EasyPay Frequently Asked Questions

Here you will find a list of commonly asked questions about Rentec EasyPay automated ACH solution.

What does it cost?

We keep it simple with flat-rate pricing. With a EasyPay merchant account, ACH transactions cost $0.50 each and credit cards are 2.75% of the transaction. You can pay the fees or pass them along to your tenant. Merchant accounts have a one-time $45 setup fee and a $15 monthly statement fee.

What about interchange rates and all the other misc fees that merchant accounts normally charge? We've arranged a unique partnership with merchant services to completely eliminate all those fees. You won't find a simpler or more inexpensive way to accept ACH (eCheck) and credit card transactions than through Rentec Direct.

How does it work?

Rentec Direct has already done the hard work integrating with all US banks via the ACH system. All that is required is the following:

  • You obtain authorization to debit the tenant's account. This is usually done via an authorization form that the tenant returns to you. We supply a sample form.

  • 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.

Can I also pay owners via ACH?

Yes you can. Rentec Direct makes this a simple 2 click process where you enter the property owner's bank account information and enter a dollar amount and the funds will automatically transfer from your account to theirs. The cost for this is the same as an inbound transaction.

How soon are the funds available?

Credit card funds are transmitted to your bank account the day following the transaction. ACH funds are transmitted 3 days after the transaction which allows the ACH (aka electronic check) to clear before being deposited. With a merchant account, you can reduce the hold period from 3 to to as little as 0 days for a small extra fee. Depending on your bank, the funds might be available the same day they are transmitted or any day following. Larger national banks typically show the funds the same day as they are transmitted as "pending", and fully cleared the following day. Smaller banks do not have the same connections to the federal reserve and therefore can take anywhere from 1-3 days to post the transaction to your account.

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 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.

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.

What happens if the tenant has insufficient funds or closes an account?

With a paper check you sometimes will not be notified of a NSF check until 1-2 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.

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.

Can my tenant pay with a credit card?

Yes, you can accept credit card rent payments and if you use Rentec Direct for online applications you can also collect any application fees by credit card.

Is it safe to process these transactions online?

Yes. Rentec Direct takes extensive precautions to encrypt and secure all data used. We utilize policies and encryption techniques that meet or exceed banking systems. Please see our general FAQ for more details on how we protect your information.

How much does expedited ACH funding cost?

Normal 3 day funding costs nothing extra. 2 day funding costs $0.95 per transaction. 1 day funding costs $1.50 per transaction. Same day funding costs $2.00 per transaction. These rates are on top of the $0.50 ACH processing fee.

The merchant provider charges these because a) it increases their risk in the transaction, and b) they are fronting the money to you before the electronic check clears.

What does it take to qualify for a merchant account?

All landlords and property managers with a business banking account are eligible. The owner (or guarantor) must have reliable credit (600+ FICO recommended). The business must be listed in your state's business registry and be in current good standing. With your application you will be requested to send in your two most recent business banking statements, and a voided check.

If you are a private landlord without a business checking account, you may be eligible for a non-merchant EasyPay account. These accounts have a different cost structure than a normal merchant account and the funding takes 7-10 business days (vs 1-3 business days). The setup fee is $25, each ACH transaction is $2.00, and credit card transactions are $0.50 + 5% of each transaction which is paid by the tenant. There is no monthly fee; however, there is a $10 monthly minimum on ACH transactions (5 transactions minimum).

Are there quantity discounts available?

The rates we offer are fixed and are the most competitive in the industry; however, if you are processing many hundreds of rent payments per month and have an excellent business history, it is possible to apply for reduced pricing. This is handled on a case by case basis. Just email our staff to see if you qualify.

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.