Online Payment Processing
Rentec Direct's online payment processing service 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.
Lastly, a merchant account also provides the capability of paying out owner distribution (owner payments) via ACH.
- 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.
- 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.
Online Payment Processing Details
- $0.00 one-time setup fee
- $0.00 a month
- ACH Transactions: $0.00 per transactions received (rent payments) and $0.50 per transaction paid out (owner disbursements)
- CC Transactions (VISA/MC/DISC): 2.95% (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.
Get Set Up for Online Payment Processing
Instructions and Frequently Asked Questions to help you start setting up a merchant account for online payment processing can be found here: Merchant Account Setup Part 1
The training video is located at the bottom of the Merchant Account Setup Part 1 article as well as on the Rentec Direct YouTube channel here: Electronic ACH & CC Payments | Rentec Direct Training
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
See Also: Important Information Regarding Debit/Credit Card Processing and PCI Compliance
Note: 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