SYSTEMS AND METHODS FOR COLLECTING ON-TIME RENT PAYMENTS

A system comprising a non-transitory memory storing an executable code and a hardware processor executing the executable code to receive a rental payment input indicating that a renter has paid a rent for a property on a payment date, apportion the rent based on an on-time status of the rent and a renter status of the renter, transmit a rent portion of the apportioned rental payment to a manager, and transmit a rebate portion of the apportioned rental payment to the renter based on the renter status of the renter.

BACKGROUND

Renters typically pay rent to have temporary use of an item or property they do not own, such as a product, a vehicle, or a property. The rental payment is made periodically and is normally due on a certain date with a grace period during which the rent may be paid without incurring a penalty. If the renter fails to pay the rent by the due date, the property owner or property manager may initiate recovery efforts to obtain the rent. These rent recovery efforts cost the owner or manager a great deal of time and energy. A system for guaranteeing on-time rental payments to property owners/manager is needed.

SUMMARY

The present disclosure is directed to systems and methods for collecting on-time rent payments, substantially as shown in and/or described in connection with at least one of the figures, as set forth more completely in the claims.

In some implementations, the system includes a non-transitory memory storing an executable code and a hardware processor executing the executable code to receive a rental payment input indicating that a renter has paid a rent for a property on a payment date, apportion the rent based on an on-time status of the rent and a renter status of the renter, transmit a rent portion of the apportioned rental payment to a manager, and transmit a rebate portion of the apportioned rental payment to the renter based on the renter status of the renter.

In some implementations, in order to determine the on-time status of the rent, the hardware processor further executes the executable code to compare the payment date with a due date stored in a database and associated with the rent, and identify the rental payment as an on-time status if the payment date is one of a date before the due date and the same date as the due date.

In some implementations, in order to determine the renter status of the renter, the hardware processor further executes the executable code to query the on-time status of a plurality of rental payments made by the renter stored in a database, and assign the renter a renter status based on the plurality of rental payments stored in the database.

In some implementations, the rent portion of the apportioned rental payment is transmitted to the manager on a due date of the rent for the property.

In some implementations, the rent portion of the apportioned rental payment is guaranteed to the manager on a due date of the rent for the property if the manager is a subscriber.

In some implementations, the hardware processor further deposits the rebate portion of the apportioned rental payment in a rebate account.

In some implementations, the rebate account is an interest-bearing account.

In some implementations, the rebate is based on the interest accumulated by the rebate account.

In some implementations, the property is one of a real property and a car.

In some implementations, the property is one of an apartment, a condo, and a house.

DETAILED DESCRIPTION

FIG. 1shows a diagram of an exemplary system for collecting on-time rent payments, according to one implementation of the present disclosure. Diagram100shows property99, manager101, relationship102, renter103, relationship104, computing device110, manager bank191, and renter bank193. Property99is property that is rented by renter103and is managed by manager103. Property99may be an item of personal property, such as clothing or jewelry, a tool, such as a power tool, a piece of furniture, such as a bed, a dresser, or a desk, a vehicle, such as a car or truck, or other type of personal property that an individual may rent. Property99may be residential property, such as an apartment, a condo, a house, or commercial property, such as an office, a warehouse, a building, or an apartment or condo complex.

Manager101may be a property owner, a property management company, an association, a government entity, a private business, a public business, or other entity that collects rent for property. Property rented includes real property, such as residential property or commercial property, personal property, vehicles, or other types of property that can be rented. In some implementations, the property may be an apartment, a condo, a residential home, a mobile home, a recreational vehicle, or other dwelling unit. The relationship between property99and manager101is shown by relationship102indicating that manager101manages property99.

Renter103is an individual who rents property99from manager101. Renter103may rent property99for a period of time, such as a number of hours, a number of days, a number of weeks, a number of months, or a number of years. In some implementations, renter103may sign a contract guaranteeing a minimum time period during which to maintain the rental, such as a real estate lease on an apartment, condo, or house. The relationship between property99and renter103is shown by relationship104indicating that renter103is renting property99.

