Online Payment Processing | Overview

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

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

Lastly, a payment processing account (also known as a merchant account) also provides the capability of sending and receiving ACH transactions to pay out owner distribution (owner payments), receive owner contributions, and send vendor payments.  

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 to pay vendors and contractors electronically by ACH.
  • You want the flexibility to charge your own convenience fees for ACH and credit/debit card payments.

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, you might be interested in electronic cash payments. The learn more about electronic cash payments visit:  Electronic Rent Collection For Cash Paying Tenants

Online Payment Processing Details

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 tenant payments made via ACH from both US and Canada based checking and savings accounts as well as the option of all major credit/debit cards. Having your own merchant  account gives you the flexibility to set the convenience fee for card transactions, 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 received (rent payments) and $0.50 per transaction paid out (owner disbursements and vendor payments) 
  • Credit/Debit card Transactions (VISA/MC/DISC): 2.95% (AMEX) 3.5%

Notes: 

  • This feature requires an established business checking account to qualify. Other criteria may be required from the merchant service provider (csg Forte)
  • Charges to a tenant's bank account will show up on their statement with your company name 

You can find more information on compliance and terms of use here: 

Multiple Deposit Accounts for ACH and Credit/Debit Card Transactions 

The option of having multiple deposit accounts allows funds to be deposited into the correct account and less work for you. Rentec Direct includes up to 5 merchant accounts free of charge with current Pro or PM subscriptions that manage 200+ properties. For accounts managing less than 200 properties, there is no fee for the first merchant account and additional accounts may be added at $15/each per month. 

For more information on how multiple merchant accounts work and how it may help save time and ensure accounting accuracy,visit: Multiple Deposit Accounts for ACH and Credit Card Payments

Need to cancel your merchant account?

You may close your merchant account at any time by sending an email request to success@rentecdirect.com. The request must be sent from the primary account holder's email address associated with your Rentec Direct account.

In order to verify the validity of the request, please provide your contact information, including a daytime phone number and the last four numbers of the bank account that is associated with the merchant account that you are asking us to close.
The email will not be deemed delivered until you have received confirmation from us that it was received. Alternatively, you can close your account by sending a letter via first class mail to Rentec Direct, 231 SW I St, Grants Pass, OR 97526-2814. Upon Account closure, all unpaid fees must be immediately paid in full and any pending payments will be canceled.
NOTE: If your merchant account is closed within 12 months of the date it was opened, there will be a $150 early termination account closure charge.
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