Credit/Debit Card Transaction Fees (Convenience Fees)
EasyPay MerchantWith EasyPay Merchant, the credit/debit card transaction fee to you is 2.75% of the exact amount of the transaction charged to the tenant plus any transaction fees that you decide to charge them. EasyPay Merchant allows you to specify a transaction fee for the tenant, to charge on top of their rent payment. Commonly this is set between 3% to 5% to reimburse you for your 2.75% transaction fee for VISA/MC/DISC (3.50% for AMEX).
This setting is located on the Settings tab, under Setup EasyPay...
So, if the tenant's rent is $1000 and you charge them 3%, their fee is $30....however your fee is not 2.75% of $1000, it would be 2.75% of $1030....which is $28.33. If you had charged the tenant 2.75%, they would have only paid $27.50 ... however, if charged 3%, they would have paid $30, which covers your fee of $28.33.
Transaction fees that you charge your tenants are tiered in $100 increments. For example, if you set the fee at 3%...
A tenant with a payment up to $100, would have a $3.00 transaction fee.
A tenant with a payment from $101 - $200, would have a $6.00 transaction fee.
A tenant with a payment from $201 - $300, would have a $9.00 transaction fee.
A tenant with a payment from $301 - $400, would have a $12.00 transaction fee.
A tenant with a payment from $401 - $500, would have a $15.00 transaction fee.
A tenant with a payment from $501 - $600, would have a $18.00 transaction fee.
A tenant with a payment from $601 - $700, would have a $21.00 transaction fee.
A tenant with a payment from $701 - $800, would have a $24.00 transaction fee.
A tenant with a payment from $801 - $900, would have a $27.00 transaction fee.
A tenant with a payment from $901 - $1000, would have a $30.00 transaction fee, and so on.
Note: You will want to check your local and state laws and regulations to determine if you are allowed to pass the fee on to your tenants, and/or mark it up.
Transaction fees collected from tenants via EasyPay Merchant will be deposited into the settlement bank account you have setup on your merchant account, and will post to the property ledger in Rentec as income. Then monthly, you will be billed 2.75% of the total collected ($1 minimum) from the tenant or application fees* on your Rentec monthly subscription invoice for subscribers on the newest bundled pricing plan (or from Forte directly if on an older pricing plan).
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Accepting an application fee requires an EasyPay Merchant account with Credit Card processing enabled. Your account will be charged for the credit card processing fee and you in turn can decide if you would like to increase your application fee in order to help absorb the cost.
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Further pricing for online payment processing can be found here: