Payment apps weren’t built to collect rent

What a payment app can’t do for a landlord

Peer-to-peer apps are genuinely convenient, and that’s exactly why so many landlords drifted into using them. The trouble shows up later.

• Late fees are on you. You have to ask, every month. Asking a tenant for money twice is how good relationships get strained.

• You can’t decline a partial payment. A tenant sends $600 of $1,400 and the money is already in your account, which in many places complicates what you’re able to do next.

• You can’t block a payment. In many jurisdictions, accepting partial rent after an eviction filing can affect the case. Check your local rules.

• A transaction feed isn’t a ledger. There’s no running balance, no charges, no credits, no record of what was owed versus what was paid.

• You’re identified by your personal account. Peer-to-peer apps identify you by the name and handle attached to your own account.

None of that matters until the month it matters a lot.

Controls a payment app doesn’t have

RentDefense™ is our name for the payment controls that protect your rental income:

• Block partial payments. Require the full balance due. Rent is either paid or it isn’t.

• Prevent payment. Block unwanted payments to keep an eviction process on track.

• Personal information security. Tenants pay you without ever seeing your bank details or personal information.

Those are included in every plan. Rent collection enforcement, which lets you set a relaxed or strict policy and require a backup payment method on file, is included with Do-It-Yourself and Go-Like-A-Pro.

Late fees that apply themselves

Set your rent due date and your late fee policy once. Automated late fees (Do-It-Yourself and Go-Like-A-Pro) apply it when rent is past due. No reminder to yourself, no uncomfortable text, no negotiation.

Your tenant is also automatically reminded three days before rent is due, which heads off a good share of late payments before they happen.

Late Fee Forgiveness, part of RentCred™, gives renters a path to having a late fee forgiven. You can hold a firm policy and still be kind about it. Those aren’t opposites.

A real record of every dollar

The Renter Account Ledger tracks every charge, credit, and payment in a single running balance. When a tenant asks what they paid in March, you don’t reconstruct it from memory. You look.

Transaction export downloads a filtered list of transactions for billing statements or QuickBooks import files, and transaction settlement details include the settlement date so bank reconciliation goes quickly.

You also get payment notifications when rent is paid, and chargeback notifications if a card payment is disputed or a bank draft is returned.

Give your tenant something back

PayRent reports rent payments, both on time and late, to all three major credit bureaus: Experian, TransUnion, and Equifax. At no cost to you or your tenant.

Rent is most people’s largest monthly payment and it has historically counted for nothing. Now it counts. Most renters enjoy a boost to their credit score, paving the way to lower interest rates, increased buying power, and better employment opportunities.

For a single family landlord, that’s also a retention tool. Tenants who are building credit through your rental have a reason to stay and a reason to pay on time.

RentCred™ goes further, offering renters emergency, interest free loans for rent when they need help getting through a month.

Everything else you need for a single family rental

• Online rental applications. Collect personal and household details, employment and income, and residential history.

• Tenant screening. Credit score, criminal history, and evictions through our in-app marketplace of screening partners.

• Document management (Do-It-Yourself and Go-Like-A-Pro). Store, share, and send documents. Document e-sign is available on Go-Like-A-Pro.

• Require renters insurance. Require proof of coverage and track it.

• Tenant portal. Your tenant pays from any device.

• Additional fee assessments (Do-It-Yourself and Go-Like-A-Pro). Include charges like security deposits or parking fees when you create a property, and they’re added automatically.

• Independent settings for each property. Every rental can run its own rules.