Transactions which process via this method are deducted from a tenant's account and transferred directly to your account. This process typically takes 3-5 business days for ACH and 1-2 business days for credit cards.
Rentec's merchant banks will accept all US based checking and savings for ACH and optionally accepts all major credit cards. Having your own merchant account gives you the flexibility to set the convenience fee for credit cards, as well as the ACH processing fee your tenants pay. You must have an established business checking account to qualify for a merchant account. Charges to a tenant's bank account will show up on their statement with your company name.
The fees associated with this type of account are:
- $0.00 one-time setup fee
- $0.00 a month
- ACH Transactions: $0.00 per transaction
- CC Transactions (VISA/MC/DISC): 2.75% (AMEX) 3.5%
- You process more than 5 transactions a month.
- You are wanting funds to deposit quickly (typically 4 business days ACH, and 1-2 business days credit).
- You need to transmit funds to the owner's accounts via ACH (monthly disbursements for example).
- You want the flexibility to charge your own convenience fees for ACH and CC payments.
Rentec Direct includes up to 5 merchant accounts free of charge with a current Rentec Pro or PM subscription if you manage 200+ properties. If you have less than 200 properties or are setting up more than 5 merchant accounts they are billed at $15/each per month.
See Also: Important Information Regarding Debit/Credit Card Processing and PCI Compliance
To start getting setup for online payment processing...
- Rentec payment processing requires a Rentec Pro or PM subscription and a business checking account.
- EasyPay requires a business checking account.