Rentec Direct

The following new email notification options have been added to Rentec.  This will improve the experience for all property managers using Rentec’s tenant ach solutions by notifying you immediately if a tenant makes any changes.

• When a tenant de-activates a MultiPay or SinglePay that is setup for processing.
• When a tenant activates a new MultiPay or SinglePay ACH schedule.
• When a tenant removes authorization for ACH transactions.

A tenant can make changes to their ACH schedule or authorization via their tenant portal.  When they do, if you have an email address in setup (at Settings, Setup EasyPay) within the system, an email notification with the details of the change will be dispatched immediately.

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In addition, we’ve added a new option to the EasyPay configuration (rt-click on tenant, choose EasyPay).  Next to the account number is a link [ remove ].  This option will de-authorize the account from future ACH transactions and remove the tenant’s ACH data from the system.  If you have an EasyPay Merchant account, your option to disable has not changed.  It is necessary for the property manager to do this upon tenant request, and good practice to do this when a tenant is no longer an active client to minimize liability for retaining their account information.

After a brief delay in taking new merchant applicants, we are now again accepting EasyPay (with merchant account) applications.  We’ve updated our vendor for merchant accounts to a vendor very familiar with the property management industry.  This amounts to lower per-transaction costs, and a more stable platform for property managers.  Along with ACH, you can also accept payments by credit card for both rent and rental application payments.

The cost structure has also been simplified and per-transaction costs reduced.  Here’s a sample of what the cost structure looks like:

Monthly: $19.95
ACH Per Transaction: $0.75
CC Per Transaction: $0.10 + 2.5%

With your own merchant account, ACH payments fund to your account in 4 business days, while CC transactions are even sooner.  Compared to a traditional EasyPay account, this can be as much as 10 business days sooner.

To get setup with your own merchant account, login, then visit Settings, Setup EasyPay.  Download the application, and return all the supporting documents as explained on Page 3.

We are officially launching and making available dedicated merchant accounts to all property managers and private landlords.  One of the major benefits of having your own merchant account tied to Rentec EasyPay is being able to pay owners via ACH.  But that’s not all.  Setting up a merchant account has these benefits too:

• Quicker turn-around on funds.  ACH funds typically are in your bank account in 3-5 business days.  Credit card funds 1-2 business days.
• Lower per-transaction fees on both ACH and credit card transactions
• Ability to use and process your own ACH authorization forms
• And of course, the ability to pay owners via ACH

Sounds great huh?  How To Get Setup. To get setup with your own merchant account, just login and visit Settings, Setup EasyPay.  At the bottom of the screen is a link which will provide you a new application to get your own merchant account setup.  Once setup, paying owners via ACH is extraordinarily simple.  You’ll right click on the owner and choose Send Money.  Then fill in their bank account information, the amount, and click Send.  It’s as quick and simple as that (see screenshot below)!

We’ve expanded the EasyPay system to now accept credit card payments.  Any tenant wishing to pay with a Visa, MasterCard, or Discover can now use the tenant portal to make those payments.  Once logged into the tenant portal, a tenant will click the EasyPay tab, which now gives them the option to pay by check (ACH) or by credit card.

By default, accepting credit card payments is off.  You must enable it by going to Settings, Setup EasyPay.  Select the type of credit card payments you wish to accept, then save your settings.  Most landlords should select all three(VI/MC/DISC).  In order to pay for processing costs, Rentec Direct will add a 5% convenience fee to the charged amount.  Then the full charge amount, minus the convenience fee, will automatically deposit into your checking account.

If you already are setup with EasyPay all you have to do is enable credit cards, nothing more.  If you aren’t yet enrolled in EasyPay, there is no cost to get setup, just visit Settings, Setup EasyPay and return the application.  ACH transactions using Rentec EasyPay are a flat $2.00 and credit card payments are just $0.50.

More exciting news! We’re now accepting a limited number of applications into the merchant service program!  This program sets your property management operation up with a merchant account which allows all EasyPay transactions to go directly to your checking account without interacting with ours.  This shaves valuable days off the clearing process for ACH transactions and for larger volume accounts has a much more compelling fee structure to save you processing costs on both ACH and credit card transactions.   To inquire, please email easypay@rentecdirect.com and we will reply with the necessary information and documents to you.

Now and then we get some questions about the difference between ACH and paper checks and how quickly those deposits work for property managers.

