A system and method of facilitating a rental transaction of a tangible item is provided. Initially, a lessee pickup code is communicated from a borrowing party to an owning party upon exchanging the tangible item between the owning party and the borrowing party. The owning party subsequently transmits the lessee pickup code to a central controller. A rental period for the exchanged tangible item begins upon verifying, by the central controller, that the lessee pickup code sent by the owning party is the lessee pickup code originally provided to the borrowing party. When the tangible item is returned to the owning party, the owning party communicates a return code to the borrowing party. The return code is transmitted by the borrowing party to the central controller. The central controller verifies that the return code is the return code originally provided to the owning party.