Wednesday, January 13, 2016
RadPad Tallies Up $40M In Rent Payments, Teams With Mastercard
Los Angeles-based RadPad, the mobile rental marketplace startup led by Jonathan Eppers, says it processed $40M in mobile credit and debit rent payments in 2015, and has inked a deal with MasterCard. The company, backed by Altpoint Ventures and Goldcrest Investments, said that MasterCard is giving its customers a low 1.99 percent processing fee--rather than a higher, 3.49 percent fee for other cards--if they use their card with RadPad. The deal also calls for RadPad to support MasterCard's MasterPass digital wallet software. RadPad helps renters charge their rent using any credit or debit card, and even Apple Pay, mailing a check to a landlord for that renter. Most landlords typically only accept checks for their rent payments. RadPad charges the cost of its credit card fees to the renter, since the landlords are not involved in the transaction directly.