ACH transactions are typically faster to clear and far more reliable than paper checks; however, it may not appear that way from a bank statement without knowing more about how the system works.  Especially in this day of online banking, one can see pending as well as completed transactions into your bank account.  An ACH transaction (initiated by Rentec Direct) will withdraw from a tenants account either the same, or the following business day it is posted.  Now, just like a check has to clear, so does the ACH transaction.  Rentec Direct (and our affiliated banks) hold the funds until they clear.  Most all errors (including bank error, and NSF) return within 3 business days.  If an error is returned, you are notified at the time we receive it and no funds transfer.  In most cases a property manager is notified about NSF or any other error 24-72 hours after the transaction, which can be up to 2 weeks sooner than a paper check.  Provided the funds clear, the funds are then re-transmitted (deposited) into the property managers account.   This process takes on average 3 business days.  A transaction debited on the 1st of a month, depending on weekends and holidays, may show up in a property managers account anywhere between the 10th and 15th of the month.

So how is this better than a check?  The most common question is “if I deposit a check, it deposits the same day into my account, how then is ACH better?”.   It is a common mis-conception about how paper checks are handled by most banks.  Yes, when a check is deposited into an account, it often shows an addition to the balance of the account, and depending on the bank policies sometimes that balance is accessible.  The thing is, is that the bank is actually fronting that money, trusting the check is good and holding you responsible for it if it is not.  The bank does not know the status of the check that was just deposited for sometimes up to 2-3 weeks, at which time if it comes back as a bad check the funds are withdrawn from your account.  Now what if that just deposited check was used to pay the mortgage?  And the check bounces 2 weeks later, thereby causing your mortgage check to bounce as well not to mention the overdraft fees.

Here’s a few additional facts about the benefits of ACH over paper checks.

• More guaranteed. ACH transactions, because electronically submitted, typically deduct from a tenants account prior to any other checks the tenant may have written.  This provides a better guarantee of funds for the landlord.
• More reliable. You know the status of the transaction much faster.  Paper checks can bounce any time up to 3 weeks later (even longer in some cases, google how long for check to clear for some examples), wheras you often know the status of an ACH transaction in less than 72 hours.
• More accurate. Paper checks require humans to read the digits and/or OCR software to electronically read handwriting.  The error rate therefore is much higher.
• More convenient. An ACH transaction (with Rentec Direct) can be completely automated, just like a utility bill.  Rent payments can be scheduled to happen any day of the month, and they then happen automatically every month thereafter without ever having to take a trip to the bank or manually collect rent.  ACH is more convenient for the tenant too, they don’t have to remember to pay rent or drop a check or cash off.
• Longer term renters. When payments are happening automatically, they are less in front of the tenants mind.  The pain of writing their largest monthly check each month disappears, thereby causing a tenant to be happier with their home and have less chance of moving.  Most landlords collecting rent via ACH have far fewer vacancies.

With the popularity of our EasyPay program where you can automatically deduct rent from a tenant’s (or owner’s in the case of associations) account we have extended the capabilities.  Based on popular request, we’ve added a second application available for download at Settings, EasyPay Setup.  The new application allows for the tenant to pay the transaction cost.

One application is the original where you, the landlord or property manager, pays the transaction cost.  The second application has the tenant agree to the cost, and simply adds it to their payment(s) at the time of processing.  The cost is the same either way, you just now have the option of who pays it.

If you are not already setup for EasyPay, it is simple to get setup.  Login to your Rentec Direct account and select Settings, Setup EasyPay.  The application to get started is available there.  We can simplify your rent collection process right away.

We all have kids (or know somebody with them), and probably at one time or another we’ve rented an instrument for their band class.  I’ve done the same and found none of the music instrument rental locations offer an automated payment method.  The ones I’ve spoken with send an invoice monthly and ask the renter to mail back a payment.

I figure this has to be expensive for the shop.  Envelope, invoice, stamp, plus return stamp and the time it may take to cash the check.  What if there was an automated way?  Enter Rentec Music Rental Software.  We are leveraging the already powerful engine which drives Rentec’s property management software and soon making components available to other rental industries.

This will not only provide a new service to an industry desperately in need, but it will continue to help improve the core Rentec Direct product with new features and improvements that may benefit both industries.  Keep an eye out for new improvements in 2010!

Rentec Direct is pleased to announce the renter portal.  Just like landlords and property managers can login to view account details, balances, etc; you can offer similar functionality to your tenants.

Tenants can login using their own username and password and view limited details about their account.  This reduced screenshot shows the summary screen that a tenant who is Overdue would see.  A paid up account would see their next payment due date, and the amount due.

Additionally tenants can review their statement, and make minor setting changes, such as email address updates, and email receipt preferences.

To use this feature, login and edit the tenant you wish to have access and check ‘Enable’ on Tenant Portal.  Be sure you have an email filled in for the tenant as this will be their username, and the password will be their password for accessing the portal.  If you leave the password blank, the system will automatically generate a random password for you.

Tenants access the portal by visiting http://www.rentecdirect.com/ and clicking Login, or directly by going to http://www.rentecdirect.com/tenants/

In the future, for landlords who have merchant services or electronic draft enabled for their tenants, tenants will be able to make rent payments directly from this interface.