Accept Rent Online with TurboTenant!
Say goodbye to coordinating rent check pickups, waiting for the mail, or dealing with bank deposit issues. With TurboTenant, collecting rent has never been easier or more convenient for both landlords and tenants.
In addition to providing a secure and reliable way to transfer money, TurboTenant offers a host of other features to streamline your rental payments:
Payment Tracking: Keep track of all your charges in one place for easy bookkeeping and tax season.
Payment Notifications: Get notified as soon as your tenant pays or if their payment is past due.
Autopay: Allow your tenants to put rent and utility payments on autopilot with just a few clicks.
Automatic Tenant Reminders: Let your tenants know they have an unpaid charge and stay on top of late payments.
Automatic Deposits: No need to make a trip to the bank; your money will be deposited directly into your account.
Automatic Late Fees: Designate a monthly past-due date and a late fee amount, and we'll handle the rest should your tenants pay late.
Late Fee option to require your tenants to pay past-due charges first
Rent Reporting: Tenants who use TurboTenant to pay their rent can take advantage of this exclusive service.
Everything in One Place: Keep track of rent payments alongside tenant contact information, important documents, and messages.
To set up online rent payments, follow these steps:
The steps vary depending on whether you're a new user or just starting with TurboTenant rental payments. Before collecting rent online, you'll need to add your rental property and create a lease. If you’ve already set up a lease, you'll be prompted to select the applicable one.
Add your rental property if you haven't done so yet.
Click the "Payments" tab within one of your leases, or use the "Payments" tab from the toolbar and click the "Get Started" button.
Select or create a lease with an attached rental property and tenants.
Set up recurring or one-time charges for your lease. You only need to create one charge to get started within TurboTenant. We recommend setting up rent and/or security deposit first. This step can be skipped and you can always return to create your first charge!
Create your business or personal entity* through our integration with Stripe. You will select which type of account you are creating and enter your entity information- all through the TurboTenant platform. Then, connect your bank account** so you can receive payments.
If you have multiple businesses that are all collecting rent payments, we recommend creating an entity for each business. You can learn more here.
Verify your information, including your full legal name - this must match what is on your ID - and phone number, to set up payments successfully.
Enable partial payments, automatic payments, past-due payment prioritization, and automatic late fees during the setup process.
Once you're satisfied with the information presented, complete the rent payment setup. This will invite your tenant to their portal and place you on the Payments tab of the Leases page, where you can view all of your created charges.
💡 *TurboTip: Whether you set up a personal or business entity, you'll want to make sure that the bank account you connect matches the name on the account, or the business name. The way your entity is set up will be how income is reported on your 1099k. Learn more here.
💡 **TurboTip: At TurboTenant, we use Plaid, a secure service, to connect to your bank account during the setup process. Your login information is encrypted and cannot be viewed by TurboTenant or your tenants, ensuring a safe and reliable connection to your bank account. This allows you to enjoy hassle-free rental payments with peace of mind.
If you are unable to find your bank or you don’t use online banking, you'll have the option to add your bank account manually using your routing and bank account number.
After submitting your account for approval, you'll see an "awaiting approval" banner while our team checks your information. Once your account has been approved, you'll receive an email from TurboTenant notifying you that you're ready to start collecting payments.
We strive to review accounts as quickly as possible to minimize any delay in your payment processing setup.
Creating Subsequent Charges
After initial setup, you can add monthly or one-time charges by clicking "Create Charge" and following the required steps.
What is a Charge?
Charges are payment requests sent to each tenant on your lease. To ensure all tenants are included in your payment requests, add them to your TurboTenant lease. Click here to learn how to add tenants to your new leases.
We aim to make the payment process as convenient as possible for you and your tenants; that's why we send charges 15 days before they're due. Please note that tenants will only be notified of a posted charge 7 days before the due date, but they can make their payment up to 15 days early. This gives them ample time to make payments and ensures a smooth rental payment experience for everyone involved.
Charge Types
One-Time Charges
Your tenant is only charged once. These one-time charges are great for fees, utility bills, security deposits, or pro-rated rent.
Monthly Charges
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.
Payment Notifications
Turning on payment notifications in your advanced settings is a great way to stay informed. There are two different types of emails you can choose from
Daily Summary - Summary of all payments made. When this is selected, individual payment notifications will not be sent.
Individual Payment - You'll receive a notification for each payment.
As a landlord, you can update your notification preferences from your account settings under the Advanced tab on the computer or from Notification Preferences on the app.
To update your notification preferences on the web:
Log into your TurboTenant account.
Select Account in the bottom left-hand corner, then click Settings.
Select Advanced at the top of the page.
Select the Notification Preferences link to make the updates you'd like.
To update your notification preferences on the app:
Log into your TurboTenant account through the app.
Select More in the lower right-hand corner, then select Settings.
Select Notification Preferences from the settings list and make your changes.
Notification Types
When a payment is made, you'll receive an email alerting you that a payment has been made.
Text
You'll receive a text message when a payment is made.
Push Notification
A notification will be sent from the app, known as a Push Notification. To receive push notifications, you must install the TurboTenant for Landlord app on your phone.
Have more questions on Rent Payments? Check out our Rent Payment FAQ article for additional information.