MYOB sells its rental business to Rent.com.au for $425,000

Accounting software vendor MYOB has sold off its rental payment system RentPay to Rent.com.au for $425,000.

The platform allows renters to pay their rent with a handful of different payment methods, as well as a payment gateway with secure payment solutions like merchant service facilities and invoice payments. MYOB's payment solutions division will continue operating the payment gateway.

The acquisition includes the existing RentPay system, website and customer base of more than 6000 renters.

Rent.com.au chief executive Greg Bader said the company would continue to improve on the system and focus on delivering front-end changes that customers expect.

"We have been quite clear that we see payments as a core part of our future and this transaction allows us to 'hit the ground running' with an existing customer base and income stream," he said.

"Renters are at the heart of all we do, and RentPay delivers a good service which we will build upon. It currently provides renters with choice of payment methods for their rent and related bills, reminders and automation as well as full transparency on their payment history."

Rent.com.au has already paid $225,000, with the remainder to be paid once the formal sale is completed.

MYOB has had its own acquisition ambitions under investigation recently, when the Australian Competition & Consumer Commission stepped in to examine the proposed $180 million acquisition of Sydney-based accounting practice management software firm Reckon's APS, Elite and Docs businesses.

While the consumer watchdog is yet to make its final decision on whether to support the acquisition, the ACCC has already expressed concerns that the acquisition would substantially lessen competition for medium to large customers.