Online Payment Processing - EasyPay Merchant
EasyPay allows
landlords and property managers to receive electronic ACH & Credit Card rent & application fee payments from your tenants. For property managers, a merchant account
also provides you the capability to forward funds from your account to property owner's accounts.
**Looking for electronic Cash payment tools?
Click here
.
Larger national banks typically show the funds the same day as they are transmitted as "pending", and fully cleared the following day. Smaller banks do not have the same connections to the federal reserve and therefore can take anywhere from 1-3 business days (excluding holidays/weekends) to post the transaction to your account.
You will be able to accept all US
based checking and savings for ACH and optionally accepts all major credit cards. Having your own merchant
account gives you the flexibility to set the convenience fee for credit cards, as well as the ACH processing fee
your tenants pay.
You must have an established business checking account to
qualify for a merchant account. Charges to a tenant's bank account will show up on their statement with your
company name.
The fees associated with this type of account are:
The fees associated with this type of account are:
- $0.00 one-time setup fee
- $0.00 a month
- ACH Transactions: $0.00 per transaction
- CC Transactions (VISA/MC/DISC): 2.75% (AMEX) 3.5%
We recommend that you apply for this service if:
- You process more than 5 transactions a month.
- You are wanting funds to deposit quickly
- You need to transmit funds to the owner's accounts via ACH (monthly disbursements for example).
- You want the flexibility to charge your own convenience fees for ACH and CC payments.
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.
User Agreement and Terms of Use: https://www.rentecdirect.com/legal/easypay_agreement.pdf
See Also: Important Information Regarding Debit/Credit Card Processing and PCI Compliance
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To start getting set up for online payment processing...
head to the
Settings
tab, select
EasyPay
and then click the
Option 1: Submit agreement online
button to submit the agreement online which will have further instructions.
- Rentec payment processing requires a Rentec Pro or PM subscription and a business checking account.
- EasyPay requires a business checking account.
-
To accept tenant-application fees online you must select the
ACH + CC Setup
option in Step 2.
-
ACH payments are completely free. However, there is a 2.75% processing fee for credit and debit card transactions.
- The merchant bank (Forte) typically takes up to 14 days to process your application and enable the service.