April 8, 2013

Tenants can now pay rent and maintenance in Bitcoin

BROOKLYN – Alvic Property Management, a property management company specializing in the management of condominiums, cooperatives and multifamily rentals in the New York metro area, has become the first property management company to accept rent and maintenance payments in Bitcoin.

Bitcoin is a digital, decentralized, crypto-currency that operates without a central authority. Bitcoin enables secure instant payments to anyone, anywhere in the world.

“Many people think that Bitcoin payments are useful only in the electronic realm or when dealing with online transactions; however, this ignores the myriad of other benefits Bitcoin brings to anyone who needs to transact financially yet not in person,” said Roman Shtylman, CEO of Bitfloor and New York City resident. “As a tenant, I am constantly annoyed with having to fill out a physical cheque and mail it. Bitcoins provide a solution for tenants and landlords. Both parties know within minutes that a transaction is complete and there is no back and forth about mailed checks.”

All properties managed by Alvic Property Management are currently accepting Bitcoins. Residents initially need to reach out to their property manager to have their account enabled to accept Bitcoin, they will then be able to then make payments to a Bitcoin address exclusive to their account. All Bitcoin payments will post to the property bank account in US dollars at the quoted bid price on the Mt.Gox Bitcoin exchange at the time of receipt.

“It has become clear to us that Bitcoin has traction in New York City and the requests to pay by Bitcoin have been increasing. When landlords provide more options, they open themselves up to larger pools of potential tenants, which ultimately increases property values,” said Michael Lacsa, head of client relations for Alvic Property Management. “We are always looking for ways to increase income while cutting expenses for our properties and accepting Bitcoin provides this opportunity.”







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