Accepting rent online is one of the most reliable ways to collect rent payments each month. With online rent payments, renters have the option to pay rent via a secure electronic funds transfer from their checking account (ACH) or with a credit or debit card.
Electronic payment options are becoming increasingly vital for businesses that need to meet social distancing requirements. Online rent payments give renters the option to securely and safely pay their rent without needing to pay in person or physically mail a check. Online services, like electronic rent payments, protect your renters and keep you and your employees safe.
Property managers and landlords can easily accept online rent payments through their property management software, like Rentec Direct.
Online Rent Payments with Rentec Direct
Online rent payments with Rentec Direct gives you access to your own EasyPay Merchant Account. With your Merchant Account, your tenants can pay their rent through the Tenant Portal from their checking account or with a debit or credit card. Tenants can make a one-time payment or set up automatic recurring rent payments.
Benefits of Online Rent Payments
Secure and safe. Eliminate the need to personally handle cash or checks for your rentals. Electronic payments are the preferred method of payment during our current social distancing efforts and are the best way to keep your tenants, your employees and yourself safe during rent collection.
Direct deposit into your account. With online rent payments, you will receive your rental income faster than alternative methods that would require you to physically deposit cash or checks into your bank account. Funds are electronically deposited into your bank account.
Streamline accounting and track rent payments. Online payments are instantly recorded in your software and updated to your ledgers. On-time, missed, and late rent payments are recorded in your software, streamlining your accounting process and eliminating errors associated with manual entry.
Accept full rent payments. When you give your tenants the option to pay rent online, you can require that they pay the full rent amount. By only accepting full rent payments, you provide further protection for yourself. Additionally, you can require that a tenant pay “the full balance”, which could include rent, late fees, and any other monthly charges associated with the tenant.
On-time rent payments. Renters who pay rent online are more likely to pay rent than those who pay with cash or check according to rent payment data from US renters.
Decrease in late fees. You have the option to allow your renters to set up automatic rent payments in the Tenant Portal. Renters who set up automatic rent payments are less likely to pay late fees.
Online Rent Payment Cost
You receive a free EasyPay Merchant Account with your Rentec Direct account. Activating your EasyPay Merchant Account is at no cost to you (see instructions below).
The cost for online rent payments made in the Tenant Portal are:
-Electronic funds transfer (ACH) rent payments – FREE
-Credit or debit card rent payments – 2.95% transaction fee (can be passed on to your tenants)
You have the option to pass along any transaction fees to your tenants when they pay rent online. Make sure to double-check with your state and local landlord-tenant laws before you charge tenants for online payments.
Activate Online Rent Payments with your EasyPay Merchant Account
In order to accept online rent payments in the Tenant Portal, you will need to set up an EasyPay Merchant Account within your Rentec Direct account. If you would like to sign up for a Rentec Direct account, visit Rentec Direct Property Management Sofware to start your free trial or request a demo with a product advisor.
To activate your EasyPay Merchant Account, you will need:
-an active Rentec Pro or Rentec PM account
-a business checking account
-a credit score of 600 or above
The following video shows you how to set up your EasyPay Merchant Account in order to collect rent payments online. You can also find more information below the video.
Rentec Direct partners with Forte, leaders in payment systems and merchant accounts, to provide online rent payment options to you. To activate your EasyPay Merchant Account, you will need to submit a simple application, which will be reviewed by Forte*.
In your Rentec Direct account:
1. Click on the Settings tab.
2. Click on the EasyPay section.
3. Click on Option 1: Submit agreement online button to submit the agreement online which will have further instructions.
For more details on these steps and FAQ, see “Merchant Account Setup” in the Knowledge Base
*Our merchant partners, Forte, typically take up to 14 days to process your application and enable the service.
How to get your Tenants to Pay Rent Online
This Online Rent Payment Marketing Kit gives you everything you need to get your renters on board with paying rent online to make your job in property management easier.
Download or print the marketing kit here: Online Rent Payments Marketing Kit
Introduce the Tenant Portal to your Renters
If you haven’t already, make sure to activate the Tenant Portal for your residents. The Tenant Portal allows your tenants to pay rent online, view important property information, and submit maintenance requests online.
We’ve created some great resources for your renters that Welcome them to the Tenant Portal, including:
–Tenant Portal Welcome letter (customizable)
-How to video about using the Tenant Portal
We encourage you to share this video with your tenants, once you have activated the Tenant Portal for your renters:
Need to accept cash payments?
No problem. Electronic cash payment kiosks let your tenants pay with cash and the funds are quickly made available in your account. When you set up your property management software account to accept electronic cash payments, your tenants can visit one of thousands of cash payment stations to securely pay rent in cash. Electronic cash payments are secure, affordable, and convenient.
Learn more about electronic cash payments here.
Final Thoughts
Providing your tenants with a way to securely pay rent online is the healthiest means of collecting rent each month. Online rent payments are safe, reliable, affordable, and convenient for you and renter.