Cash Payments (PayNearMe) Electronic Rent Collection For Cash Paying Tenants
APPLYING FOR CASH PAYMENTS
After applying to take Cash Payments your application will be in a “Pending” state. At this time we work hard to validate the information provided so that you can start accepting Cash Payments with Rentec Direct. The validation process can take up to a week to complete, and, although you are welcome to refresh the page until that happens, we’ll also send you an email when you are all approved.
ENABLING CASH PAYMENTS FOR TENANTS
Enabling Cash Payments for a tenant is done from the Online Payments page for that tenant. Cash Payments can only be enabled for a tenant who is moved into a property.
Step 1: From the Tenants tab find the tenant you wish to enable.
Select the Online Payments option from the drop-down menu.
Step 2: Find the Enable Cash Payments button at the bottom of the Online Payments page. Click the button.
Step 3: Confirm the Tenant information and click the Enable Cash Payments button.
Note: the screen will not allow you to move forward unless all fields are entered, the tenant's email address and phone number will be required.
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Your tenant is now enabled and can start paying cash at a large variety of cash payment locations near them. Tenants can either print out a PaySlip to bring with them, or even better, log in to the tenant portal via the Resident Connect mobile app and show the clerk the bar code right on their phone. You can also print the tenant's Payslip or text it to them from the Online Payments page.
Should you decide you want to disable Cash Payments for this tenant you can easily do so via the Disable Cash Payments button. If disabled, any payments the tenant attempts to make will be declined with an explanation message.
WHAT ELSE CAN I DO?
The Cash Payments feature from Rentec Direct will also ensure that your Online Payment policy is respected. This means that if set up, the entire balance or entire rent will be required. Should a tenant attempt to pay less than the required amount the cash payment will be rejected and the appropriate message issued to the tenant by the payment location cashier.
Note: The transaction limits may vary per Cash Payment location. If a tenant owes more than the transaction limit (typically between $1500-$2000), be sure to set the Rentec Direct software payment policy for that tenant to "Allow Any". Then inform your tenant they will need to split their payment into multiple transactions (see Pricing below).
THE NITTY GRITTY DETAILS
Rentec Direct’s cash payment network is powered by PayNearMe, the leading property management cash payment network. With over 20,000 locations, tenants can easily find a local payment station to make their payments. PayNearMe does have some minimum requirements for getting approved:
- You must manage 50 or more units through Rentec Pro or PM; and
- You must take in an average of 10 cash payments per month.
- Tenants pay $3.99 service fee to the payment location when making a payment. For example, if they want to pay $500 in rent, the payment location will charge them $503.99 and $500 will be sent to your bank account.
- PayNearMe is required to complete an extensive background check on applicants in order to legally transfer cash in the United States. As such, they have a one-time $200 setup fee.
- $2,000 per transaction
- $2,900 per rolling 24 hours
Example: If your tenant's rent is more than $2,000, they will need to split the payment into two separate transactions. If the rent is more than $2,900, they will need to complete those transactions 24 hours apart.
- Tenant payments are reflected in your Rentec Direct account within minutes of the payment being made
- The Financial Report "Cash Payments" will detail out all transactions
- Tenant Payments fund in your bank account in 3 - 5 business days
Note: Multiple deposit accounts are not available for Cash Payments. Limited to one funding bank account per Rentec Direct account -- all cash payments received will be deposited into the one bank account listed on the application for Cash Payments.