Chase is looking to corner the property management sector by introducing a new platform. The Story platform is for property owners and managers, automating invoicing and receipt of online rent payments.
JP Morgan Launching New Property Management Portal
A new report from CNBC states that JPMorgan Chase is piloting Story, a property management and payment platform it created to automate the invoicing and receipt of online rent payments. Story’s software is meant to ultimately become an all-in-one property management solution. It has been in development for the last two years.
According to Sam Yen, chief innovation officer of JPMorgan’s commercial banking division. “the vast majority of rent payments are still done through checks. If you talk to residents to this day, they often say, ‘The only reason I have a checkbook still is to pay my rent.’”
The bank hopes to gain traction by offering users valuable insights through data and analytics, including how to set rent levels, where to make future investments, and even screening tenants
Bilt Mastercard Takes a Fresh Look at Rent
Chase isn’t the only bank looking at how Americans pay rent. The Bilt Mastercard from Wells Fargo provides reward points on rent payments with no annual fee. The Bilt Card is the first-of-its-kind credit card in that it earns 1% cash back on rent payments, even if your property isn’t maintained by Bilt.
The card also earns impressive rewards in two everyday categories. These categories are:
- Earn 2X points on travel
- Earn 3X points on dining
- Earn 1X points on all other purchases
The Bilt Mastercard also rewards cardholders through Bilt Rewards. Bilt Rewards offers four tiers, with cardholders reaching higher tiers through more Bilt Rewards points.
These elite tiers give users bonus points on points from new leases and renewals and interest earned on points. For example, the Bilt Rewards Platinum tier earns a bonus of 50% more points on new leases, plus a gift of a complimentary Bilt Collection (the rewards portal redemption center).
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