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Online Rent Collection

August 28, 2017  |  Author : Haley Anastassiou  | 

Online Rent Collection

How long do funds take to transfer?

Standard funding takes 4 business days. Next day funding is available for established account holders.

How long does it take to setup my QuickPay account?

We require 5-10 business days, but we can usually setup your account in less than 5 days depending on our team’s workload.

Can I use a personal checking account for collecting rent?

No, QuickPay will only work with a US/Canadian based Business Checking account.

What will I need to provide to setup my account?

Generally, we will only need a signed QuickPay application, a voided check and two recent bank statements. Additional documentation will be needed for accounts that process more than $100,000 in rent per month.

Can I still use QuickPay if I only have a personal checking account and not a business checking account?

Unfortunately, to use QuickPay you will need a business checking or savings account. See the next question for a possible solution if you currently only have a personal checking or savings account.

I can’t setup a business checking account because I’m a sole proprietor and not a LLC or Corporation. What’s the solution?

Some cities or counties will allow a sole proprietor to establish a DBA or fictitious business name. Check with your local bank manager to see what they recommend for setting up a business checking account.

Can a landlord/manager send funds out?

Yes, as long as you have the recipient’s bank routing and checking account number you can send funds from your QuickPay account. This is great for deposit refunds and all paying owners.

What if the tenant has insufficient funds?

We charge $25 for funds processed which come back due to insufficient funds. Please note that multiple insufficient funds transactions could result in account termination.

How long does funding take for ACH/EFT transfers?

Funds transfers are completed on the 4th business day. Meaning, if funds transfers are initiated on Monday, the deposit will occur on Friday. If funds are transferred on Tuesday, the deposit will occur the following Monday. Please note that holidays and weekends are excluded as processing days. Funds sent after 4:30pm (PST) are processed the next business day.

Does TrueRent offer a faster funding service?

Yes! Accounts that have been established for 180 days or more in good standing will be eligible for next day funding. See the Pricing page for additional information on this service.

How long does funding take for Credit Card transfers?

Credit cards payment funds the next business day.

Can I accept ACH only or Credit/Debit cards only?

Yes, you can accept only ACH or cards, or both.

Does QuickPay work in Canada?

Yes, TrueRent works for both US and Canadian bank accounts. We do not support other international banks at this time.

**Disclosure: Blog post are the opinion of the author and represent no guarantees nor do they necessarily represent the opinion of TrueRent and/or its affiliates.