PayRent is an online rent payment service which helps property owners and managers collect rent online quickly, safely and securely. With a free account, you can add your properties, enroll your tenants, and start receiving rent payments now. 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. Sign up for a free account.
PayRent is a winner in our Best Free Property Management Software for Small Landlords
We believe 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 free to use for landlords. PayRent charges only a transaction fee to process e-checks and credit cards. Renters pay a small fee (0.25% or around $2.50 for a $1000/month rental, $5.00 maximum) 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. PayRent online rent payment service includes unlimited properties as well as payment reminders, recurring payment options, 3-day funding, and ability to assess late fees.
Here are some of the primary features of PayRent’s online rent collection services.
- Free for landlords: Renters pay a small fee (0.25% or around $2.50 for a $1000/month rental, $5.00 maximum) to process ACH transactions and e-checks. Alternatively, tenants can pay with credit cards with a 3.5% + $0.30 transaction fee.
- Unlimited properties: Sign up for one account and get online rent payments for all of your properties.
- Schedule recurring payments: Your tenants can schedule recurring payments. Then they never have to worry about late fees, and you never have to worry about missed payments.
- Funding in just 3 days: You’ll have rent money in your account within three days of PayRent’s collection.
- Secure: PayRent uses some of the world’s largest and safest financial institutions. Additionally, your banking information is kept private and secure to minimize the risk of fraud. This helps protect you and your tenants’ security and privacy.
- 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.
Sign up for a free account at PayRent.
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. With PayRent, your tenants have a choice of either e-check or credit card payment methods. Add your tenants to the platform and PayRent will send out an email invitation for them to join the service then help them through the process of adding a payment method.
Automated and Recurring Rent Payment Scheduling:
When an online rent payment service allows tenants to automatically schedule their rent payments each month, the chances increase greatly that your rent will be paid on time. Additionally, if the service has options to schedule multiple payments each month or on specific days of the month, this can ensure your tenants pay their rent as soon as they receive their paychecks before spending it on anything else.
Additionally, 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, semi-monthly or monthly recurring payments so you know your rent will be paid no matter where they are or how busy they may be.
Speed of Payments:
PayRent can deposit your ACH rent payments to any bank with branches in the United States, usually within 3 days from when rent payments are made. However, there are no options for expedited payments.
There is no monthly subscription cost to use PayRent’s online rent payment service. They simply charge 0.25% per transfer, which the tenant can pay directly. On $1000/month rent, that comes to just $2.50. Your tenants will pay this at the time of their rent payment, though landlords can choose to pay this themselves. Either way, it is a small price to pay for convenience.
If your tenant chooses to pay with a credit card, there is a 3.5% + $0.30 transaction fee. For a $1000/month rental, this would come to $35.30. In this case, renters pay all credit card transaction fees. There is no option to split or absorb these fees.
PayRent sends automated rent reminders to your renters which helps avoid last-minute confusion and stress. You will also receive instant email notifications when rent is paid, as well as full accounting and tracking of online rent payments through PayRent.
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. No subscription plan and a simple pricing structure means no ongoing monthly payments. Choose to pass-through transaction fees to your tenants, and your rent payment fees are $0 forever. With the ability to add unlimited properties to your account, PayRent can be the right online rent payment service for landlords large and small. Give it a try today!
Sign up for a free account at PayRent.
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