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.
Security Note: Once a merchant account is approved, csgForte may call the admin phone number indicated in your Rentec Direct account to verify the merchant account for continued access.
Online Payment Processing Setup | Rentec Direct Training Series from Rentec Direct on Vimeo.
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
Applying for a merchant account is a quick process, and our merchant processing partner, CSG Forte, just has a couple of requirements for applicants. Each applicant must have:
- A website
- A physical office address
- A business-style checking account
Any application submitted without this information will not be processed.
If you do not have your own website, Follow the steps below to activate the website included with your Rentec Direct account at no additional cost or www.rentecdirect.com.
In your Rentec Direct account:
- Click on Settings
- Under Program, click on Website & Branding
- At the bottom of the page, create and enter a unique name in the Web Address field
- Click on Save Draft
Note: Those are the only two necessary steps to activate your web address for the purpose of applying for online payment processing.
Learn more about Building Your Own Enhanced Website
Payment Processing Merchant Enrollment
There are just two quick steps to get started with online applications:
- Complete a Rentec Direct agreement
- Complete an application with csgForte
In your Rentec Direct account:
- Click on Settings
- Under Financial, click on Online Payments and choose which method you would like to submit your information.
System Note: If you are in your two-week free trial, you will be given the option to upgrade your account. - Complete Step 1, which is the Online Payment Agreement with Rentec Direct. The agreement can either be signed electronically or printed, signed and returned
Tip: The electronic agreement will walk you through the steps automatically and is the fastest option. - Complete Step 2, which is the CSG Forte Merchant account application. The application will provide the following options:
- ACH only -- If you choose ACH only and decide later to add credit card processing, you will be required to complete a new application at that time.
- ACH + CC/Debit Card (credit and debit card) -- If you plan to accept application fees and/or allow your tenants to pay by credit card, use the ACH + CC option. Once approved if you would like to allow card transactions for application fees, but not rent payments, you can select the settings.
Notes:
- 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
Common Questions
A: Yes, a business checking account is required as the transactions are reported to the IRS. If you are an individual Landlord, you can still obtain a business checking account through your bank.
Learn some of the benefits of having a Business Checking Account
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 allows 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.