Accept Rent Online with TurboTenant!
Forget about coordinating rent check pick up, waiting on the mail, or having the bank reject your deposit because they can’t tell if it is a ‘4’ or a ‘9’.
Instead, make rent payments convenient for both you and your tenants.
With TurboTenant you get more than just a way to transfer money:
- Payment Tracking: See the status of all the charges you sent out in one place. It makes bookkeeping and tax season that much easier.
- Payment Notifications: You’ll be notified immediately as soon as your tenant pays or if their payment is past due.
- Automatic Reminders: We’ll let your tenants know that they have an unpaid charge. And we’ll stay on them until they pay so you don’t have to.
- Automatic Deposits: Once they have paid, forget about making a trip to the bank. Your money will be deposited directly into your bank account.
- Everything in One Place: Keep track of rent payments in the same place you keep a tenant’s contact info, important documents, and messages.
Collecting rent online with TurboTenant does not have any additional fees for landlords! Tenants only incur a 3.49% processing fee if they pay by credit or debit card. Paying by bank transfer is completely free for your tenants!
How to Get Started Collecting Rent
To set up online rent payments through TurboTenant, you will first need to create a lease. Haven’t created one yet? Learn how to create a lease here. You can store important documents, request signatures, and track who's paid rent, all in one place
- Go to the Payments tab of your lease.
- Click the SET UP PAYMENTS button to get started.
- Next, you’ll need to verify your information. Be sure to enter your legal name, real phone number, etc. in order to successfully set up payments.
- Once you have filled out your information, connect your bank account so that you can receive payments.
TurboTenant securely connects to your account via a service called Plaid. You’ll be asked to select your bank and go through the processes of entering your login information for your bank. Your login info will be encrypted and cannot be viewed by TurboTenant or your tenants.
If you are unable to find your bank or you don’t use online banking please contact us using the chat bubble or by emailing us at email@example.com.
You’ll see an "awaiting approval" screen as your account gets checked by our team.
Creating your first charge
Once your account is approved, it is time to create your first charge.
What is a charge? Charges are payment requests sent to each tenant on your lease. This is why it is important to make sure you have added your tenants to your TurboTenant lease. Learn how to add tenants to your lease here.
Your tenants will be notified that a charge is available to be paid 7 days before that charge is due.
One Time Charges
Your tenant is only charged once. These one time charges are great for fees, security deposits, or pro-rated rent.
These are for recurring monthly charges that occur on the same day each month and are for the same amount each time. They are perfect for monthly rent, fixed utilities, or parking fees.
Some questions you may still have:
How much does it cost?
It is completely free to you as the landlord! There may be a cost to the renter based on how they decide to pay. TurboTenant allows landlords to receive payments from their tenants via:
- ACH (Bank Transfer) - Completely FREE for your tenant
- Credit or Debit Card - There is a 3.49% Processing Fee on top of the charge amount
Note: not all banks are currently accepted by our payment processor; if your tenant is unable to find their bank on our list of approved financial institutions, they will have to instead pay via credit or debit card.
What info do I need to collect from my tenant?
If your tenant applied online through TurboTenant, you don’t need to collect any additional information from them. That is the beauty of TurboTenant! As long as the tenants are part of a lease within TurboTenant, they will be notified about any outstanding charges.
How will my tenant know to pay rent through TurboTenant? What do they see on their side?
For the first charge you send them, your tenant receives an introduction email telling them about TurboTenant Rent Payments and explaining how it works. It looks like this.
To pay the charge, they will need to connect their bank account or add a credit/debit card to their account. After that first charge, they continue to receive an email notification whenever a charge is due. Within their TurboTenant account, they can see all the charges that are due and those that they’ve already paid. It looks just like what you can see within your Landlord Account.
I have multiple tenants on my lease, who receives the charge?
They will both receive the charge and either one can make a payment. If you have enabled partial payments, each tenant can easily pay their own share of the charge.
How long does it take for the payment to reach your bank account?
Payments on average take 5-7 business days to be deposited into your bank. After accepting the first payment through TurboTenant you can ask your bank to remove any holds to speed up the process.
Can you restrict Partial Payments so that only the full amount can be paid at one time?
Yes, when setting up a lease in your account, you can choose whether or not to allow your renters to submit partial payments. If this option is not enabled, renters will be restricted to only paying the full charge amount. This option can be changed at any time by going to the settings section of your lease.
Can I charge late fees? What about security or pet deposits?
You can charge your tenants for any one-time fee or deposit! However, at this time late fees will not be automatically calculated or charged.
How secure is TurboTenant Rent Payments? Will my tenant see any of my bank account information or vice versa?
TurboTenant uses the best in class payment processor Stripe to securely transfer money from your tenants to you. You and your tenant’s payment information is encrypted within Stripe and is not available to anyone else.
More questions? Our Colorado-based support team would be thrilled to answer them for you 7 days a week. Use the chat bubble in the bottom right or email us at firstname.lastname@example.org.