Payment Processing Setup | Enrollment
Setting up a merchant account with Rentec Direct is very easy. We've taken all the steps to integrate with the banking system, ACH transaction network and credit card processors. Below you'll find helpful tips and instructions to enroll.
This video will take you through the steps of applying for a merchant account so you can accept online payments from renters as well as pay owners and vendors. Step by step instructions are written out below.
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, we offer a solution for that as well. Information on electronic Cash payment tools can be found here: Electronic Rent Collection For Cash Paying Tenants
Merchant Account Set Up Tips
Important Note: Our merchant processing partner CSG Forte requires a website address, physical office address, and a business-style checking account. If you apply without these options, your application will not process.
Tip: If you do not have a website, Rentec Direct offers a free website with your account, and activating is easy.
In your Rentec Direct account:
- Click Settings
- Click Website & Branding
- Create and enter a unique name in the Web Address field
- Toggle the Home Page option to ON
- Click Save Settings
Note: Those are the only two necessary steps to activate your web address for the purpose of applying for online payment processing.
Complete instructions for formatting your Rentec Direct Website can be found here : Building Your Own Website
Payment Processing Merchant Enrollment
The following instructions will allow you to choose either to submit your application electronically or print and send.
In your Rentec Direct account:
- Click Settings.
- Click on Online Payments and choose which method you would like to submit your information.
Tip: The electronic agreement will walk you through the steps automatically and is the fastest option.
- Complete Step 1 which is the Online payment agreement.
- Complete Step 2 which is the CSG Forte Merchant account application.
Important Note: When completing Step 2 (the CSG Forte Merchant Application) you will have two choices of applying for ACH only or ACH + CC (credit card).
- ACH only -- If you choose ACH only and decide later to add credit card processing, you will be required to complete an additional application at that time.
- ACH + CC (credit card) -- If you plan to accept application fees and/or allow your tenants to pay by credit card use the ACH + CC option.
- Most merchant applications get approved the same day; then set up within Rentec by the following business day.
- Once approved, visit: Payment Processing Settings | Preference
Q: Can I use more than one bank account for depositing rent?
A: Yes, after you have submitted the preliminary application (see instructions above) and the merchant account has been enabled, you will have the ability to add additional merchant accounts.
Information on setting up Secondary deposit accounts can be found here: Multiple Deposit Accounts for ACH and Credit Card Payments
Note: Rentec Direct includes up to 5 merchant accounts free of charge with a current Rentec Pro or PM subscription if you manage 200+ properties. If you have less than 200 properties or are setting up more than 5 merchant accounts they are billed at $15/each per month.
Q: What should I list under the Estimated Monthly transaction detail on page two?
A: The Average & Maximum Sale relate to an individual rent transaction. Whereas the Monthly figure should project the total possible rent collection.
Q: Why do I have to offer a Personal Guarantee for the Merchant Account?
A: The Personal Guarantee is needed to secure the account for liability reasons. As you can imagine, allowing individuals to transfer funds from bank to bank carries certain risks and the merchant account provider requires that the account provide a secure endorsement. Should your company wish to offer the Guarantee (rather than an individual), you will be asked to provide additional company documents, which traditionally include 2 years of financial documents.
Q: What are the general criteria for approval?
A: As merchant accounts need to be personally guaranteed, you will need to be able to be to tie the principal to the business (typically done thru the State Filing search), and have a business-type checking account.