Cubbi uses PayID for instant rent payments and to fight fraud
Michael Gilbert, Co-founder and Co-CEO of Cubbi, says PayID plays a big part in the online property management platform’s success.
“When a renter pays their rent using PayID, it can be reconciled, marked as paid and then deposited into the homeowner’s account within 60 seconds.
“This means renters don’t have to worry about payment processing times and it improves their pay-on-time record, which is critical when applying for a new home.
“For a landlord, access to fast rental payments is extremely good for their cash flow, so they can pay their mortgage and other expenses,” said Michael.
PayID also plays a role in helping Cubbi fight fraud.
“Soon after we launched Cubbi we lost nearly $10,000 to a scammer, and I was determined to never let that happen again.
“Now with PayID, before we start using a homeowner’s account, we first put a small amount into their account using PayID, which they must verify. We do that for both homeowners and renters so we can all be assured that the accounts are genuine,” said Michael.
“We’ve had almost zero fraud since we started to use PayID, and we’ve got happier customers.”