Flexible rent platform Till announced four new nationwide features Tuesday (Aug. 24), all of which give renters the power to pay their rents when they choose, increasing the likelihood they’ll pay on time, according to a press release.
Till has more than 60 partnerships with companies that manage more than 1.4 million properties. The new features include: Budget and Save; Rent Protection; Free Credit Builder; and Rewards for Rent, the release stated.
The Budget and Save proactive rent savings tool allows renters to pay in smaller installments until their rent is due, according to the release. Till works with property owners and operators to ensure full payment by the deadline.
“Matching rent payments to cash flow revolutionizes a resident’s ability to budget and an operator’s ability to collect rent, ensuring rent is always the priority,” said Till Co-Founder and Chief Growth Officer Brady Nolan in the release. “… Personalized rental payments are the newest and most valuable rental amenity yet because it’s a win for the resident and the multifamily operator.”
Rent Protection “reimagines how flexible payments can catalyze residents to get back on track and stay on track,” the release stated. Till covers rent when enrolled residents can’t make their full payments, an issue for more than 40 percent of renters in the past six months. Till then helps renters repay Till as they continue to budget and save.
“Properties have their own expenses, including hard working property managers and mortgages that they have to pay,” said Till Head of Consumer Product Ashwin Katikapalli in the release. “But that doesn’t mean we can’t provide residents complete personalization of when rent is paid.”
Free Credit Builder encourages on-time payments by helping renters build their credit histories and includes an opt-out, according to the release. Rewards for Rent makes renters eligible to win rent payment rewards and have Till cover their rent.
In June, Till announced it had partnered with Asia Capital Real Estate (ACRE) to launch Till Credit Builder and bring rent reporting benefits to residents in multifamily properties around the country.
Landlords and property managers will lean on ACRE to report rent payments through the Till platform to the three credit bureaus by the end of this year.