Roost expands security deposit payment options with Certified Express, enabling last minute move-ins without the risk
Multifamily security deposit platform leader eliminates cash handling with a secure last minute payment option in lieu of money orders and cashier’s checks
VANCOUVER, WA, Feb 1, 2023 Roost (JoinRoost, Inc), the leading cash security deposit automation platform with built-in financial amenities for residents, has launched Certified Express—a digital security deposit payment service for last-minute move-ins that helps properties eliminate insufficient funds risk and the hassle of money orders and cashier’s checks.
Landlords face increasing pressure to provide a modern financial experience for renters—seventy-four percent of consumers prefer digital payment methods—and most operators would prefer to accept electronic payments for the initial move-in charges and security deposit. But due to the banking system’s settlement lag (typically 3-4 business days; occasionally up to 30), accepting ACH right before move-in would put properties at risk of insufficient funds. Additionally, local laws can make it time-consuming and cost-prohibitive for owners and operators to attempt to recover the money after move-in.
These challenges push properties to continue accepting money orders and cashier’s checks. But those, too, present their own risks and costs: Some landlords report instances of in-office or in-transit theft and most properties want to eliminate cash handling by on-site staff.
“Processing money orders and cashier’s checks was time-consuming for my site teams and for incoming residents,” said Cassi Harbuck, who oversees a nine-community portfolio in Florida. “Certified Express helps us support all types of move-in timelines without my team having to handle cash and head to the bank.”
Roost’s Certified Express provides landlords and renters the best of both worlds, including better convenience and elimination of risk. Roost verifies funds upon payment and transfers funds same day. The service eliminates cash handling by the site team and the overhead associated with paper payment processing, NSF and chargeback management.
“Moving is a stressful and expensive time for renters juggling the costs from leaving one property to moving into the next,” said Chanin Ballance, Roost CEO. “We’re excited to provide a service that supports flexibility for renters while de-risking the transaction for the landlord.”
Roost’s Certified Express service joins a growing list of modern deposit payment and refund features recently added to the platform, including roommates splits—which enables roommates to pay their
share of the deposit and receive their share of the refund—multiple refund delivery options, and an in-app refund status tracker.
Launched in 2021, Roost is a mission-driven tech company focused on improving property NOI and renter financial health. Roost’s cash security deposit automation platform streamlines the deposit intake and refund process, reduces compliance risk, and minimizes disputes. It also provides residents with financial amenities including financial guidance and savings deals, credit history building, and a simple way to turn their refundable deposits into an instant emergency fund.