ProPay, a mobile payments leader and innovator has inked a deal with Aptexx, a mobile rent payment service provider to the property management industry, to launch a new and innovative mobile rent payment service. ProPay is an American financial services company that was acquired by Total System Services Inc. (TSS - Free Report) in Dec 2012. Total System is a leading payment processor based in Georgia.
At present the number of generation Y smartphone users is increasing all over the world. The numbers are such that the rental market has around 50 million generation Y Millennials of which the majority use smartphones (80%). On the contrary, the majority of the property management industry is still using PC compatible softwares for more than a decade. These softwares are unfit to work properly on smartphones.
At this juncture to cope with the technological advancement and fast pace of communication, property management companies are in dire need of a solution that will allow them to adapt and communicate with their prospective clients in a fast and effective manner. To cater to this growing demand, ProPay of Total System has launched the new service to allow property managers to receive rental payments and maintenance requests, and also communicate with residents instantaneously. An additional feature of this service is the implementation of mobile card readers that would allow property managers to collect application fees and security deposits through the use of smartphones or tablets.
Aptexx has significant expertise in the property management industry. It was the pioneer in providing mobile-Software-as-a-Service (mSaaS) by using Responsive Web Design and HTML5 technology. We believe that the combination of the data security and payment processing platform of ProPay of Total System and Aptexx’s industry knowledge will make this new service a big hit in the industry owing to its user-friendly features. In a time when most of the property management firms are still struggling with age-old software, the introduction of smartphone compatible software with its anywhere and anytime usage, is expected to help Total System stay ahead in gaining market share.
Total System currently carries a Zacks Rank #1 (Strong Buy). Among other payment processors, MasterCard Incorporated. (MA - Free Report) , Official Payments Holdings Inc. and Alliance Data Systems Corporation (ADS - Free Report) carry a Zacks Rank #2 (Buy).