Merchant Account Setup Part 1
Setting up a merchant account with Rentec Direct is very easy. We've taken all the steps to integrate with the banking system, ACH transaction network, and credit card processors.
Information on electronic cash payment tools can be found here: Cash Payments (PayNearMe)
To get set up with a new account through our partner, FORTE, you will need to have a website address, physical office address & business-style checking account. If you apply without these options, your application will not process.
If you do not have a website yet, activate your Rentec Direct free website address under Settings/Professional Website & Branding. All that is necessary is to Activate the Home Page and create your web address (**detailed instructions for formatting your Rentec Direct Website can be found here: Building Your Own Website)
Next, go to your Settings Tab and click on Setup EasyPay and choose which method you would like to submit your information:
See below for commonly asked questions.
NOTE:
- The merchant setup process typically takes 7 - 14 business days.
- Once approved, visit Merchant Account Setup Part 2 to complete your setup
Q: Do I need to have a business checking account to have a merchant account?
A: Yes, you do as the transactions are reported to the IRS. (If you are an individual Landlord, you can still obtain a business checking account through your bank.)
Q: Can I use more than one bank account for depositing rent?
A: Yes, after you have submitted the preliminary application (Settings>Setup EasyPay) you will be directed to a website with two links: one is for the initial application for Merchant Setup and the other link for the Secondary deposit account form (download and fill out one form per each additional account requested)
NOTE: Rentec Direct includes up to 5 merchant accounts free of charge with a current Rentec Pro or PM subscription if you manage 200+ properties. If you have less than 200 properties or are setting up more than 5 merchant accounts they are billed at $15/each per month.
Q: What should I list under the Estimated Monthly transaction detail on page two?
A: The Average & Maximum Sale relate to an individual rent transaction. Whereas the Monthly figure should project the total possible rent collection.
Q: Why do I have to offer a Personal Guarantee for the Merchant Account?
A: The Personal Guarantee is needed to secure the account for liability reasons. As you can imagine, allowing individuals to transfer funds from bank to bank carries certain risks and the merchant account provider requires that the account provide a secure endorsement. Should your company wish to offer the Guarantee (rather than an individual), you will be asked to provide additional company documents, which traditionally include 2 years of financial documents.
Q: What is the general criteria for approval?
A: As merchant accounts are personally guaranteed, the principal must have a credit score of a minimum of 600 and have no open tax liens against them. Also, you will need to be able to be to tie the principal to the business (typically done thru the State Filing search).