International Bancard, a credit card processing and payment acceptance solutions company, has signed an agreement with MasterCard to expand the acceptance of electronic payments for rent payments and other property-related items.
Under the terms of the deal, MasterCard will become the preferred payments network accepted for International Bancard’s Property Payments digital platform, PropertyPayments.com.
The platform allows tenants to pay their rent and other property-related items using a credit or debit card at no cost.
According to International Bancard, property managers will be able to use the payment solution to accept rent payments online by combining the Property Payments platform into a property manager’s existing website or by enabling the payment module within third-party property management software.
Also, owners can use the platform as a rent payment acceptance solution as well as a comprehensive property management tool to accept payments.
International Bancard CEO David Iafrate said: "Through our Property Payments solution, property owners and managers can meet the growing tenant demand for the convenience of paying rent and other property-related expenses with a credit, debit, commercial or prepaid card, whether one-time or recurring payments.
"Working directly with a network like MasterCard allows us to leverage their knowledge of how other industries have gained material improvements in efficiency, security, customer spend, and earnings by adopting electronic payment options."
MasterCard vice president of acquirer relations Valerie Miller said: "Combining our efforts with International Bancard will help the real estate market take advantage of the added convenience, increased efficiency and security that electronic payments bring."