Thursday, July 2, 2015

Online Rent Pay FAQ


What is Online Rent Pay?
Our service allows Renters to pay their rent and deposits, over the Internet. All transactions are deposited into the Property Manager/Owner’s bank account.
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What are the benefits of using the Renting Authority service?
Online rent payments will be the norm in the near future. Enjoy the ease of not cashing checks, automatic deposits, and electronic record keeping, avoiding lost or late payments, and improved service for your Residents.
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The Internet is increasingly the place of choice for businesses to reach and connect people. Prospective Renters are turning to the Internet now more than ever to fulfill their living needs.
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How do the transactions occur?
1. The Payer submits their payment in the secure Pay Rent section of your website.
2. The transaction is processed in the Automatic Clearing House (ACH) network.
3. The payment is deposited into the Payee’s checking or savings account.
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What are the fees for using Online Rent Pay?
There is a $5 transaction fee for each payment paid by check submitted through the service.  Credit card transition fee is $5 plus 3% of the transaction.  All paid by the tenant.
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Do you receive a confirmation that a payment has been submitted?
For each payment submitted on Renting Authority, the Payer and Payee will receive a confirmation email with the transaction id if a valid email address has been entered in the profiles for the users.
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How do I know the system is secure?
All transactions on Renting Authority are 128-bit encrypted and we use industry-standard Secure Socket layer (SSL) technology to protect your information.
We will never request or send your bank account information through email, if you ever receive an email requesting your bank account information please contact us immediately.
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How does the ACH process work?
The Automated Clearing House (ACH) Network is a nationwide batch-oriented electronic payment network to transfer funds between financial institutions. ACH payments provide improved cash management capabilities and lower costs than traditional paper payments by electronically debiting or crediting a company’s or individual’s deposit accounts, such as checking and savings accounts. The ACH Process consists of the following steps:
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1. A company or individual (Receiver) authorizes another company or individual (Originator) to initiate a transaction to their financial institution account.
2. Then the Originator submits the transaction to an Originating Depository Financial Institution, known as an ODFI.
3. The ODFI collects ACH transactions and then submits the consolidated information to an ACH Operator.
4. The ACH Operator processes the transactions from the ODFIs and distributes the transactions to the Receiving Depository Financial Institutions, know as an RDFI.
5. The RDFI receives the entries for its customer accounts and then posts the entries on the settlement date of the transaction.
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How do I contact Renting Authority?
You can use one of the following options to contact us, please let us know if you have any questions, comments, or suggestions:
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Email
support@rentingauthority.com
Renting Authority Customer Service Representatives are available to assist you Monday through Friday 9:00 AM MST to 5:00 PM MST
Telephone
1-(888)-674-9181
Fax: 1-(801)-406-0104
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Renter’s Common Questions
What are the Registration steps for a Renter?
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The renter clicks on the pay rent tab located in your website.  Follow the step by step instructions.
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Do I have to create a profile?
Yes, Renters are required to create a profile on the Renting Authority service in order to submit a Rental Payment. Creating a profile allows the Renter to easily submit Rental Payments without having to re-enter their account information for each payment.
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Can payments be submitted via telephone?
No
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Does Online Rent Pay allow credit cards to be used for paying rent?
Yes.  Renters pay a transaction fee of 3%  of the rent amount plus $5
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Property Manager/Owner’s Common Questions:
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What are the Registration steps for a Property Manager/Owner?
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Fax the following information to (801)406-0104:
  • A copy of a voided check for the checking account associated with the property.
  • A copy of a valid government issued I.D.
After we receive the voided check and I.D. we will activate the property so you can begin accepting rent payments online.
What is required to Activate a Property after it has been added?
For your security we require the following be faxed or emailed to us for each bank account used for receiving online payments:
- A copy of a voided check for the checking account associated with the property
- A copy of a valid government issued I.D.
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Fax: 1-(801) 406-0104
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Once we receive these two items we will activate your property so that you can begin accepting rent payments online. If you have multiple properties and use the same bank account for each property you only need to send the information once. If you use different bank accounts for your properties please send a voided check for each bank account.
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How fast will I get my rent money?
First time users of Renting Authority’s Online Rent Pay are required to wait a minimal of 5 business days.
Landlords in good standing with Renting Authority receive sub sequential Rent Funds in 3-4 business days.
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The funds will be deposited into the Payee’s banking account within 3-4 business days of the payment submission.  Payment must be submitted before 3pm EST to count for that day.  Payments received after 3pm EST will be processed the following business day.
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What happens if a rent check bounces?
The tenant is charged a $25 fee.  If Renting Authority has already transferred funds to the landlord, funds will be pulled back out of landlords account.
If funds have not yet been transferred to landlord’s account, landlord receives an email from Renting Authority informing of returned check.
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Renting Authority reserves the right to hold future rent checks transfers for a minimal of 5 business days with 2 of more returned checks within a 3 month period.
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Is Renting Authority acting as a collection agency?
Renting Authority’s Rent Payment Service assists both you and your Renter by facilitating electronic transactions between the parties. Renting Authority simply provides an electronic alternative to the traditional forms of rent payment. While this electronic alternative will bestow numerous benefits on both Property Owner/Managers and the Renter, the collection of such rents and related payments remain their legal responsibility. Renting Authority is in the business of simplifying the rent payment process, but unfortunately we are not in the business of collections.
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Can I use Online Rent Pay for any type of property?
Any property you are collecting payments or fees for can be used with Renting Authority, such as residential properties, multi-family properties, commercial properties, and vacation properties.
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Can I use different bank accounts for each property?
Yes
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Can I charge a late fee for late rent payments?
With Renting Authority you can specify what day of the month rent is late after and what fee to charge for late rent payments and the system will automatically generate a late fee transaction for late rent payments. When a fee is charged for late rent payments a separate transaction will be created to debit the renter instead of adding the fee amount to the rent payment.
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There isn’t an additional transaction fee for the late fee transaction though. The late fee transaction is scheduled for 2 days after the rent payment in order to provide time for the property manager to cancel the late fee before it is transmitted to the ACH system if warranted. The automatic late fee only applies to rent payment transaction types and not other transaction types, such as security deposit or utility payment for example.

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