PayRent continues to focus tirelessly on providing a platform that helps you get paid on-time with less effort. Today we introduce a Rent Collection Policy setting that assists you in automatically enforcing how and when renters pay. We’re excited about this for a few reasons:
- You can now require renters to schedule a recurring payment which makes rent payments more predictable.
- Renters can add a backup payment method that is automatically used if their primary payment method fails reducing the chances rent is delayed due to payment errors.
- You can automatically assess a late fee if for some reason all payment methods fail, increasing the incentive to pay on time.
- You can monitor whether tenants are compliant with your Rent Collection Policy from within your account and continuously monitor their compliance for changes in status.
Using this feature is quick and easy but yields the powerful result of greater peace of mind that rent will get paid when it’s due. Help for setting a Rent Collection Policy is available here. This feature is available only with the Do-it-Yourself and Go-Like-A-Pro service plans. Upgrading is just a click away within your PayRent account.
How the Rent Collection Policy works for Landlords
From within your PayRent account, go to add or edit a property to access the Property action panel.
There are 3 options for a property’s Rent Collection Policy:
- None – No policy is enforced although you can still add an automatic late fee to the property.
- Relaxed – A relaxed collection policy is applied to the property which requires:
- A Tenant must add at least 1 payment method.
- A Tenant cannot disable automatic rent reminders.
- An automatic late fee assessment is required for the property.
- Strict – A strict collection policy is applied to the property which requires:
- A Tenant must add at least 2 payment methods and agrees to automatically use the backup payment method if the default method fails to authorize a payment.
- A Tenant cannot disable automatic rent reminders.
- A Tenant must create a recurring automatic payment before the day of the month where rent is considered LATE.
- An automatic late fee assessment is required for the property.
Tenants will be notified whenever you set or change the RCP for a property. (See How Rent Collection Policy works for tenants) Their compliance with the RCP is viewable from the Renters screen within your account. You will also see events appear in your activity feed on the Home screen as they comply.
How the Rent Collection Policy works for Tenants
When a tenant logs in to PayRent, they will be informed of the landlord’s Rent Collection Policy via an in-app notification. They will be prompted to agree to the policy and see a list of actions they need to complete in order to comply. These notifications will persist until the actions are completed.
It’s important to note that PayRent will never process a payment without the permission of your tenant. This is essential to maintaining a platform with integrity and good tenant-landlord relations.
Backup payment methods are only used when a transaction is not successfully authorized. Chargebacks are monitored separately from RCP enforcement.
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- Control when and how renters pay you
- Automatically remind tenants when rent is due
- Accept bank transfers and credit cards
