Enforcing Full Rental Payments via The Tenant Portal

You will be able to specify and enforce a payment policy for online transactions from your tenants. The three payment policy options are:  

  • Allow Any Payments - This will work the same as always and is the default (unless you change it).  Renters can make any size payment they want.
  • Require Rent - This will allow a One-Time Transaction payment equal to or greater than their rental amount unless they have a balance for a period less than their rental amount. For Recurring Transactions, this will enforce the system to only allow a payment equal to or greater than their rent amount.
  • Require Balance - This option will only accept an online payment from the tenant if they pay Today's Balance. For One-Time Transaction it requires the tenant to pay their Full Balance or total account balance, this could include rent, late fees, and any other monthly charges associated with the tenant. For Recurring Transactions, this setting has the same effect as "Require Rent" above. 
The program will only process the payment for the exact amount that is entered at the time the payment is scheduled. If any fees are added after the payment is scheduled, such as late fees, the program will not automatically recalculate the amount. It will only run the amount that the tenant agreed to at the time the payment was scheduled. What these settings do is require a certain amount to be entered at the time the payment is entered/scheduled.  

Set the Default Tenant Payment Policy 

Whether you wish to limit partial payments or require the full balance, you are able to change the 'Allow Any' default easily. 

In your Rentec Direct account:

  1. Click Settings.
  2. Choose Online Payments from the Financial Settings options. 
  3. Under Processing Settings use the drop-down menu to choose the desired Default Tenant Payment Policy.
  4. Click Save Changes. 

Important Note: Tenants will still be able to schedule partial payments until their payment due date, even if you have your settings configured to generate the tenant's invoice early. For example, if you have it set up to 'Require Balance' and it's the 25th of the month and the tenant's account is showing a balance of ($1500.00), they will still be able to schedule a partial payment up until the 1st of the next month because the payment is not due until then. On the 1st, when the payment technically becomes due, the system will then require them to pay the full balance and they will no longer be able to schedule a partial payment.

This default option will then apply anytime a tenant first schedules their payment. Any setting done to a specific tenant will override the default so that you can adjust your policy on a tenant-by-tenant basis.

Set an Individual Tenant Payment Policy 

In addition to setting the default payment policy, you have the ability to create an individual tenant payment policy for those times when you need to limit or modify the amount received. For example, if a tenant is undergoing an eviction, you don't want to accept anything less than the full month's rent otherwise you might be in jeopardy of extending their usage of your property.

In your Rentec Direct account: 

  1. Click Tenants.
  2. Right-click on tenant and choose Online Payments from the drop-down menu.
  3. Under the Online Payments section use the drop-down menu to modify the Payment Policy for that tenant. 
  4. Click Save Changes. 
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