SAN DIEGO, Oct. 22, 2020 /PRNewswire/ -- Founded in 1982, the Apartment Owners Association of California (AOA) supports its 40,000 landlords membership representing 240,000 renters to build a better community. To set their members and renters up for financial success, AOA announced that they have chosen RentMoola's multi-award-winning platform as their payment solution, providing flexibility during the time of the financial crisis through convenient payment options and industry first interest-free line of credit for tenants.RentMoola's platform puts both landlords and residents in a position to succeed. - Jeff Faller, AOA
People's behaviors have changed, and the industry has to advance to not only match these behaviors, but enhance their experiences. According to a recent survey conducted with landlords, a majority of respondents reported that rent collections are down compared to the prior quarter, and 1 in 4 landlords have already borrowed funds to cover operating costs.
During the COVID-19 crisis, U.S. renters are entering a debt spiral with a catastrophic $21.5 Billion owed in past-due rent according to an estimate by global advisory firm Stout, Risius and Ross. This sets up record cases of evictions and unbearable financial difficulties for the average American families including property owners who often rely on Rent collected to service their Mortgage debts. As landlords look for ways to mitigate risk while supporting their tenants, AOA and RentMoola are providing solutions that will help both sides weather the effects of the pandemic and set themselves up for future success.
Through this partnership, AOA's members will be able to mitigate risk and avoid late payments in multiple ways. AOA, through RentMoola, offers flexible payment options to their tenants online via debit, credit, bank transfer, digital wallet, over the phone, and in-person at over 85,000 physical locations nationwide. More Importantly, as access to liquidity becomes more critical, this integration will open up interest-free customer credit to tenants, a line of working capital for landlords, and micro-financing options to offer liquidity in times of emergency. This paired with comprehensive reporting makes it easier for landlords to avoid missed or late payments.
"The ability to process payments digitally is part of our evolution. RentMoola's platform puts both landlords and residents in a position to succeed. I believe success happens when you help everybody and this is why we chose RentMoola," says Jeff Faller of AOA.
"RentMoola's revolutionary platform is the first to compassionately combine financial services like working capital, interest-free consumer credit, and micro-financing with payment capabilities in the Real Estate Vertical," says Karthik Manimozhi, CEO of RentMoola.
AOA and RentMoola are two companies who have a genuine compassion for people in distress, and share a mission to improve the lives of their customers.
"I am looking forward to growing with RentMoola," adds Faller. "We are going through a digital transformation, and RentMoola is a big part of that."
RentMoola is a disruptive cloud platform transforming the rental industry. It is the first platform to combine financial services with payment solutions. Serving over half a million units in 400 cities, RentMoola empowers landlords and tenants to take control of their finances through an integrated platform with groundbreaking services like interest-free customer credit, working capital, 360° payment solutions, renter's insurance, and more.
About Apartment Owners Association of California
For over 30 years, the Apartment Owners Association of California, Inc. (AOA) has provided California apartment owners with low cost, full service landlording resources. Founded in 1982 by Daniel C. Faller, AOA has become one of the largest apartment associations in the United States.
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