Home » Rent Collection Policy (RCP): A New PayRent Feature

Rent Collection Policy (RCP): A New PayRent Feature

SherRon Marcek

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Landlords, Tenants

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:

  1. You can now require renters to schedule a recurring payment which makes rent payments more predictable.
  2. 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.
  3. You can automatically assess a late fee if for some reason all payment methods fail, increasing the incentive to pay on time.
  4. 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:

Rent Collection Policy
  1. None – No policy is enforced although you can still add an automatic late fee to the property.
  2. Relaxed – A relaxed collection policy is applied to the property which requires:
    1. A Tenant must add at least 1 payment method.
    2. A Tenant cannot disable automatic rent reminders.
    3. An automatic late fee assessment is required for the property.
  3. Strict – A strict collection policy is applied to the property which requires:
    1. 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.
    2. A Tenant cannot disable automatic rent reminders.
    3. A Tenant must create a recurring automatic payment before the day of the month where rent is considered LATE.
    4. 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
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**Blog Article Disclaimer*

This blog article is provided for informational purposes only and does not constitute legal advice. The content is intended to offer general information and should not be relied upon as a substitute for professional legal advice tailored to your specific circumstances.

While we strive to keep the information accurate and up-to-date, laws and regulations are subject to change, and the legal landscape may vary based on jurisdiction. Therefore, we make no representations or warranties regarding the completeness, accuracy, reliability, or suitability of the information contained in this article.

Reading, accessing, or using the information provided in this blog does not create an attorney-client relationship between the reader and the author, and any reliance on the information is at your own risk. If you require legal advice or assistance, it is crucial to consult with a qualified attorney who can consider the specifics of your situation and provide advice accordingly.

The author and the platform disclaim any liability for any loss or damage incurred by individuals or entities as a result of the information presented in this blog. We recommend consulting a legal professional before making decisions or taking action based on the information provided in this article.

This disclaimer is subject to change without notice, and it is the responsibility of the reader to review and understand the disclaimer before relying on the information contained in the blog article.

PayRent is on a mission to build a rent collection app that fosters a positive and productive relationship between renters and landlords. We focus less on transactions and more on the people behind them.

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Start collecting rent online in less than 5 minutes.
  • Control when and how renters pay you
  • Automatically remind tenants when rent is due
  • Accept bank transfers and credit cards
GET STARTED FOR FREE
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