The equipment rental industry is a rapidly growing sector, with the global market estimated to be worth $68.2 billion by 2025. With this growth comes increased demand for efficient and cost-effective solutions that can handle large-scale orders quickly and accurately. That’s where Rentrax comes in! 

Founded by Iraj Akbari, Rentrax has developed an innovative solution to automate the equipment rental process as much as possible – a staff-less, fully automated rental unit powered entirely by a modern rental inventory software. This revolutionary technology is already revolutionizing how businesses manage their inventory, and it’s only just getting started!

How did this start?

We met Iraj in his Vancouver office and asked him about the origins of this project. He said the idea was born from a friendly discussion with a friend on a practical challenge they faced while working on their first product – a solar-powered shipping container. The original concept was to create a mobile unit that could be used as an office, retail store, or emergency housing in remote areas with limited electricity and other infrastructure. However, with his background in the rental industry, Iraj realized that this same technology could be pivoted to serve the equipment rental industry to make the process faster and more efficient. And that’s how Rentrax Self-Serve unit was born!

The challenge

The challenge with any equipment rental business is ensuring the items are in good condition, stored securely, and tracked accurately. “We started to think about how we can minimize human errors,” Iraj explains. “And how we can ensure everything is tracked accurately, so the customer knows exactly what he’s getting and when.”

He continues: 

“We didn’t have much problem collecting data because I’m from the rental industry myself. I used to run a sports equipment rental business and am familiar with the challenges. But we had to figure out how to automate it and ensure that the system is secure, reliable, and easy to use.”

Rentrax dedicated a team to work with some rental shops closely to monitor the data and get a complete understanding of the industry. They studied how people use items, their use time, and other factors such as customer segmentation and pricing models. After months of testing and gathering data, Rentrax was able to develop a comprehensive system that could satisfy its customers’ needs.

Rentrax Self-Serve Unit Advantages

“Remember, we already developed rental and inventory management software back in 2017, years before the idea of this container was born,” Iraj reminds us. “So we already had the heart of the system. But with this unit, we took it to the next level. We wanted the Rentrax rental unit to be as customer-friendly and secure as possible.”

With the advantage of being in the rental industry and having in-house rental inventory software, the Rentrax team was able to develop a comprehensive system with some unique advantages. 

The solution

Rentrax’s solution was simple yet revolutionary – a solar-powered retail unit installed on a standard shipping container with an automated door, QR code scanner, tracking system, and surveillance cameras. Customers order equipment online and pick it up at the retail unit when their QR code is scanned. The system even includes built-in sensors that monitor the amount of time each unit is used and sets a time for maintenance. 

This combination of solar energy, automated technology, and advanced tracking systems makes Rentrax’s solution perfect for businesses looking to streamline their rental processes, save time and increase efficiency. Plus, since the units are self-contained and solar-powered, they’re perfect for remote locations that don’t have access to power. 

We needed the hardware

“So far, so good. But all we had by then was a good design backed by months of research. But it was all on paper. We needed someone to develop this idea and give it a life,” Iraj continues.

The solution was in the hand of the friend who started the discussion about challenges he had. “In 2021, we partnered with MobileQuip to build this unit for us. They already had some similar rental management experiences, which was valuable for us. And they understood the idea and the goal behind it. Soon, we started to develop the hardware.”

MobileQuip designed a custom-built unit with all the features that Rentrax customers wanted – an automated door, QR code scanner, tracking system, and surveillance cameras. The unit also has solar-powered systems for remote locations without power access. 

How does it work?

The system is simple yet powerful – customers place their orders online and then come to the unit (which is built on a regular shipping container). Once there, they scan the order’s QR code, and the system lets them in. The door opens, and they grab their item and go out – starting to use it straight away! When done, customers just put the item back in the unit, and the system charges them for exactly how long they used it. It also sends a used invoice to their email.

“This is very convenient for the users as everything happens instantly with zero errors,” Iraj says.

Additional features

• The system also tracks all items, as each one is fitted with a GPS tracker. An alert is sent to the customer and the rental business if the item travels outside a pre-defined zone.
• Furthermore, Rentrax units can be connected to grid power, but even if the power gets disconnected for some reason, the system continues to operate thanks to solar power.
• Everything is designed for maximum energy efficiency, making it a green solution with minimal environmental impact.
• The system also tracks how long each rental item has been used and can schedule regular maintenance accordingly. 
• The system has a powerful messaging system. It texts the customers regarding their orders and their return time. Also, the system can send security messages to the operators.
• The unit is also equipped with safety features. If a renter goes inside and becomes unconscious for a few minutes (No movement), the safety cameras detect the body and send an alarm to the operator.

The future

We asked Iraj where he sees Rentrax five years from now.

“This is just the beginning. There are so many things going on in the tech and rental industry. With the new rise of Ai, there are so many possibilities. We are exploring new ideas, new technologies, and new partnerships, – all to make the rental experience as easy and enjoyable as possible for both renters and business owners”.

He concludes: “Rentrax will continue to strive towards providing a comprehensive solution that can be used anywhere, anytime. We aim to create a truly global system that can be used in remote locations without access to power and even in cities where the needs are more complex”. 

As Rentrax continues to grow in popularity, it’s clear that Iraj and his team will keep pushing the boundaries of automated rental solutions. 

The future of Rentrax certainly looks bright!

The way to go

This revolutionary technology has already been deployed in several cities across Canada and Iraj is confident that it will revolutionize the equipment rental industry. With Rentrax, businesses can streamline their inventory management, and customers get a convenient, cost-effective solution for renting out items – all with minimal effort! It’s no wonder why this innovative product has attracted so much attention in such a short time. We look forward to seeing where Rentrax will go next!