NEW YORK, April 10, 2019 /PRNewswire/ -- Obligo, the financial technology company that rids landlords and tenants from the burden of security deposits, announced today a breakthrough new offering for landlords, management companies, leasing professionals and industry software vendors that partner with Obligo in 2019: the ability to accept certified online payments for security deposits, first month's rent and other move-in payments, free of any surcharge to them or their renters.
While apartment renters have been able to pay rent through online portals for years, move-in payments for things like security deposits or first month's rent are still ubiquitously being paid using physical certified checks, which are handed-off between brokers, accountants, and bankers for manual processing.
This reliance on certified paper checks has not been without reason. Until now, landlords and management companies who wished to completely eliminate paper payment from their workflows have had to choose between assuming significant bounce risks or paying cost prohibitive surcharges to certify the payments. Hence, a fully paperless move-in process has been a luxury only afforded by the most high-end and forward-thinking landlords and management companies. With this new offering, fully paperless move-in process is a reality for all Obligo partners.
This announcement comes nine months after Obligo disrupted the rental tech market with its high-tech alternative for security deposits, the first deposit replacement solution which does not rely on insurance. Instead, Obligo's solution is for tenants to give their landlords a "billing authorization." The solution, which relies on Open Banking technology, keeps landlords secure while maintaining full renter accountability, just as if they had given a deposit.
"Obligo partners can upgrade their current tenant onboarding workflow to take advantage of our free and unified platform," said Omri Dor, co-founder and CEO of Obligo. "Tenants at the lowest risk level will qualify for Obligo's deposit-free option, which costs a nominal fee. Tenants who don't qualify or who prefer to pay a normal deposit, will be able to pay their deposit online, without any surcharges. Other move-in payments such as the first month's rent are processed for free as well, to eliminate the need for any paper checks."
Some of New York's most high-profile apartment industry players have already adopted Obligo, including Adam America and Olshan Properties.
"Previously, our teams had to send promising prospects to the bank for a cashier's check, not knowing if they would ever come back," said David Maundrell III, Executive Vice President of New Developments at Citi Habitats. "In buildings where Obligo is available, our prospects are able to post their deposit instantly, right from their phone, right from the leasing office. These payments are also fed directly into the accounting systems of our clients, which saves them a lot a manual data entry. Obligo has been aligned with our goal of providing excellent service and achieving excellent results for our clients, and we hope to cooperate on more buildings in the future."
"We're strengthening our focus on our technology and core credit risk mitigation capabilities, and we are partnering with the most respected landlords, management companies and software vendors on the market," said Roey Dor, Co-Founder and President of Obligo. "Our partnerships include accounting solutions, payment processors, tenant screening data aggregators, resident portals, and insurance providers. We intend for our technology to help power seamless, best-of-breed experiences for landlords, management companies and renters across NYC and beyond."
Obligo is a financial technology company that harnesses state-of-the-art Open Banking and AI technologies to rid both landlords and renters from time consuming, costly and obsolete practices such as security deposits or certified paper checks. For more information, please visit www.myobligo.com
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