PayRent is an online rent payment service which helps property owners and managers collect rent online quickly, safely and securely. Add your properties, enroll your tenants, and start receiving rent payments within minutes. It is quick and easy, and always free to sign up. The low transaction fees can be either absorbed by the landlord or passed through to your tenant. We think PayRent is an excellent service for landlords looking to simplify their rent collection process.
Updated January 2021: PayRent has released a new version of their web and mobile rent collection platform, PayRent 3.0. Key features include:
- Flexible Auto-pay
- Activity Feed
- Rent Reminders
- Rent Collection Policy Enforcement
- Automated Late Fees
- Mobile Web App
- With no subscription plan and a simple pricing structure, PayRent helps property owners and managers collect rent online safely, reliably and automatically.
- Strength: Rent Collection
We recommend using an online rent payment service or property management software is very useful for landlords for a variety of reasons. By collecting rent online, you save trips to the property to pick up checks, often multiple times each month. You also don’t need to make a run to the bank to make deposits. Furthermore, forget about reconciliation of your bank accounts, checking to make sure each payment cleared or whether there are non-sufficient funds requiring you to assess late and NSF fees. Additionally, security becomes more of a concern should you receive rent as cash. We have discussed many of these benefits as well as addressed the few downsides of collecting rent online.
We have also reviewed and graded several of the top software providers for how they handle rent collection and have determined that PayRent is a winner with their online rent payment service.
PayRent is a winner in our Best Online Rent Payment Service for Small Landlords
PayRent Online Rent Payment Service Features and Benefits
PayRent’s online rent payment service is designed to help landlords and property managers eliminate the hassles of collecting rent.
Here are some of the primary features of PayRent’s online rent collection services.
Express Funding:
Landlords can choose between normal 5-7 day bank transfers for rent payments, or a new 3-day express option.
Scheduled Auto-Pay:
Tenants can set up one-time or recurring automatic rent payments. Automatic payments in PayRent can be set to occur monthly or weekly. Then they never have to worry about late fees, and you never have to worry about missed payments.
Furthermore, working late or going on vacation shouldn’t stop your tenants from making their online rent payment on time. With PayRent online rent payment service, your tenants can set up a one-time future payment, or weekly or monthly recurring payments so you know your rent will be paid no matter where they are or how busy they may be.
Payment Controls:
Landlords have the flexibility to disallow partial payments, determine payment methods such as credit card or e-checks, and whether or not to absorb transaction fees. We think an online rent payment service should offer you and your tenants multiple payment options. More flexibility makes it easier for your tenants to pay their rent on time and on schedule.
Activity Feed:
Landlords can see their tenant’s payment activities, including when they make or cancel scheduled payments.
Rent Reminders:
Tenants will receive automated rent reminders before rent payments become overdue which helps avoid last-minute confusion and stress.
Manual Transactions:
You can now add one-time charges or late fees, or apply credits to your tenant’s accounts for easier tracking.
Payment Tracking:
You and your tenants receive instant email notifications upon successful payment. You can then track your payments and control your accounting from your dashboard.
Download Transactions:
Downloadable Excel-compatible file of all your transactions, or create billing and transaction statements to send to tenants.
Automatic Late Fees:
Assess late fees, parking fees, and security deposits automatically.
Rent Collection Policy:
Landlords can set a strict rent collection policy which requires renters to maintain a primary and backup payment method as well as a recurring scheduled payment to ensure you get paid on-time.
Onboarding Assistance:
PayRent’s support is ready to help you add your properties and get your renters enrolled quickly and effortlessly.
Mobile App:
With a redesigned user interface optimized for mobile devices, paying and collecting rent is easy from any connected smartphone or tablet anywhere.
Security:
PayRent uses some of the world’s largest and safest financial institutions. All payment transactions are transmitted via SSL encrypted connections to the acquiring bank so they can’t be hacked. Additionally, your banking information is kept private and secure to minimize the risk of fraud.
Cost:
PayRent’s online rent payment service is free for landlords to sign up, now with two different plan options for landlords.
1. Pay-As-You-Go:
Landlords on this plan pay no monthly subscription fees. They still can include unlimited units on their plan and receive rent payments in 5-7 days.
Landlords can disallow partial payments, choose to accept credit card payments and decide whether to absorb transaction fees or pass them on to tenants.
Tenants will receive rent reminders and can schedule future one-time or recurring payments.
PayRent charges only a transaction fee to process e-checks and credit cards. Renters pay a small fee (0.4% or around $4 for a $1000/month rental) to process ACH transactions and e-checks. Alternatively, tenants can pay with credit cards with a 3.5% + $0.30 transaction fee. Tenants pay the transaction fees, however landlords can choose to pay the ACH fees themselves. There are also no contracts and no monthly minimums.
2. Do-It-Yourself:
This new plan costs $49/month for up to 10 units. Additional units are $3/unit.
The difference with this premium plan is free ACH transfers and 3-day express funding.
As with the free plan, landlords have payment controls over partial payments and credit card acceptance. Additionally, landlords can automatically assess late fees, and allows landlords to set a relaxed or strict rent collection policy. This requires renters to maintain a primary and backup payment method and requires scheduled, recurring payments every month to help ensure rent will be paid on-time.
Also Read: The Best Online Rent Payment Service for Small Landlords
- With no subscription plan and a simple pricing structure, PayRent helps property owners and managers collect rent online safely, reliably and automatically.
- Strength: Rent Collection
Conclusion:
PayRent is an online rent payment service that focuses exclusively on rent payments. As a result, they offer a unique product that makes it easy and safe for landlords to collect rent online. The latest release introduces a variety of new and unique features, as well as new service plan options for landlords: a free version with limited features and 5-7 day funding; or a paid plan that provides more advanced features, free ACH bank transfers, and 3-day express funding for a cost of $49 per month. There are no long-term commitments with either service plan. View the demo and let us know what you think!
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Photo by Morning Brew on Unsplash
Signing up is not that easy. First I had a problem creating an account because I used a symbol in the password it didn’t accept but didn’t give me an error message on it and 6 pm no chat support or phone support. I figured it out when I kept creating new passwords. Then when I got to create a merchant account again it just sat there no matter how many times clicked on it to create one. So it’s sitting there not active and they already send a message to my tenant to send the rent there before setup was even completed BOO. Setup is not user friendly and they should never set up tenants before setting up the main account. I got this so I can restrict partial payments and I’m wondering it they expect 50.00 a month for that feature or not. If so, I’m gone.