Remember when you used to write post-dated cheques to pay rent or condo fees? Some people still do, but according to the folks at RentMoola, that type of payment is going the way of the dodo bird.
The online payment network wants you to pay your rent using their app with your credit card. The app may be free to download but the payments do carry a fee.
RentMoola is also attracting landlords who are looking for an easier way to get paid. At a time when so many Canadians are already carrying a bigger-than-average debt load, is this a good idea?
Joining us from Queen’s Park is Melissa Leong, a personal finance writer with the National Post; and also in Toronto is Andrew McLeod, a partner in RentMoola.