Computing device110is a is a computing device, which includes processor120and memory130. Processor120is a hardware processor, such as a central processing unit (CPU) used in computing devices. Memory130is a non-transitory storage device for storing software for execution by processor120, and also storing various data and parameters. Memory130includes manager database131, renter database133, and executable code140. In some implementations, manager101or renter103may connect to computing device110via network150. Network150may be a computer network, such as the Internet. In some implementations, computing device110may connect with manager bank191and renter bank193via a computer network, such as the Internet.

Manager database131is a database stored in memory130. Manager database131may store data may store information, data, and statistics about one or more properties including property99. Manager database131may store information, data, and statistics about one or more managers including manager101. In some implementations, manager database101may associate manager101with one or more properties including property99. Manger database may store information related to manager101, such as reviews, rankings, the length of employment of manager101, the duration of time manager101has managed property99. In some implementations, manager database131may include a payment date associated with property99. The payment date may be a date on which manager101is to be paid the rent for property99. In some implementations, the payment date may come before the date on which the rent for property99is due from renter103, on the same date that the rent for property99is due from renter103, or on a date after the date that rent for property99is due from renter103.

Renter database133is a database stored in memory130. Renter database133may store data may store information, data, and statistics about one or more properties including property99. Renter database133may store information, data, and statistics about one or more renters including renter103. Renter database133may include a renter profile for renter103. The renter profile may include demographic information about renter103such as age information and income information. The renter profile of renter103may associated renter103with property99.

The renter profile in renter database133may include a due date on which rent for property99is due to be paid by renter103. In some implementations, the renter profile may include a historical record of payments made by renter103for rent of property99. The historical record may include whether payments were received before the payment was due, on the day the payment was due, or after the day the payment was due. The renter profile of renter103may include properties other than property99. In some implementations, the other properties may be other properties currently rented by renter103, or they may be other properties previously rented by renter103.

Executable code140is a computer algorithm stored in memory130for execution by processor120for managing rental payments received from renter103and paying rents to manager101. As shown inFIG. 1, executable code140includes manager module141, renter module143, payment module145, and rebate module147. Manager module141is a computer algorithm stored in memory130for execution by processor120for calculating rent payments and transmitting rent payments to manager101. In some implementations, manager module141may record payments received from renter103in manager database131or renter database133. Manager module141may refer to manager database131and renter database133to associate manager101with property99and renter103.

Renter module143is a computer algorithm stored in memory130for execution by processor120for collecting rent from renter103and managing and updating the profile of renter103in renter database133. Renter module143may receive a rent payment from renter103. Renter module143may determine that a rent payment is an on-time rent payment by comparing the date the rent payment is received with the date the rent payment is due. In some implementations, renter module143may determine the on-time status of the rent payment by querying manager database131for a due date of the rent for property99. In some implementations, renter module143may include a reminder function to send a notification to renter103that a rent payment is due.

Payment module145is a computer algorithm stored in memory130for execution by processor120to process a monthly payment for rent due on property99. Payment module145may receive payments from renter103. In some implementations, payments may be received from renter103via an electronic payment, a wire transfer, a check or money order payment, or other method of making money payments. Electronic payments may include payment by a payment application, such as PayPal®, Venmo®, Zelle®, crypto currencies, such as bitcoin, or other way of making electronic payment.

Payment module145may transmit payments to manager101and renter103. In some implementations, payment module145transmits a monthly payment to manager101for rent due on property99on a payment date each month. Payment may be transmitted to a bank account such as manager account191or to another payment account, such as an internet-based payment processing account. In some implementations, payment module145may transmit payments via an electronic payment, a wire transfer, a check or money order payment, or other method of making money payments. Electronic payments may include payment by a payment application, such as PayPal®, Venmo®, Zelle®, crypto currencies, such as bitcoin, or other way of making electronic payment.

In some implementations, payment module145may determine a portion of a rental payment received from renter103that is delivered to manager101and a portion of the rental payment that is deposited in a rebate account. In some implementations, the portion of the rental payment delivered to manager101may increase with the amount of time manager101has been in system101, a number of positive reviews received, a number of properties managed by manager101in system100. Various other criteria may cause the proportion of the rental payment that is distributed to manager101to increase or decrease.

Rebate module147is a computer algorithm stored in memory130for execution by processor120to determine a renter rebate for renter103. In some implementations, the renter rebate may be a monthly rebate. In some implementations, the renter rebate is calculated by a percentage of the rent paid on-time, or by calculating a percentage of the amount deposited into account191. The renter rebate may be calculated based on the number of on-time payments made by renter103. The amount of the renter rebate may increase with the number of consecutive on-time payments received.

