RoommatePay makes splitting rent among roommates easy. Instead of a single person responsible for a lease to make the entire payment (and chasing down roommates for Venmo or Zelle), RoommatePay automatically debits each roommate's bank account and makes a single payment to the property manager/landlord. RoommatePay is available through property managers/landlords that have signed up for our service.
No - currently, RoommatePay is only available for property managers/landlords that offer our service. If you want to get your property manager/landlord added to our platform, please give us their info here. (link to Jotform for property manager/landlords interested in our service)
There is a convenience fee paid each month per roommate of $9.95. For four roommates splitting a $2000 rental, this is less than 2% of their rent. This fee covers the costs of connecting each roommate’s bank account, individual debit from each roommate’s bank account and combining funds to make a single payment to the property manager/landlord.
No - RoommatePay only offers pay-by-bank functionality using each roommate’s online banking login and password.
As rent is almost universally due on the first of each month, RoommatePay’s debit date is the 25th of each month. This allows for any or all of the following: weekends/holidays, shorter months (like February) and the time for funds to clear your bank account for payout to your property manager/landlord.
Yes - each roommate must have a US-based bank account to use RoommatePay.