There are three ways you can add your payment method through TurboTenant.
You can add a credit or debit card. A 3.49% convenience fee is charged with every payment made (the convenience fee is non-refundable).
You can add your account by logging in with your mobile banking credentials using Plaid. Check here to see if your bank is listed on our partnered institutions.
You can add your bank account manually using your routing and account number.
*A $2.00 fee is charged for ACH payments. The ACH fee is waived based on your landlord's subscription.
If you are adding a payment method like Chime, BILT MC or GreenDot you would need to make sure you process this as a manual payment method entry. The Plaid log-in or card option will usually not work.
For any of those methods, once logged into your TurboTenant renter portal, you will want to navigate to your Settings tab and select "add a payment method".
If you add your bank account manually, our payment processor will make 1 deposit to your bank account, totaling $0.01. This process typically takes 1-2 business days (excludes weekends and holidays) and you will receive an email notification when they are available. You will be required to verify the account by entering the 3-letter code included with the $0.01 deposit.
This process is to ensure that you are the account owner, preventing any fraudulent activity from taking place.
TurboTip: Re-entering your bank account information will not speed up the micro-deposit timeline. Each time you manually input your account and routing numbers, the micro-deposit process will be re-initiated and render the previous batch of micro-deposits invalid. This can cause confusion when trying to confirm your bank account, so it is best to enter your credentials once and wait for the micro-deposits.
Once the deposit has been made, you will need to enter the 3-letter code included on the deposit in your account and enter it into your TurboTenant renter account to confirm and begin making rent payments!
Learn more about paying rent through TurboTenant here.
Frequently Asked Questions:
Q: Can I use a prepaid gift card to pay my rent?
A: No, you cannot use a prepaid card, such as a Visa gift card or Mastercard gift card, to pay your rent.
Q: What is Stripe?
A: Stripe is the payment processor we use at TurboTenant to accept and transfer payments. Stripe is designed with security in mind. It handles sensitive payment information like credit card numbers and bank account numbers and ensures compliance with industry-standard security protocols to protect both businesses and customers. Stripe verifies the availability of funds directly with your bank account to process payments.
Q: What is Plaid?
A: Plaid is the software we use for connecting and facilitating interactions between financial institutions and applications or services used by consumers and businesses, such as connecting your bank account to TurboTenant to make rent payments. Plaid is what you will use to add your card for rent payments or log in to your bank account for rent payments. They will also be the ones sending the verification code to manually connect your bank account.
Q: I received a message saying, "The credentials you provided are incorrect." What should I do?
A: If you received the message that your credentials provided to Plaid are incorrect, you'll want to check that your credentials, including the email address and phone number, are the same as those you use for the bank institution.