Rent Payment FAQs:
Q: What are the fees to pay rent?
Tenants can incur a fee depending on their payment method. Here's how this works:
ACH (Bank Transfer): There’s a $2.00 fee for ACH payments, which is typically paid by the tenant. If the landlord is on the Premium Plan, this fee is waived. Landlords not on the Premium Plan can choose to cover the $2.00 fee themselves, which will be deducted from the rent. You can adjust this setting under Account > Settings > Rent Payments.
Credit or Debit Card: Payments made with a credit or debit card incur a 3.49% fee, which is paid by the tenant and cannot be waived.
Note: Some banks are not supported by Plaid. If a tenant’s bank is not listed among Plaid's approved institutions, they can manually enter their checking account and routing numbers or use a credit/debit card. Currently, our system does not support payments from savings accounts.
Q: Can I enable automatic payments for my tenant?
As a landlord, you can enable automatic payments for your tenants. This article shows you, the landlord, how to enable this feature in the lease profile. Your tenants would need to finish the automatic payment setup by enrolling. If your tenants have any questions about the set-up process, you can send them the link to this article.
Q: What information do I need from my tenant to collect rent payments through TurboTenant?
If your tenant applied online through TurboTenant, you don’t need to collect additional information. Tenants included in a lease within TurboTenant will automatically be notified of any outstanding charges and will be prompted to set up their payment method.If your tenants did not apply through TurboTenant, you'll need to add them to the lease profile in your account with their name, email, and phone number. This will send them an invitation to the portal where they can set up their account. For instructions on adding tenants who didn’t apply through TurboTenant, click here.
Q: How will my tenant know to pay rent through TurboTenant? What do they see on their side?
A: When you send the first charge, your tenant will receive an introductory email from TurboTenant explaining the amount of the charge, and how to pay rent through the platform whether it is a bank account or a credit/debit card and associated fees. After making their initial payment, tenants will receive email notifications for any future charges.
In their TurboTenant account, tenants can view all outstanding charges and payment history. You can view the rent reminder emails they receive in this article.
The image below is of the introductory email to your tenant to make a payment.
Q: Does TurboTenant offer rent reporting for tenants?
A: Yes, TurboTenant offers rent reporting, which allows us to report tenant' on-time and early payments to TransUnion. Rent reporting can be beneficial for tenants, especially those building or establishing their credit history. You can find more about this subscription service here.
Q: I have multiple tenants on my lease. Who will receive the charge?
A: All tenants and co-signers added to the lease profile in TurboTenant will receive the charge notice, and any one of them can make a payment. If you have enabled partial payments, each tenant can easily pay their individual share of the charge.
Q: How long does it take for the payment to reach your bank account?
A: ACH Payments, on average, take 5-7 business days to be deposited into your bank. If you're interested in expediting ACH processing, we offer expedited payments through our Premium plan, which decreases the time to approximately 2-4 business days, excluding weekends and bank-observed holidays. Once you’ve received your first payment through TurboTenant, you can also request your bank to remove any holds to further speed up the process.
Card payments take 2-3 business days to be deposited into your bank on average. This processing time can also improve with a Premium subscription. Learn more here.
PAYOUT SPEED TIMELINES
| Expedited* | Standard |
Credit / Debit Card Payment | 2-3 business days | 2-3 business days |
ACH Payment | 2-4 business days | 5-7 business days |
*Expedited timeline is only applicable to Premium Plan subscribers
Q: Can you restrict partial payments so only the full charge amount is paid at one time?
A: Yes, when setting up a lease in your account, you can choose whether or not to allow your renters to submit partial payments.
This option can be changed at any time by going to your Lease Settings.
Q: What about collecting security or pet deposits?
A: Yes, you can collect a security deposit, pet fees or any one-time fees by by creating a one-time charge on the lease. Click here to learn how to create charges!
Q: Can I charge late fees for rent payments through the platform?
A: Yes, you can set up an automatic late fee whether it is a flat fee or a percentage of the rent when creating monthly charges. Learn more about that process in this article.
Q: Can I charge daily late fees?
A: Daily late fees are not currently supported. If the lease agreement outlines daily late fees, you'll want to manually create one-time charges for each day the rent payment is late to accommodate this.
Q: How secure are rent payments through TurboTenant? Will my tenant see any of my bank account information or vice versa?
A: Your tenant does not have access to your bank account information, nor do you, as a landlord, have access to your tenant's bank account information. TurboTenant uses the best-in-class payment processor Stripe to transfer money from your tenants to you securely. You and your tenants' payment information is encrypted within Stripe and is not available or disclosed to anyone else.
Q: Is there a way I can easily track expenses and rent payments with your software?
A: We're glad you asked! TurboTenant partners with REI Hub to bring you intuitive accounting software specifically designed for property owners, which includes automated expense tracking and rental property bookkeeping. This integration automatically pulls any expenses or rent payments tracked in TurboTenant into REI Hub's accounting tool. Learn more.
Q: How will I know when my tenant makes a payment?
A: You will receive an email each time your tenant makes a payment for their charge.
Have a large amount of tenants? You can receive an email notification summary when your tenants submit their rent payment. Make sure your Email Summary notification preference is turned on within the Daily Payments Summary section in your account. Go to Account>Settings>Advanced>Change Preferences.
Q: How will I know when the payment gets deposited?
A: You will receive an email each time a rent payment is deposited into your bank account.
Have a large amount of tenants? You can receive an email summary when rent payments are deposited. Please ensure that your notification preferences for Email Summary are turned on in the Rent Payment Deposited section.
Go to Account>Settings>Advanced>Change Preferences.
Q: What will this look like in my bank account statement?
A: The bank account statement will display RENT: LAST NAME of the tenant to help you identify which rent payment belongs to which tenant. This cannot be modified at this time.
Q: My tenant is unable to connect their payment method using Plaid; what should they do?
A: If your tenant is unable to connect their bank account using Plaid, we recommend they reach out to Plaid directly. You can share the following link for Plaid: https://my.plaid.com/ where they'll find some information about troubleshooting why their account is not connecting, and there is a chat option available on their site, too. Since we do not have access to their bank account information, this is something that Plaid will need to help with.
Alternatively, they can connect their bank account manually by entering their routing number and bank account number. This process typically takes 1-2 business days.
Q: Can tenants connect multiple payment methods in their account to pay rent?
A: Tenants can only connect one payment method in their account to make rent payments.
Still have questions? Reach out to our Support Team via chat or by email at [email protected]