There was a lot of interest in this corner of the blogosphere a few weeks ago when RadPad offered free rent payments to Android Pay users. That deal died a quick death:
Prior to the promotion, Android Pay users represented less than 5% of all rent payments on RadPad. Six days after the promotion, Android Pay users represented 70% and the number continues to climb. Thousands of renters have signed up in the last two weeks to pay their rent using Android Pay, equating to more than $5M in rents.
Although we are overwhelmed that the promotion has gained so much traction, we drastically underestimated just how many people would sign up to pay their rent with Android Pay; and within only a few weeks we’ve surpassed the budget for the entire year that was allocated to subsidize the credit card fee.
That is why we regret to inform everyone that beginning today, August 24th, 2016 we will no longer be able to offer the Android Pay promotion.
This isn’t free, but Plastiq is now offering a fee of only 1.75% on all mortgage and rent payments. Here’s their pitch:
Schedule at least 6 rent or mortgage payments with your MasterCard, by September 30, and lock in a 1.75% rate on those payments.
We’re serious. Just follow these four steps, then sit back and relax as you pay your rent or mortgage just the way you want – with your card:
1. Schedule 6 or more payments, as far into the future as you’d like.
2. Make sure those payments are for rent or mortgage.
3. Use your MasterCard.
4. Do it before September 30, 2016, 11:59 p.m. PT.
If you’ve got a card paying 2% or more, you could actually turn a modest profit on those payments. Have at it…