EasyPay Frequently Asked Questions
What does it cost?
How does it work?
How soon are the funds available?
Can I have my tenant pay the transaction fee?
What happens if the tenant has insufficient funds or closes an account?
Do you have an automatic monthly or weekly payment option available?
Can my tenant pay with a credit card?
Is it safe to process these transactions online?
Are there quantity discounts available?
Rentec Direct has secured a direct relationship with US banks to be able to interact with the bank-to-bank transfer protocol called ACH. The transactions we process have a single small fee of $2.00. Rentec does not charge a monthly fee for access to the service. We also help property managers accept credit cards (VISA / MC / DISC / AMEX).
We do also have advanced merchant accounts available to landlords who process a high quantity of transactions, or wish to receive funds quicker. Merchant accounts have a lower per-transaction costs and quicker funding.
Rentec Direct has already done the hard work integrating with all US banks via the ACH system. All that is required is the following:
- Renter authorization to debit their account. This is provided via an authorization form that the renter can return to you or send directly to Rentec Direct.
- Either the property manager or the tenant will login to Rentec Direct and specify the interval the charge should occur. Whether it be monthly or weekly, and on what day to process the transaction. Rentec EasyPay also supports one-time transactions.
- On the specified date, the amount is deducted from the tenant's checking or savings account, and a few days later once the payment clears is forwarded to the property manager's account.
With a merchant account, ACH funds clear in 3-5 days typically and then there is a 24-48 hour window after the ACH clears for the final transfer to your account.. Some banks can take a day or two longer. Typically from the date a tenant specifies for the funds to be deducted, the funds are in the property manager's account within 5-7 business days.
Followup: When a paper check is deposited it increases my account balance immediately, right? How is ACH faster than that? Yes, most banks will show an increased balance in your account right away or within 24 hours of depositing a paper check. However, this is basically the bank artificially increasing your account balance simply to reflect that deposit, and a paper check can still bounce any time within the next few weeks. If that happens, the bank will pull those funds out and charge you a fee. This can be a surprise to many landlords, especially if those funds have already been used to pay, say a mortgage. For this reason, when depositing a paper check, you cannot count on those funds for a full three weeks, whereas with ACH the funds are much more secure because you know if the check funded much sooner.
Yes. If you choose to have tenant pay the fee the cost will simply be added to their withdrawl.
With a paper check you sometimes will not be notified of a NSF check until 2-3 weeks later, sometimes even longer and most banks charge a fee of $7 to $25 to the recipient of a bounced check. With Rentec EasyPay you typically get notified within 48 hours of submitting a payment we will be notified from the tenant's bank if there is a problem with the transfer. In the event of trouble, we will send you an email notifying you that the payment has failed. The EasyPay reports from your management interface will also show that the payment failed.
Yes we do. We offer both the option of scheduling a future one-time transaction as well as the ability to setup automated weekly or monthly transactions. This can be setup by the property manager when logged into Rentec or via the tenant via the tenant portal.
Yes, Rentec Direct can also support credit card payments. With standard EasyPay you can immediately begin receiving credit card payments. Credit cards have a 50 cent fee for processing, and a percentage of the transaction charge.
Yes. Rentec Direct takes extensive precautions to encrypt and secure all data used. Please see our general FAQ for more details on how we protect your information.
While $2.00 per transaction is considered very inexpensive and beats the pants off most other companies doing something similar, the answer is yes. If you process greater than 50 transactions per month, we can offer you a discount. We also have other high-quantity options which can get your funds cleared faster and provide you more control.
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