Today’s Q&A Wednesday is with Paul D. Allen, the founder and CEO of PayMyRent.net (http://www.paymyrent.net/).
Q: Give us the elevator pitch for you company?
PayMyRent.net is an online service provider to rental property owners, landlords
and/or community managers who need a single tool to assist with the day to day headache of managing rentals. PayMyRent.net is a “one stop shop” for the entire rental process including finding and screening residents to fill a vacancy, managing maintenance requests and accepting payments, no matter the number or type of units that need to be managed. From the resident’s point of view – who wouldn’t want the ability to pay rent using a credit card if for no other reason than for the convenience and points?
Q: What separates you from your competitors?
The answer to this is extensive. First we are the only application needed for anyone in the property rental industry. The solution we provide is for long and short term, vacation rental/leasing, student housing, and anything else that may be rented for any period of time. We have literally taken all of these ideas and combined their needs into a single, easy to use “portal”.
Second is the PayMyRent.net team. We have hired top professionals who have excelled in all of their previous endeavors with outstanding performance records. The PayMyRent.net team is dedicated to taking the product and services to the next level. We are all 100% focused on the product, quality of services, and customer driven initiatives.
Finally, the product itself is very distinct. PayMyRent.net has chosen to focus on the customization of th
e service to fit any and every user. We eagerly interact with our clients and listen to their needs to assure we meet their every expectation. Each feature is designed from the ground up so the client can customize for their specific industry. Whatever the needs may be, we are confident we can accommodate their requests regardless of the client size.
Q: How has customer adoption been so far?
Customer adoption has been accelerating rapidly over the past year. We had previously underestimated the demand for such a product in a particular niche market with very little competition. With the recent addition of the PayAssist application, student housing has become our most promising market. The PayAssist application is a product that allows residents to ask others for payment assistance. As a result, we are moving certain key aspects of our application to be hosted in the cloud as we need the elasticity and scalability. This move is very exciting for us. We will be able offer our solution to anyone and everyone when the transition is completed.
Additionally, we are officially PCI Certified and a licensed Merchant Service Provider. When paired with the standard PayMyRent.net product offering, the merchant account rates we provide are nearly unbeatable. We can even provide these services to anyone in the industry, not just landlords.
Q: So, what’s next?
We are at the end of what we like to call our “Set” phase. This is based on a two year, “Ready, Set, GO!” startup plan that our Management Team followed and adopted over the years.
The “Ready” phase was market research and a creation of a proof of concept. I spent months traveling around the United States interviewing industry professionals and attending lectures and seminars. The “Set” phase began with the rollout of the proof of concept into a viable product. Shortly after, we allowed select customers to be added to the system, and developed a nationwide marketing campaign. This campaign will be executed when we are stable in “The Cloud” next month. At that point, we will have entered the “GO!” phase when the allegorical doors will be open to anyone and everyone. It’s really a very exciting time for us.
Q: What can we expect to see in the future from your company?
These economic times tend to extend a shadow over everyone’s outlook. Our entry into the market for timing, price-point, and product came at an inopportune time. Even through this, in the last year we have managed to triple our personnel and increase our client base by even larger percentages. Our product offering has doubled, yet the price of service has never increased. These trends will continue as our innovation and ideas increase far more rapidly than we can bring them to fruition. Look for us in off campus housing near you – if we aren’t there yet, we will be soon!
The long term future is bright for PayMyRent.net, and we are as charitable as we are innovative. Our company will soon evolve to include a non-profit organization offering assistance to the homeless in the United States. The first step came this year when we rolled out a service that gives back to the community in the form of monetary assistance to some of the residents who are enrolled in our program. Our sights are set on helping not just those using our services, but anyone who needs it.