ARLINGTON, MA—ZRent , a division of Arlington, MA-based Leader Bank, announced that StonehamBank has subscribed to its proprietary technology that allows financial institutions to provide online rent collection services to their landlord and small business customers.
This new partnership will allow StonehamBank customers to take full advantage of ZRent services, enabling landlords and tenants to fully automate the rental payment process, ZRent said in a statement.
“We are very excited to enter into this partnership with StonehamBank. We look forward to bringing all the benefits of ZRent to their customers,” said Jay Tuli, the Senior Vice President of Retail Banking at Leader Bank. “We hope that ZRent can continue to help automate rent payments for community banks and their customers.”
ZRent works by automatically deducting rent payments from the tenant’s bank account and depositing them directly into the landlord’s account. Tenants can set and forget their monthly payments, and landlords will no longer have the hassle of collecting checks and making the trip to the bank.
ZRent also provides peace of mind for the landlords, who will now receive one complete payment for each unit on the same day every month. ZRent is free of charge for any landlord that banks with one of the participating institutions, currently StonehamBank and Leader Bank.
“We are committed to offering innovative services to our customers, ZRent is another great example of services we provide to our customers evolving needs,” said Edward Doherty, Jr., Executive Vice President of StonehamBank. “ZRent offers a simple and convenient solution that provides real value to our customers looking to efficiently manage their rent collection.”
With assets over $1 billion, Leader Bank is a nationally chartered bank founded in 2002 with seven full-service branches in Arlington, Belmont, Boston, Burlington and Cambridge. Leader Bank offers a full range of personal and business banking products including free personal and business checking accounts, commercial and residential lending products, home equity lines of credit, deposit products with highly competitive rates and free online banking and bill payment services.
