When we launched our promotion with Stripe and Android Pay a little over two weeks ago, allowing Android users to pay rent with a credit card through Android Pay for no fee, we had no idea just how many people would sign up. Within days of the announcement, the promotion spread like wildfire across social media, blogs, Reddit and other news outlets.
Prior to the promotion, Android Pay users represented less than 5% of all rent payments on RadPad. Six days after the promotion, Android Pay users represented 70% and the number continues to climb. Thousands of renters have signed up in the last two weeks to pay their rent using Android Pay, equating to more than $5M in rents.
Although we are overwhelmed that the promotion has gained so much traction, we drastically underestimated just how many people would sign up to pay their rent with Android Pay; and within only a few weeks we’ve surpassed the budget for the entire year that was allocated to subsidize the credit card fee.
That is why we regret to inform everyone that beginning today, August 24th, 2016 we will no longer be able to offer the Android Pay promotion.
Anyone who signed up and qualified for the promotion prior to August 24th, 2016 will still enjoy free credit card fees as long as their rent is charged on or before August 31, 2016. However, we will not be able to offer the promotion through the end of the year. After August 31, 2016, the regular 2.99% fee will apply if you choose to continue using your credit card through Android Pay.
As an alternative to credit, you can also utilize one of the following payment options:
- Switch to ACH on RadPad’s website (free)
- Switch to Debit ($4.95 fee)
We want to apologize to all of our users that were hoping to utilize this promotion through the end of the year. We understand the confusion & anger this has caused many of you, and rightfully so. We’ve learned a valuable lesson and the last thing we ever want to do, is lose your faith and trust.
If you have any questions or just need to vent frustration, you can reach me directly on Twitter: @jonathaneppers.
Jonathan Eppers, CEO