Online Payment Processing - EasyPay Merchant

Tip: If you came to this article looking for information on how to convert your money order, personal check, and cash-paying tenants to a solution that eliminates in-house processing, we offer a solution for that as well. 

Information on electronic Cash payment tools can be found here: Cash Payments (PayNearMe) Electronic Rent Collection For Cash Paying Tenants

Online Payment Service (EasyPay)

Rentec Direct's online payment service (EasyPay) allows our clients to accept online rental payments from their tenants electronically via ACH or debit/credit card. 

It also allows property managers and landlords to accept online rental application fees from prospective tenants via debit/credit card transactions. 

A merchant account also provides the capability of paying out owner distribution (owner payments) via ACH. 

Important Note: although you can accept tenant and prospective tenant payments, and forward funds to pay owners, there are some transactions that are not allowed in the system at this time: 

It does not allow clients to send payments to vendors or themselves.
It does not allow clients to Receive online payments from property owners. 
It does not allow clients to Refund online payments back to tenants nor applicants.

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. 
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%

Note: You must have an established business checking account and credit score of 600 to qualify for a merchant account. Charges to a tenant's bank account will show up on their statement with your company name. 

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.

Important note:

Get Set Up for Online Payment Processing

Instructions and Frequently Asked Questions to help you get started on setting up a merchant account for online payment processing can be found here: Merchant Account Setup Part 1

Multiple Deposit Accounts for ACH and Credit Card 

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. 

Information on multiple deposit accounts can be found here: Multiple Deposit Accounts For ACH and Credit Card Payments

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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