How does your system work?
We use the ACH network. The ACH network is an electronic network used by banks. Its used for direct deposit of payroll, Social Security and income tax refunds; automatic bill payment such as mortgages, loans and utility bills; and many other applications. Our service schedules and tracks payment requests and translates all transaction requests into official ACH debit and credit requests.
Can’t I use Paypal for my rent collection?
Paypal is wonderful, but it charges 1.9%-2.9% as a fee for each transaction. For a $1000 rent payment, that comes to $19-$29! Compare that to our price: we charge only $1-$3 per transaction, depending on the volume of transactions.
Can’t I have my tenants wire me money?
You could, but most banks charge a hefty fee for wiring money – usually $20, which few renters or landlords would want to pay. In addition, you would have to disclose your financial information to your renters. With our service, your renters will never know your bank account information. Please note that wiring money is NOT the same as using the ACH network.
How long does it take for a payment to clear?
Please allow 4 business days from the date the transaction is posted to our system.
Here’s a sample:
Sunday = Renter initiates payment on our website for the next available business day
Monday (effective date) = Payment order submitted to ACH network
Tuesday = Renter’s financial institution receives ACH request and replies
Wednesday = We make sure the payment clears with the renter’s financial institution
Thursday = Payment credit submitted to ACH network
Friday = You receive payment
How much does this cost?
Our service is very affordable and extremely competitive with other services, which usually have a set-up fee, a fixed monthly fee and/or a minimum number of transactions. Please see our Pricing page for more information.
How secure is this?
We use 128-bit SSL encryption for all communication. This is the industry standard for financial transactions; virtually all credit card and other financial transactions occur on the web using this method. In addition, we never disclose your financial information to other parties, including your renters and/or landlord.