In some implementations, the renter rebate may be tabulated throughout a rental period and provided to renter103after the rental period is over. For example, a rental period may coincide with the term of a tenancy, such as a twelve-month period for a year-long lease. The amount of the renter rebate may be affected by the number of consecutive on-time payments received by renter module143from renter103. In other implementations, renter103may have access to the accumulated balance of the rebate at any time during tenancy. In some implementations, the amount of the renter rebate may be negatively impacted by a late payment. For example, a late payment may result in a dollar-amount penalty deducted from the renter rebate or a percentage decrease in the renter rebate. If renter103makes a certain number of late payments or a certain percentage of late payments, the renter rebate may drop to zero, and in some situations, renter103may pay a penalty. In some implementations, a late payment may be a payment the is not an on-time payment.

In some implementations, manager101is a subscriber that has signed up to receive guaranteed on-time rental payments each month. Executable code140may transfer rental payments for one or more rented properties to manager101on a certain day each month, such as on the first or the month or on the fifth of the month. By subscribing to the service, manager101receives a guaranteed payment each month. Manager101does not have to expend time or energy to seek payment of rent or seek payment of past-due rent. In exchange for this service, manager101discounts the rent received by a rental discount percentage. In some implementations, the rental discount percentage is applied to the rental payment received from renter103and the amount of the discount is the amount deposited into account191.

Manager bank191and renter bank193are banking institutions. A banking institution may be a local bank, a national bank, a private money lender, or other entity in the business of banking. In some implementations, manager bank191and renter bank193may be financial institutions licensed to receive deposits and make loans, commercial banks, retail banks, or investment banks. Manager bank191and renter bank193may be financial institutions managed, regulated, certified, or insured by a state or federal government. In other implementations, manager bank191and renter bank193may be online entities such as a financial firm that offering cash management accounts to businesses and consumers.

Manager bank191and renter bank193may be different banks or the same bank. In some implementations, manager bank191and renter bank193may be the same institution, with manger101having an account and renter103having a separate account. In other implementations, manager bank191and renter bank193may be different institutions. Manager bank191and renter bank193may also provide financial services, such as wealth management, currency exchange, etc. Manager bank191and renter bank193may be a commercial bank, a retail bank, or an investment bank.

FIG. 2shows diagram200of an exemplary process for collecting on-time rent payments, according to one implementation of the present disclosure. As shown inFIG. 2, the payment system, which may be online based on an online payment platform/website OR offline, permits a percentage (X %) of the rent paid by renter203to be transferred to an account at renter bank293, such as an investment or savings account for the renter with the remainder of the payment (full rent payment(100%)−X %) paid to the manager bank291.

The rent payment from the renter to the manager may be received by computing device210allowing the payment (full rent payment (100%)−x %) to be paid to manager bank291by the intermediary entity prior to the rent payment (100% full rent payment) being received by the intermediary entity.

The payment to manager bank291(Full rent payment (100%)−X %) from computing device to manager may be guaranteed to be paid on a specific day of the month regardless of if rent payment (100% rent payment) has been received by computing device210from renter203. In some implementations, renter103may have access to the accumulated funds in their investment or savings account at all times.

FIG. 3shows diagram300illustrating another exemplary process for collecting on-time rent payments, according to one implementation of the present disclosure. As shown inFIG. 3, a rent portion of a rental payment made by renter303is transmitted by payment module345to manager301on the first of the month. The day on which the payment is transmitted to manager301may be any day of the month and the first is used merely for demonstrative purposes. A rebate portion of the rental payment made by renter303is transmitted by rebate module347to renter bank393. In some implementations, the rebate portion may be transmitted after the rent portion is transmitted. In some implementations, the rebate portion may remain in renter bank for some minimum amount of time to allow for sufficient appreciation or growth of the balance of the rebate account in renter bank393.

Renter303may have access to the balance of the rebate account in renter bank393after the rental payment is made. In other implementations, renter303may have delayed access to the balance of the rebate account. As time passes, the balance of the rebate account will increase. In some implementations, as the renter status of renter303increases, the portion of the rental payment that is apportioned to the rebate portion may increase, thus incentivizing on-time payment by renter303. In some implementations, the balance of the rebate account may be used to pay a fee or penalty incurred by a late payment by renter303. This may allow for renter303to not be impacted by a one-off crisis moment and may serve as a disincentive to make late payments.

