OAKLAND, Calif., Nov. 10, 2021 /PRNewswire/ -- Xspaced, a fintech platform for rentals, today announces the launch of virtual bank accounts for tenants. Virtual Banking for tenants enables FlexRent which allows tenants to split their rent into smaller payments over a month independently from landlords registering on the platform.
"Since launching FlexRent last year, we've continuously heard from tenants that they would like to have more flexibility when it comes to paying rent and from landlords that they want to keep their current rent collection system," says Alex Pelin, co-founder at Xspaced. "With the launch of Xspaced Virtual Banking, Xspaced becomes the first of its kind, flexible rent payment product in the US that doesn't require landlords to register. Tenants can save money towards their next rent payment via smaller payments over the month, landlords can keep collecting rent on their preferred payment portal - it's a win / win for everyone!"
Instead of paying rent on their behalf, Xspaced helps tenants save money for their upcoming rent payment and differs from existing alternatives as it:
- doesn't require tenants to go through credit checks; - can be used on any property where tenants pay rent online and doesn't require an approval or registration from the landlord; - is 3x-5x cheaper compared to other flexible rent payment products.
"As a provider of sophisticated payment solutions, Dwolla couldn't be more excited to work with Xspaced as they address a very complex problem for tenants in the U.S. Making expense management simpler for anyone on a variable income has been a challenge for a long time. With Virtual Account Numbers, Xspaced is helping make rent easier by helping tenants align their rent payments with their income schedule. We're proud to power part of their solution," says Brady Harris, CEO of Dwolla.
Xspaced is available nationwide and is part of Xspaced's mission to make housing more accessible and increase housing security, by building modern fintech products for rental properties in the US.
Xspaced provides landlords and tenants with flexible rent payment tools. Xspaced helps landlords attract new tenants with personalized payment schedules. Tenants benefit by being able to better manage their cash flow and maintain liquidity.
Xspaced is based in Oakland, California. To learn more please visit www.xspaced.com