Rentec Direct offers convenient and easy to use payment processing. ACH payments authorized by the tenant allow landlords and property managers (PM) to collect rent or other recurring payments online directly from a tenant’s checking account or credit card. Rentec’s online payment processing platform “EasyPay” is just that, it’s easy. All a landlord or PM has to do is enter the tenant’s routing and account number in their merchant account. Additionally, any tenant who wants to pay with a Visa, MasterCard, or Discover can login and use the tenant portal to make a payment. Once in the tenant portal, a tenant can click the EasyPay tab, where there is an option to pay by check (ACH) or by credit card. In order to pay for processing costs there is a 5% convenience fee to the charged amount for payment by credit card. ACH transactions using Rentec EasyPay are a flat $2.00 and credit card payments are $0.50. Rentec offers merchant accounts for either private landlords or professional property managers which allows even faster processing and lower rates.
Rentec Directs’ payment processing system is an easy and secure way to manage automatic ACH and credit or debit card payments. Payments can be set up on a recurring cycle (monthly, bi-weekly, etc) or a one-time payment through an easy to use online management interface. Landlords and tenants can quickly update or cancel any upcoming ACH transaction. The landlord (or property manager) is provided with full reporting and automated email notifications, informing which transactions processed and which, if any, have failed.
In addition to making your job as a landlord or property manager easier and helping you receive the rent payments on time it also gives you a competitive advantage by providing this service. The option to pay bills online is ever increasing in popularity because it’s a convenient and safe way to manage finances. When you consider the demographics of who are renting it is primarily millenials (those 18-33), they are tech savvy and they want the option to pay and manage their bills and finances online. Providing tenants a service such as EasyPay so that they have the option to pay rent online, makes you more competitive in the rental market and helps you cast a wider net when trying to attract potential tenants.