FIG. 4shows flowchart400illustrating an exemplary method of determining the on-time status of a rental payment, according to one implementation of the present disclosure. The method begins at401, where processor120receives a rental payment for property99from renter103on a payment date. The payment date may be the date on which renter103sends the payment, the date on which manager101receives the payment, or the date on which the payment is received in manager bank191. Payment module145may record the payment date in manager database131or renter database133.

At402, processor120compares the payment date with a due date. The due date may be due date of the rental payment, such as the first day of the month, or the date on which a grace period for payment has run, such as the fifth of the month. At403, processor120determines the on-time status of the rental payment based on the comparison. In some implementations, payment module145may determine a payment sent on or before the due date may is an on-time payment. In some implementations, payment module145may determine a payment received by payment module145or manager bank191on or before the due date is an on-time payment. In some implementations, payment module145may compare the payment date with due date stored in manager database131, renter database133, or otherwise associated with property99. At404, processor120records the on-time status of the rental payment in a database, such as renter database133. In some implementations, renter database133may store a record of a plurality of payments made by renter103and an on-time status of each payment.

FIG. 5shows flowchart500illustrating an exemplary method of determining a renter status. Executable code140may determine the renter status based on the on-time status of the payment. In some implementations, the renter status of renter103may be based on a number of on-time payments or based on a percentage of on-time payments made by renter103for property99and/or additional properties. The on-time payment data associated with renter99may be stored in renter database133. The renter status may be used to determine the amount of the renter rebate. The method begins at501, where processor120receives a rental payment for property99from renter103on a payment date. At502, processor120compares the payment date of the rental payment with a due date associated with property99. In some implementations, the due date of the rent for property99may be stored in renter database133.

At503, processor120, based on the comparison, determines the on-time status of the rental payment. At504, processor120records the on-time status of the rental payment in the database. At505, processor120updates a renter status of the renter based on a plurality of on-time statuses in the database and the on-time status of the current rental payment.

FIG. 6shows flowchart600illustrating an exemplary method of collecting on-time rent payments, according to one implementation of the present disclosure. The method begins at601, where processor120receives a rental payment input indicating that a renter has paid a rent on a payment date. At602, processor120apportions the rental payment input based on the on-time status of the rent and the status of the renter. In some implementations, the apportionment may divide the amount of the rental payment into a rent portion and a rebate portion. In some implementations, rebate module147calculates the rebate portion based on the renter status. In some implementations, the rebate portion may be calculated based on a number of on-time payments made or a percentage of on-time payments made. In some implementations, the rebate portion may be increased by a higher number of on-time payments or higher percentage of on-time payments. In some implementations, the renter rebate portion may be reduced by an amount or a percentage based on a number of payments that were not on-time payments.

At603, processor120transmits a rent portion of the apportioned rental payment to a landlord. In some implementations, the rent portion of the apportioned rental payment may be an on-time rental payment to manager101, wherein the rental payment is a percentage of a full rental amount. In some implementations, the on-time rent portion of the apportioned rental payment may be a discounted rental amount that is less than a full rent amount. By way of non-limiting example, the discounted rent amount may be 99% of the full rent amount, 98% of the full rent amount, 95% of the full rent amount, 90% of the full rent amount, or some other percentage discount of the full rent amount. In some implementations, executable code140, using hardware processor120, may calculate the discounted rent amount by multiplying the full rent amount by a renter-specific multiplier. The renter-specific multiplier may be determined by the on-time status of renter103or the renter status of renter103.

At604, processor120deposits a rebate portion of the apportioned rental payment in a rebate account at renter bank193. The rebate account may be an interest-bearing bank account, such as an interest-bearing checking account or savings account. In some implementations, the rebate account may be an investment account. The interest earned on the amount deposited may affect a rebate given to the renter at the end of a rental term.

At605, processor120transmits a renter rebate to the renter based on the on-time status of the renter and a balance of the rebate account. In some implementations, transmitting the renter rebate may include depositing the apportioned part of the rental payment with renter bank193.