Introducing The New Company We’ve Formed with Priority Payments, Priority Real Estate Technology (“PRET”)
Written by David Weiss, President
Business,Press,Technology //April 02
Nearly twenty years ago, Tom Villante had the “crazy” idea to start an online payments company called “Yapstone.” Sure, it doesn’t sound too outlandish now but if you consider the time period, it was much too progressive for the masses.
The internet was still new. Most people couldn’t fathom paying for anything online. Y2K was supposed to wipe out most of the population. The recession was a few short years away. And if that wasn’t enough, this payments company would focus its attention on the most stubborn of all industries to join the digital revolution: the long-term rentals space.
Despite all of these challenges, Tom put together a team of amazing individuals that came together to create a great product and persuade landlords to take a chance on digital payments. That team continuously grew and a decade later, Yapstone’s business, RentPayment.com, became the leading payments provider for the long-term rentals industry, processing billions of dollars each year in monthly rent.
Since then, Yapstone has also become the leading end-to-end payment solutions provider to the $1.5TN Global Travel vertical, and we’ve recently launched our new Transact Platform, which will service a broader set of marketplaces, software companies, platforms and merchants worldwide. For the past several years, we’ve been focused on how to best maximize our long-term rent’s business potential and we came to the conclusion the best way to scale the business was to partner with another leading payment company.
Our New Partnership
We recently announced our partnership with Priority Technology Holdings, a publicly-traded company that delivers merchant acquiring and commercial payment solutions. Priority established a new entity in 2018 called Priority Real Estate Technology, LLC (or “PRET”), through the combined acquisition and capitalization of their properties Landlord Station, a tenant screening platform, and RadPad, an online marketplace for home renters.
By strategically aligning ourselves with another long-term rentals industry leader, our combined rent products are far better positioned to scale globally. Priority is a great partner for us to accomplish this because they own several impactful technologies that service the rentals industry, they have a very strong distribution platform as well as complementary acquiring and commercial payments businesses.
So, we will be joining PRET as an owner and combining our impressive products into one entity.
How it Will Work
Yapstone will be contributing our rent, dues and storage customers and our RentPayment, DuesPayment, and StorageRentPayment domains to the entity. Yapstone will continue to process credit and debit card transactions for PRET, funds will continue to flow through Yapstone’s FBO account and PRET will utilize our money transfer licenses in the U.S. We will license our technology to PRET for use in rent, dues and storage only. Yapstone retains 100% of all marketplace opportunities, including all apartment and single-family home marketplaces.
Yapstone will retain a significant minority stake in PRET and will serve on its board of directors.
Priority will contribute its RadPad and Landlord Station businesses and will assume day-to-day management of these verticals including account management, customer support and new technology development.
The combined businesses will be far better positioned to drive card acceptance and scale by leveraging Priority’s 1,000 sales agents nationwide. PRET has established strategies to penetrate the large PMC market, integrate with middle-market rent software companies and attack the long-tail.
Re-Focusing Our Yapsters
This new partnership allows us to retain an operational and equity interest in the long-term rent business and at the same time, allows our team to focus on growing our business in Travel and New Verticals globally as well. In fact, we started this journey in 2018, announcing Transact at Money 20/20 last October. We have significantly expanded Transact’s capabilities since then, releasing microservice technology that enables us to provide pay-in, pay-out including instant payouts, risk management, FX, legal/compliance, customer support and other value-added services independently to partners worldwide.
In Gratitude To Our Team
This is truly an incredible partnership and we got here on the efforts of our extraordinary people!! As part of this new Venture, our journey and commitment to our Rent, Dues and Storage customers isn’t over. We will continue to work hard to ensure our existing marketplace customers and our new extended family has everything they need to continue to innovate and delight – as only Yapstone can do.
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