Cash Payments (PayNearMe) Electronic Rent Collection For Cash Paying Tenants (Legacy)
This help article contains instructions for the Legacy Version of Rentec Direct. More information about the latest version of Rentec Direct can be found here: The Remodel | Rentec Direct’s Newest Software Update
You can now offer your cash paying tenants an electronic alternative that is both easy and convenient. In addition to helping streamline cash payments, you can eliminate processing money orders, cashier checks, etc using this Cash Payments Electronic Rent Collection option.
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.
In your Rentec Direct account
- Click Tenants.
- Right-click on a tenant and select Online Payments option from the drop-down menu.
Step 2: Click the Enable Cash Payments button at the bottom of the Online Payments page.
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.
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, they can 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.
For more information on setting a payment policy can be found here: Enforcing Full Rental Payments via The Tenant Portal
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 your 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 minimum requirement for getting approved is to take in an average of 10 cash payments per month. If the minimum is not met, the fee difference will be billed to your account. For example, if only 9 cash payments are received, a $3.99 charge will appear on your monthly statement.
- 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 (landlords) 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.
To change the bank account where PayNearMe funds are deposited, fill out and return the form located here: PayNearMe Deposit Account Change
Note: There is a $75 charge for each bank change request.