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.
- 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
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.
- $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%
- 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
- Important Information Regarding Debit/Credit Card Processing and PCI Compliance
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?
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.