How effective is RadPad?
ApplePad is an innovative app that makes it possible for you to pay your rent using Apple Pay. The app was founded by Tim Watson, Tyle Galpin and Jonathan Eppers last January and their aim was to offer a truly convenient and mobile way for users to search for apartments. However, the small team at RadPad has tried to make it more than an apartment finder and want it to be the answer to all rental needs. It is to this end that they rolled out the new pay service today.
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If you currently pay your rent using cash or check, RadPad can enable you to pay using a credit card or debit card with Apple Pay even if your landlord is not registered with RadPad. For a small fee, the app turns your payment into a physical check and sends it out to your landlord.
According to RadPad, there are currently over 90 million tenants in the United States who have paid rent through cash or check- this amounts to $ 350 billion in annual rent. They say that 4 weeks after it was launched the Pay with RadPad feature processed an amount of $256,000 in rent via mobile payments. To use the App, you simply tap on Pay My Rent, input your details before entering the details of your landlord.
It is important to note that the app comes at a cost. If you pay your rent using a debit card, you are charged a flat fee of $4.95. However, if you are paying with a credit card, you are charged 3.25 percent of your monthly rent. Eppers say they have negotiated as much as they could and he adds that if they were to get a zero fee, they would charge that but there was no way they could avoid that. He adds that their fees are same as those of Venmo, which is the lowest in the industry now.
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Source: Apple Balla