MoCaFi, short for Mobile Capital Finance, Inc., is a platform that seeks to provide banking services to the underbanked, while helping them build credit and improve their economic mobility. MoCaFi does this through one of its signature products, rent collection and reporting.
The rental payment feature enables tenants to pay their rent electronically via the MoCaFi mobile app or with cash at any MoneyGram location. MoCaFi will report the rental payments to Equifax to help renters build stronger credit, which could result in lower interest rates on car payments, credit card payments and home loans.
Using MoCaFi benefits the landlords as well. Landlords no longer have to waste time tracking down, and then depositing rental payments. With MoCaFi, the payments are collected, then automatically deposited into the landlord’s bank account. You will be notified by e-mail immediately when a tenant submits a payment. The money will be deposited into your bank account in 2-3 business days. Also, you no longer have to worry about bounced checks or lost payments, all funds are guaranteed when submitted.
To sign up, log in to your HomeScreen account and click the MoCaFi button in the top right corner. Enter your information and your bank account information. When you approve a tenant through HomeScreen, they will automatically be sent a unique code for your account. They will enter this code in the MoCaFi app, and when they make a rent payment through MoCaFi, their payments will automatically be deposited into your account. Best of all, there is no fee to landlords for using MoCaFi!
HomeScreen and MoCaFi were introduced by their mutual partner, Equifax. HomeScreen had been working with Equifax to improve the backend of our tenant screening process when Equifax suggested partnering with MoCaFi to provide further benefits to our applicants, by providing rental collection and reporting services. For more information, or specific questions about your account, contact firstname.lastname@example.org.