Electronic Rent Collection for Cash Paying Tenants (PayNearMe)

Integrating PayNearMe and Rentec Direct property management software provides tenants with a convenient Electronic Cash Payment Rent Collection option for over 32,000 locations. Tenants can search for the closest location to them through the tenant portal. 

Learn more here: Rentec Direct and PayNearMe Offer More Convenient Locations for Cash Payments with the Addition of Walgreens or click here for a list of PayNearMe Locations

To ensure payments are deposited into the proper account, before applying for a PayNearMe account, you will want to:

1. Add the Business Checking account that will be used for PayNearMe Cash Payments to your Rentec Direct account. Click here for steps on how to Add Banking Ledgers
2. Indicate the bank used for Cash Payments as the Income Account in each property that houses tenants paying with Cash Payments. Click here for steps on how to Edit Properties

APPLYING FOR CASH PAYMENTS

1. Click on Settings
2. Under Financial, click on Cash Payments 
3. Review Information Needed to complete the application and other important details 
4. Click on Apply Now
   
   Pro Tip:⭐Print out a copy of the application for your records

System Note: Your PayNearMe account may be in a pending status for up to a week while we validate the information provided so that you can start accepting Cash Payments. While you are welcome to refresh the page until that happens, we’ll also send you an email when you are all approved. 

Enabling and Disabling Cash Payments for Tenants

It's easy to enable the Cash Payment option once a tenant has been moved into a property. 

In your Rentec Direct account

1. Click on Tenants
2. Right-click on a tenant and select Online Payments 
3. Click on 
   1. Enable Cash Payments to allow Tenants to use the PayNearMe feature
   2. Disable Cash Payments for a Tenant to no longer use the PayNearMe feature
4. Confirm the tenant information and click on Enable Cash Payments
5. Each tenant payslip is unique to that tenant and can be provided by property managers or landlords to tenants or accessed through the tenant portal. To provide tenants with a payslip:
   1. Click on View PaySlip and print it out for the tenant or
   2. Click on Text PaySlip to Tenant (verify the phone number is correct before texting)

System Note: The screen will not allow you to move forward unless all fields are entered. The tenant's email address and phone number will be required. 

How Tenants Can Make Payments

Each tenant will be assigned a unique token or barcode to present to a local participating business when making cash payments. For those with access, tokens or barcodes can be presented from a tenant's mobile device or printed out as a PaySlip. Tenant Managers can also text a barcode to tenants or print the barcodes out for them.

Tenant Access to PaySlips

When a tenant logs into their Rentec Direct portal, they will:

1. Click on Payments
2. Click on Pay With Cash
3. A PaySlip with a barcode or token will be displayed
4. The tenant can print out their payslip or show their screen to the cashier when making a payment
   
   Tip: Printing and laminating payslips allows tenants to preserve and reuse their payslips.

Tenant Manager Provided PaySlips

In your Rentec Direct account:

1. Click on Tenants
2. Right-click on the tenant and click on Online Payments
3. Click on Cash Pay
   1. Click on Text PaySlip to Tenant or 
   2. Click on View PaySlip, then print 

System Note: When texting or printing PaySlips for tenants, be sure it is from that tenants online payment information. Each tenant has a unique barcode or token that routes funds to that specific tenant ledger. 

Resident Connect

Implementing Your Payment Policy

The Cash Payments feature from Rentec Direct will also ensure that your Online Payment policy is respected.

• Require the Balance in Full or
• Require Rent
  
  Should a tenant attempt to pay less than the required amount, the payment will be rejected, and an automated message will be issued to the tenant by the payment location cashier.

More information on setting a payment policy can be found here:  Enforcing Full Rental Payments via The Tenant Portal

Note: The transaction limits may vary per Cash Payment location. If a tenant owes more than the transaction limit (typically between $1500-$2000), be sure to set your payment policy for that tenant to Allow Any. Then inform your tenant they will need to split their payment into multiple transactions (see Pricing below). 

THE NITTY GRITTY DETAILS

Rentec Direct’s cash payment network is powered by PayNearMe, the leading property management cash payment network. With over 20,000 locations, tenants can easily find a local payment station to make their payments. PayNearMe minimum requirement for getting approved is to take in an average of 10 cash payments per month. If the minimum is not met, the fee difference will be billed to your account. For example, if only 9 cash payments are received, a $3.99 charge will appear on your monthly statement.  

Pricing:

• Tenants pay a $3.99 service fee to the payment location when making a payment. For example, if they want to pay $500 in rent, the payment location will charge them $503.99 and $500 will be sent to your bank account.
• PayNearMe is required to complete an extensive background check on applicants (landlords) in order to legally transfer cash in the United States. As such, they have a one-time, non-refundable $200 setup fee.

• $2,000 per transaction 
• $2,900 per rolling 24 hours 
  
  Example: If your tenant's rent is more than $2,000, they will need to split the payment into two separate transactions. If the rent is more than $2,900, they will need to complete those transactions 24 hours apart. 

Funding:

• Tenant payments are reflected in your Rentec Direct account within minutes of the payment being made
• Tenant payments fund in your bank account in 3 - 5 business days
  
  Note: Multiple deposit accounts are not available for Cash Payments. Limited to one funding bank account per Rentec Direct account -- all cash payments received will be deposited into the one bank account listed on the application for Cash Payments. 

Reconciling:

• Use the Cash Payment report when reconciling the bank account

Account Changes:

To change the bank account where PayNearMe funds are deposited, fill out and return the form located here: PayNearMe Deposit Account Change

Note: There is a $75 charge for each bank change request. 

How to Close Your PayNearMe Account:

You may close your account with PayNearMe at any time by sending an email request to success@rentecdirect.com. Please send the request from the Administrator's email on your account and provide contact information, including a daytime phone number, so we can verify the validity of the request.

The email will not be deemed delivered until you have received confirmation from Rentec Direct 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. (edited)