A tenant can pay for any fee related to your rental application or lease agreement. That includes application fees, security deposit, rent, late fees, utilities, repairs or damages exceeding deposit. We also include an “Other” field so tenants can pay for other services as well. We customize the “Pay For” list for every account to meet your needs.
In some cases accounts are set up for a specific type of payment. For example some property managers designate an operating account to receive only application fees. In other cases, a trust account may be used for security deposits only. And we have other cases where payments are designated to a trust account intended only for rent and rent related fees that are being paid to owners.
In other cases, accounts may be set up for payments from a specific property location. Each merchant account deposits funds in the specific bank account that you designate. You can read more for setting up merchant accounts for multiple bank accounts.
We will discuss your business needs and customize a payment plan that fits the needs of your company and clients. Call us for more information at (888) 499-4099.