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Frequently Asked Questions
If you’ve got some final questions, here are the ones people ask most.
Do I need to bank with a specific bank to collect rent?
No. PayRent can deposit your rent payments to any bank with branches in the United States, usually within 3 days from when rent payments are made.
Is there a maximum transaction limit?
Yes. Our maximum per rent payment is $50,000 USD. However, there is no limit to the number of transactions per month or per property. Splitting rent payments into multiple transactions is acceptable.
Can I create more than one PayRent account?
Yes. You can create as many PayRent accounts as you need. Many Landlords create separate accounts for each property or group of properties. You will need a unique email address for each account.
What is the cost to collect rent on PayRent.com?
We charge 0.25% of the rent amount to process an ACH bank transfer. Landlords can choose who pays the ACH fees.
Credit card rent payments are charged a processing fee of 3.5% + $0.30 which is the full responsibility of the tenant.
What are the options for paying ACH transaction fees?
As a landlord, you have the option to absorb the ACH transaction fees, pass them through to your renter, or split a percentage of the fees between both parties.
Can I prevent renters from making payments?
Yes. each property has an option to prevent payments which can be manually toggled on or off at your convenience. You can also require your tenants to submit full payments so you’re never at the risk of accepting a partial rent payment.
Who pays for credit card transaction fees?
Making rent payments using a credit card is considered to be a convenience for a renter and is significantly more expensive than ACH. Renters pay all credit card transaction fees. There is no option for landlords to absorb or split these fees
How do my renters enroll in the service?
Once you are signed up and logged into your dashboard, you have the ability to send an invitation to your renters via email. They can click on the link in that email and sign-up for the service.
Do you send rent reminders?
Yes. We notify tenants of any new charges on their account and remind them when rent is due.
Will I receive a 1099K?
Internal Revenue Service rules require that we distribute an IRS 1099-K only if you exceed 200 transactions AND process more than $20,000 in rent payments annually through our service.