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Everything you need to know about RentSpree Rent Payment

Everything you need to know about RentSpree Rent PaymentEverything you need to know about RentSpree Rent Payment
Technology articles
RentSpree Staff
RentSpree Staff
Calendar
November 28, 2023
time
3
 min read

Summary

When it comes to paying and collecting rent, both landlords and renters need a rent payment platform that ensures rent is made securely on time, every time.

It's the first of the month and rent is due. For tenants, remembering to pay on time while ensuring they have sufficient funds to cover their obligations can make the process stressful. Similarly, landlords can find themselves up at night worrying about missing payments and, in extreme cases, dealing with fraudulent payments.

But paying and collecting rent doesn't have to be nightmare-inducing; in fact, the right platform can make rent payment simple, convenient, and secure for every party involved.

Whether you’re a tenant paying rent or a landlord collecting it, RentSpree Rent Payment can help streamline the process and ensure rent is paid and collected on time, every time. 

Benefits for Renters

As a renter, you’ll want to use a platform to pay your rent that meets all your expectations. Look for a solution that’s secure, fast, and automated so you can set it and forget it. Here’s a look at why RentSpree Rent Payment is a great option. 

Simplicity and convenience

Gone are the days of dealing with the hassle of mailing in a physical check or worrying about it getting lost in transit. Now, renters can make their rent payments right from the comfort of their own homes with just a few clicks. Rent Payment provides a seamless and secure platform to ensure that rent is paid promptly and efficiently. 

What's more, Rent Payment offers the option to set up automatic payments, sparing renters the need to manually process transactions every month. Renters can rest assured that their rent is consistently paid on time, eliminating the risk of paying late or missing rent entirely. Rent Payment not only modernizes the rent collection process but also improves the payment experience, making it more convenient and hassle-free for tenants.

Flexibility

RentSpree Rent Payment feature offers flexibility for renters by providing multiple payment options to fit their financial circumstance. 

For tenants who prefer electronic transfers, they can move funds directly from their bank accounts to the landlord's account via ACH transfer. Rent Payment also accepts debit and credit card payments, catering to tenants who prefer using their cards for transactions. This can be especially beneficial for those who may not have immediate access to their bank account but have the means to make a payment through a card. Additionally, some renters prefer to pay with a credit card because they can earn cashback and other rewards points. 

Whether they choose to pay via ACH transfers or debit/credit card, renters have the convenience of choosing the method that works best for them.

Credit Builder

Thanks to RentSpree’s newest feature, Credit Builder, renters can strengthen their credit scores every time they pay their rent. When renters opt-in to using Credit Builder, they can have their on-time rent payments automatically reported to one of the three major credit bureaus. This means that every time they consistently make their rent payment, it contributes positively to their credit history. 

Consistently demonstrating responsible financial behavior through timely rent payments has far-reaching benefits. With a strong credit score, tenants open up more financial opportunities such as easier access to loans, better interest rates, and improved eligibility for various financial products. 

Benefits for Landlords

If you’re a landlord struggling to collect rent or having issues getting paid on time, partnering with RentSpree can help you maintain a steady income and keep your rental operations running smoothly. 

Digital payment collection

Ready to say goodbye to delayed payments? Tired of collecting rent checks from the mailbox? With Rent Payment, landlords can be confident they’ll receive their rent every month on time. Landlords can easily set recurring reminders to ensure tenants never miss a payment. This not only ensures a smooth and consistent flow of income, but also liberates landlords from the administrative hassle of chasing down payments. 

Faster payout times

When landlords use Rent Payment, funds hit their bank account quickly. ACH transfers take 3-4 business days while credit card payments only take 2-3 business days. For an even faster turnaround time, RentSpree provides the option to expedite payouts for a nominal one-time fee of $50.

Not only does this added convenience enhance cash flow for landlords, but it also gives them the flexibility to manage their finances with greater efficiency. Rent Payment's commitment to prompt transactions empowers landlords with a valuable tool to optimize their rental income management. 

Why RentSpree Rent Payment is a worthwhile investment

Paying or collecting rent should be easy and it is when tenants and landlords use Rent Payment. More than a payment processor, Rent Payment is an online platform that improves the rental experience for both tenants and landlords. With Rent Payment, renters can more easily manage their rent payments while landlords can rest easy knowing their rental income is always on time and in full. 

Ready to embrace the future of rent payment and collection with RentSpree? Sign up now.  

Frequently Asked Questions

Is there a charge to use Rent Payment?

Rent Payment is free for owners/landlords/managers to use, but there is a $3 ACH charge per transaction for the renter. 

Can tenants make partial payments?

At this time tenants cannot make a partial payment. Renters can only pay the designated rent payment amount that is initiated and allocated from the landlord's account.

How do I set up Rent Payment?

Only landlords can set it up, not renters. Here’s a helpful video tutorial to help you get started.

What payment options are available to me?

Credit card, debit card, and ACH bank transfer.

Are there any late fees enforced by Rent Payment?

Yes. RentSpree collects a $25 late fee for every late payment made

What security measures are in place to protect my information?

We partner with industry leaders Stripe to provide the most secure payment options. You will never have to provide your account information to RentSpree. Just enter your banking credentials through the secure Stripe modal.

From here, Stripe will verify a few details, and then ensure the swift and safe transfer of your rent payment funds to your bank account.

Cap Rate Calculator

rentspree illustration of calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Property Value

Current market price or listed value
$

Yearly earnings

Anything you make a profit from that has to do with the property
$
$
$
Total A:

$

0.00

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Yearly Expenses

Anything you make a profit from that has to do with the property
$
$
$
$
$
$
Total B:

$

0.00

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Cap rate

0.00

%

Cap rate

$
$

0.00%

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Commission Calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Property Price

$

Commission Percentage

%
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Total Commission

$

0.00

Commission for Each Agent

$

0.00

Total Amount Seller Receives

$

0.00

Rent to Income Ratio Calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Rent-to-Income Ratio Calculator

$
$
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Rent-to-Income Ratio:

0

%

Move-in Move-out Calculators

Move-In Calculator

$
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1st Month's Prorated Rent:

$

0.00

Additional Move-In Costs (optional)

$
$
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Total Move-In Cost:

$

0.00

Move-out Calculator

$
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Move-Out Prorated Rent:

$

0.00

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