Leverages technology from Plaid to save time and reduce fraud
Solon, Ohio – October 31, 2023 – MRI Software, a global leader in real estate solutions, has launched Revenue Shield by RentPaymentTM to prevent fees related to non-sufficient funds (NSF) and curb fraud in multifamily properties. The new feature reduces NSF and chargeback fees by 95%, saving significant time for multifamily businesses that would otherwise have to track down residents who missed payments because of NSFs.
Revenue Shield by RentPayment uses technology from Plaid, a data network powering the digital financial ecosystem, to support a “trust but verify” approach to bank account information provided by residents and applicants. Plaid provides account authentication and balance verification to ensure that sufficient funds are in residents’ bank accounts before processing a payment. This approach keeps personal information and bank details secure, giving residents control over how their data is shared.
“Rising operating costs and flattening rents leave little room for unexpected fees, whether they stem from human error or fraudulent activity,” says Brian Zrimsek, Industry Principal at MRI Software. “Revenue Shield by RentPayment enables multifamily businesses to further streamline the rent process by reducing the tedious burden of NSFs. The new offering supplements MRI’s other risk management tools like ID verification through CheckpointID and resident screening services.”
Zrimsek adds that the feature also helps residents avoid accidental overdraft fees. “High inflation is already hitting residents’ wallets,” he points out. “Bank fees are the last thing they need.”
For additional flexibility and control over personal finances, residents are taking advantage of the Flexible Rent option in RentPayment, which enables them to break down their payments into smaller amounts paid throughout the month, on their schedule. According to Zrimsek: “It’s another resident-friendly amenity that helps our multifamily clients get paid on time without burdening property staff.”
Attendees at the NMHC OPTECH conference (November 1-3) can visit MRI at booth #427 to see demos of Revenue Shield by RentPayment and more from the MRI LivingTM suite of multifamily solutions.
About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s open and connected, AI-first platform empowers owners, operators, agents and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide, including social, affordable, public and community housing organizations. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses. For more information, please visit mrisoftware.com.