Rental management platform Cubbi has launched instant rental payments as part of a series of new features aimed at offering an improved rental experience for owners and tenants.
Cubbi’s co-founder and co-CEO, Jason Gilbert explained many in the rental proptech space were focussed on taking property management online, but Cubbi’s new features were designed to address common issues encountered by owners and tenants.
The new Instant Payments feature tackles one of the biggest bottlenecks in ensuring on-time rental payments, Mr Gilbert noted.
“Most payment methods deduct instantly but can spend a few days in a vacuum while they are being cleared, leaving very little visibility to owners and tenants,” he said.
Cubbi’s Instant Payments is powered by the New Payments Platform (NPP), using the latest technology to ensure the tenant’s rent payments are paid on-time and land in the owner’s bank account within one minute.
Effectively it means rent is received, reconciled automatically and paid to owners instantly, without human intervention or the use of a trust account.
With Instant Payments leading the upgrade, Cubbi has also unveiled a series of further features, including intuitive payment options that see the platform automatically recommend the best payment options based on paid dates.
They have also released real-time payment tracking, which allows owners and tenants to see where in the process their money is.
Mr Gilbert said the new features were developed after listening to the needs of both tenants and owners and were the result of a “constant focus on a better renting experience”.
“…we’re extremely excited to see the reactions of our users as we unfold this year’s impressive feature launch pipeline,” Mr Gilbert said.
Launched over five years ago, Cubbi was founded by former real estate agent and property manager Michael Gilbert, and business and marketing strategist Jason Gilbert in a bid to connect landlords directly with tenants, while automating the property rental process.