At TurboTenant, we're dedicated to streamlining the rent collection process for landlords. Our platform offers various payment methods, including direct bank transfers (ACH) and debit/credit card payments, in partnership with Stripe, a leader in secure payment processing. Payments are processed on business days. If you would like a complete list of bank holidays, you can click here.
Payment Methods Processing Times Explained
ACH Payments: 5-7 Business Days
When you opt for ACH payments, the typical process involves a 3-5 day period for debiting the payment from the renter's account. It then takes an additional 2 days for the funds to reach your account, totaling a 5-7 business day processing time. This duration is standard across financial networks and institutions.
This is the standard timeline for all ACH payments following financial institutions and network policies.
ACH Payments with the Premium Plan⚡️: 2-4 Business Days
TurboTenant enhances your experience with our Premium Plan. This plan accelerates the ACH payment process, effectively 'pre-funding' your account. While the standard ACH transfer takes 5-7 days, our Premium Plan ensures funds are deposited within just 2-4 business days. Learn more about our Premium Plan here.
Debit/Credit Card Payments: 1-3 Business days
We're happy to offer renters the convenience of paying with a credit or debit card. There is a 3.49% convenience charge for these types of payments. While they typically take 1-3 business days to be deposited, they do offer a faster processing time than ACH transfers, since the funds are debited from the renter's account more quickly.
ACH Convenience Fee (non-premium landlord account)
1. Landlord Covers It: You can choose to pay the $2 fee. It'll be deducted from your deposit.
2. Renter Covers It: You can let the renter pay the fee.
3. Go Premium: Upgrade to our Premium Plan for free ACH payments and many more benefits!
ACH Convenience Fee (premium landlord account)
Free and included in your annual premium subscription.
Premium Payment Processing: Expedited Payouts with Enhanced Security
At TurboTenant, our Premium Plan users enjoy exclusive benefits, including expedited payouts and advanced security measures. Here's how we cater to our premium users:
Expedited Payouts through Pre-Funding: For our Premium Plan landlords, we offer an expedited payout feature. This involves 'pre-funding' your account, where TurboTenant advances the rent payment to you, effectively 'floating' the funds while the renter's ACH payment is still being processed. This proactive approach ensures that payments are deposited in your account within 2-4 business days, significantly faster than the standard ACH timeline.
Floating Funds Explained: The concept of 'floating' funds in this context refers to TurboTenant using its resources to advance the payment to landlords. This process is designed to accelerate the availability of your rental income. It's crucial to understand that during this floating period, we are not holding onto funds that are due to landlords; instead, we are providing an advance to ensure you receive your payments swiftly.
Balance Checks for Enhanced Security: As part of our commitment to security, especially for our Premium Plan users, we perform balance checks for renters who have entered their banking information through Plaid. This step is crucial in pre-validating the renter's funds before initiating the payment, thereby reducing the risk of payment failures and eliminating the need for clawback.
Dedicated to Premium Landlords' Needs
Our Premium Plan is tailored to enhance the experience of landlords seeking quicker access to their rental income. The combination of expedited payouts through pre-funding, rigorous security checks, and the strategic use of floating funds demonstrates our dedication to providing a superior service. Choose TurboTenant's Premium Plan for a more efficient, secure, and reliable rent collection process.
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Still have questions? Reach out to our team at [email protected] for additional assistance.