Case Study: RPT Realty achieves $64,200 in annual savings and automates rent collections with Versapay

How RPT Realty Saves $64,200 Per Year With Digital Invoicing and Automated Rent Collection

RPT Realty, a NYSE‑listed, self‑administered REIT that owns and operates about 49 open‑air shopping centers, was struggling with a paper‑based rent collection process for roughly 1,500 tenants. Monthly printing, sorting and mailing consumed about 20 staff hours and generated $9,000 in postage, while research and cash‑application work added roughly $38,400 more in annual labor—contributing to an estimated $64,200 yearly burden and growing tenant demand for faster, digital payment options (accelerated by the pandemic).

RPT implemented Versapay integrated with their MRI ERP in mid‑2020 to digitize invoice presentment, enable a tenant payment portal, automate collections and sync payments in real time. The results: 40% of tenants now pay through the portal, an estimated $64,200 annual savings, large reductions in manual work (lease admins saved about a day per month), faster cash application with fewer unapplied payments, better AR visibility and collaboration, and improved tenant and employee satisfaction.

RPT

Melinda Breen Hale

Director of Corporate Accounting