Mobile money enabler Mobetize Corp. has signed a partnership with RentMoola to bring mobile rent payments to Canadian tenants and landlords. RentMoola is a mobile and online payment network in partnership with Visa, MasterCard, Discover, American Express and RM Direct Debit, powered by BMO Financial Group.

The partnership is designed to bring the efficiency and simplicity of mobile payments to the longstanding manual and often arduous process of paying rent, according to the announcement.

"The time-honored process of paying the rent has historically been marred by inefficiencies, late payments and logistical challenges ranging from untimely mailing to traffic jams delaying personal delivery of rent payments," Mobetize co-founders Stephen Fowler and Ajay Hans said in a news release. "The Mobetize-RentMoola mobile payment solution guarantees funds and eliminates these speed bumps, saving time, money and aggravation for property managers and tenants alike."

RentMoola CEO Patrick Postrehovsk said the company's PCI-compliant platform lets property managers accept mobile rent payments and will reduce costs by up to $25 for processing and handling for a typical check and $20 for set-up of a standard pre-authorized debit. Tenants can use any major credit card for recurring or one-time payments from more than 100 countries, and also have access to additional rewards via the MoolaPerks program.

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