down their payments into smaller amounts paid throughout the month, on their schedule.
