RenTec EasyPay FAQ
Here you will find a list of commonly asked questions about Rentec EasyPay automated ACH solution.
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 flat-rate fee of $2.00 each, regardless the dollar amount. There is no percentage charged like credit cards. Additionally, Rentec does not charge a monthly fee for access to the service.
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.
Question: How soon are the funds available?
Very similar to cashing a check, funds clear in 3-5 days typically. Some banks will 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 days.
Question: Can I have my tenant pay the transaction fee?
Yes. If you choose to have tenant pay the fee the cost will simply be added to their withdrawl.
Question: What happens if the tenant has insufficient funds or closes an account?
Typically 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 reports will also show that the payment failed.
Question: Do you have an automatic monthly or weekly payment option available?
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.
Question: Can my tenant pay with a credit card?
Unlike the ACH system, credit card processors such as VISA, MC, Discover, and AMEX charge upwards of 3% per transaction to charge to a card. For a $900 rent payment this could cost between $30-$40 per transaction. Due to the high fees imposed by credit card companies we have not received the interest to set that up. If you feel that would be a valuable addition, please notify us.
Question: Is it safe to process these transactions online?
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.
Question: Are there quantity discounts available?
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.
If you have a question that is not answered here, please email info@rentecdirect.com with your question and we will get back to you promptly.