Press Release

Rental Properties can Collect Rent Automatically from Residents with ClearNow

Durham, NC, August 27, 2001 - ClearNow, Inc. announced today the general availability of its automatic rent collection service. It simplifies the process of electronically debiting rents from residents' bank accounts. Based in Durham, North Carolina, ClearNow, Inc. is a pioneer in easy-to-administer Web-based Automated Clearing House (ACH) payment solutions for the rental housing market.

With ClearNow, property managers and owners can achieve all the benefits of automatic rent collection: (1) increased resident convenience, (2) a reduction in late payments, and (3) time savings - without the administrative and technical complexities involved when dealing with the ACH payment network.

"The ACH payment network is by far the most cost-effective and trusted way to electronically transfer rent from a resident's checking account to his/her property company's checking account," said Justin Yung, Vice President of ClearNow, Inc. "Compared to credit cards which bill on a percentage basis, ACH payments are significantly less expensive and are billed on a flat-fee basis."

"Until now, using the ACH payment network has required the extensive set-up and learning of ACH software. Today with ClearNow, the whole process has been dramatically simplified. With ClearNow, there is no complicated software for the property manager to install and learn. And, property managers do not have to remember to transmit files back and forth with a bank every month. Using ClearNow, the property manager simply inputs the rent amount and lease expiration date for an enrolled resident in the property manager's online ClearNow account. Each month, ClearNow automatically handles the fund transfer."

For more information on ClearNow, please contact:
Ryowon Kim
Tel: (919) 680-4500
Ryowon@ClearNow.com

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