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’. Make being a landlord easier by having your tenants pay rent online through TurboTenant!
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.
Enabling Rent Payments
- 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.
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.
Have any questions about what charges to use? Contact us and we’d be happy to help you.
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. TurboPay 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
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 TurboPay! 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 TurboPay 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. No partial payments are allowed at this time though, so whoever does make the payment will have to pay in full.
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?
At this time TurboTenant Rent Payments does not allow partial payments. At some point, we’ll make it a setting to enable partial payments if you allow them. However to start, your tenants can only pay the full rent or fee amount.
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 TurboPay? Will my tenant see any of my bank account information or vice versa?
TurboPay 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. Contact us anytime!