You are just getting ready to move into your first apartment. Before moving in, you and your roommates gather around your laptop at the coffee shop, where you put the $1.69 bottomless cup o’ joe on your Visa. Together, with six cups of coffee coursing through your veins, you search and purchase all your new apartment necessities like beanbag chairs and toilet cleaner online, all of which were paid for with a credit card.
While you are sitting there, you also set up your electricity and Internet services online, providing information for which bank account you would like debited each month.
After everyone else takes off, you go online and buy your college textbooks and tickets for the movie you will go to that night.
Oh, and on the way home, you drop off a check to your landlord for your share of the rent. (You’re still not sure when and how your roommates are going to pay their shares.)
Wait. A check? Yes, a check. In fact, more than 70% of renters still pay by check. For many, it is the only check they write each month.
The folks at WilliamPaid wondered why, in this technological age where you can buy a pack of gum with a credit card and live your life online, can’t renters pay rent online and have more flexible rent payment options than just a check?
Their conclusion: No reason.
So, WilliamPaid found the solution – and then some. At WilliamPaid.com, tenants have the power to decide how they pay their rent – bank account, credit or debit card or any combination. They even set up a feature that allows roommates to split the rent, with each roommate paying how they choose, with one collective payment going to the landlord.
Now – to the “and then some.” WilliamPaid decided that if they were going to ask tenants to use their service, they wanted to give them more – really help them. Here’s what they came up with.
First, from prior experience in the mortgage and student loan industries, the folks at WilliamPaid knew that few young adults have the ability to build good credit without going into debt. But, most pay their rent on-time (or close enough) every month. They just don’t get credit for it. Until now.
To bridge this gap and give renters credit for paying rent, WilliamPaid partnered with a nationally-recognized credit bureau to report rent payments to help renters build their credit histories with their rent payments. And, the site provides a lot of information about building credit – think Credit 101 without the tuition.
Then, when it comes to students, who could miss the elephant in the room (or, in this case, in the hole)? Most young adults are saddled with student loans. In addition to offering a resource for people with questions about their student loans, WilliamPaid is putting their money where your loans are.
WilliamPaid provides a couple ways for renters to earn cash-back (and have their family earn cash-back for them). When they earn cash-back by referring members and/or shopping online with any of their hundreds of online retailers (big names like Gap, Home Depot, Best Buy – you get it), when they apply their cash-back to their student loans, WilliamPaid will add an extra 10%.
WilliamPaid also gives renters and roommates functionality and tools to help them manage their overall rental life. From personalized, interactive roommate agreements to apartment message boards and customizable lists, WilliamPaid is just trying to help simplify renters’ lives. And, they do.
To further simplify the lives of the Real College Guide Blog readers, WilliamPaid is offering readers a special discount. Save a tree and have WilliamPaid pay your rent automatically and electronically – and save 25%. Use promo code “RCG25” and receive 25% any rent payment service. (Expires 5/15/2010 and cannot be combined with other offers.)