Rentec Direct is pleased to offer faster funding options for ACH payments made to merchant accounts, with newly reduced pricing from our funding partners. Some ACH payment processing can take 3-5 days (or longer depending on your bank), but with the expedited processing options, the hold time can be processed the same day so your funds show up in your bank account sooner.
Faster payment processing means you can collect rent and use those funds to pay owners, pay your mortgage, pay your expenses and pay yourself sooner than before.
New Pricing for Expedited Funding Options for Rentec Direct Merchant Accounts
If you have a Rentec Direct merchant account, ACH transactions typically take 3-5 business days to complete. Our funding partner, Forte, now offers better pricing for expedited funding if you wish to receive funds faster or send distributions faster.
Faster funding increases the risk to the bank, so they do charge for the faster funding. Please see the table below for the newly reduced pricing options*:
- Normal Funding: 3-5 days – included – no additional cost
- Accelerated Funding: 2 days – cost is $0.95 per transaction
- Expedited Funding: 1 day – cost is $1.50 per transaction
- Immediate Funding: 0 day – cost is $2.00 per transaction
The timing listed above is when Forte transmits the funds to your bank. It is important to remember that your bank may take additional time to process the inbound transaction. For example, with Immediate Funding (0 day), the funds of a tenant payment from the 1st will be transmitted to your bank on the 1st; however, it will typically not show as a deposit into your account until the 2nd (or the first business day after the 1st).
For more information on ACH Transaction Timing visit the Rentec Direct Knowledge Base.
Not yet a merchant account holder? Keep reading to learn the benefits.
What are Merchant Accounts?
Rentec Direct provides merchant accounts for property managers and landlords to streamline rent payment collection from renters through ACH or credit card processing. Merchant accounts give clients lower pricing, faster transactions and advanced options for collecting rent.
With a standard merchant account offered by Rentec Direct, ACH transactions typically take 3-5 business days to complete. Rentec Direct also offers expedited funding options for clients that wish to receive funds faster and send distributions sooner.
What are ACH payments?
ACH payments are processed through the same system that utility companies and banks use to automatically pay recurring bills. Your tenants provide an authorization form with a voided check and Rentec Direct’s system will automatically withdraw the specified rent amount without the need to write a check. This system is paperless, entirely electronic and often more secure than writing a paper check.
You can easily apply for expedited ACH payments by downloading the form at https://www.rentecdirect.com/merchant/forte/expedited-ach.pdf and return it to our our staff at firstname.lastname@example.org or fax to 888-882-1062. Merchant accounts must be active and in good standing for a minimum of 60 days prior to applying for expedited funding. All accounts require credit approval by the funding bank prior to activation.
*Pricing listed above is accurate as of April, 2016 and is subject to change. Faster funding fees are an additional cost added to your regular transaction fee.