Online Rent Payment Service Lets You Pay Rent Your Way, Build Credit

March 17th, 2010 by Matt DiChiara| Posted in Roommates | 3 Comments »

Today we are happy to feature a guest blog post from Kathleen Johnston of WilliamPaid.com, a website that helps roommates manage and maximize the benefits of paying rent every month.

Hey MyNewPlace.com’ers! We want to introduce you to WilliamPaid, an online resource for renters and roommates that recently launched. We provide an online rent payment service that lets you, the renter, decide how you want to pay rent: electronically from a bank account, by using a credit or debit card or using any combination of payment sources. We’ll even report your rent payments to a credit bureau (with your permission, of course), so you can finally get credit for your biggest monthly payment.

We recently surveyed more than 200 renters just like you. You may not be surprised to hear that more than one-quarter of the respondents indicated that they have paid their rent late. Ouch – that’s a lot of late fees.

Having flexibility – and an automatic, recurring payment option– is something renters want and need. “I live with three other roommates, and our biggest challenge has been getting our rent in on time. It is difficult for us to be on the same page,” said Ingrid P.19, from Suffolk University.

WilliamPaid was built to solve the problems that renters like you have on a day-to-day basis, including archaic rent payment limitations. Evan Silverman, WilliamPaid’s CEO, sums it up. “We have heard Ingrid’s story many times – renters and roommates are struggling to coordinate the rent payment and, in these busy times, just get the rent to the landlord.”

To address these issues, WilliamPaid provides flexible rent payment options that let you and each of your roommates pay rent how each person chooses – bank account, credit or debit card or any combination – but yet provides a collective payment to the landlord. And, with WilliamPaid, each roommate can see who has paid – and, more importantly, who hasn’t. “It’s a non-confrontational way of dealing with the rent while also providing the flexibility that each roommate may need,” said Silverman.

WilliamPaid also helps you build credit with your rent payment. As the only rent payment service that reports rent payments to a credit bureau, you can build credit without going into debt – something renters struggle with.

“I’m almost done with school, inching closer and closer to financial independence. After being rejected for my first credit card, I realized I need to find a way to build credit,” said Nicki S., 22, from Loyola University.

WilliamPaid solves other renter and roommate problems as well with its functionality and tools, including share bill management and tracking, customizable roommate lists, personal message boards, cash-back rewards, matching contributions for student loan payments and interactive roommate agreements.

Check us out – www.williampaid.com.

Just to add my own anecdotal two cents in at the bottom here, I definitely plan to use the service. When you first move in with roommates, just paying the rent on time is almost taken for granted–like doing the dishes or taking out the garbage–until it really becomes a problem. And some months it is a problem with real consequences, a check doesn’t clear, a roommate goes on vacation when rent is due, whatever cause the delay, this can endanger the lease and adversely affect all the roommates.