Product Spotlight: Property Payments

One of the more innovative real estate tech products to emerge in recent years is Property Payments, a collaboration between MasterCard and International Bancard. CSA talked with David Iafrate, CEO, International Bancard, about the new product and what it will deliver to the industry.

Has Property Payments officially launched?

Yes, we’re excited to introduce Property Payments, a cloud-based property management and payment platform that allows property managers and tenants — small and large — to manage rent and property-related expenses. It was developed through an initiative between MasterCard and International Bancard, a nationally recognized leader in the payment and real estate industries, to increase awareness and adoption of digital rent payments.

What has the reception been among both tenants and landlords?

It’s been very positive. Every week we’re signing up new property managers, owners and commercial developers. Many tenants have been demanding the option to pay their rent with a credit card, and our platform provides that benefit. One of the most integral parts of our program is our marketing support. We work with our clients to ensure we drive awareness and adoption of the credit card payment option among tenants. That’s a key piece to any program’s success, and we’re delivering that every time for our property manager clients.

What are the advantages of the product for landlords and for tenants?

As with any industry, consumers and businesses alike want convenience and options. Property Payments allows landlords to get paid faster, enable recurring tenant payments, reduce the expense of processing paper checks, and adhere to federal data protection requirements through PCI compliance. For tenants, Property Payments delivers the convenience of a payment option that they prefer, within a simple interface that they can connect to online or on the go.

How does the online platform work?

The Property Payments platform enables property managers to accept tenant rent and property-related expenses through their website, their existing property management software, or by using our comprehensive property management software suite called Property Cloud.