What do I need to do to start collecting rent online with RentPost?
Step 2: Upload a copy a voided check for this account (you can usually find a copy of a check within your online bank statements).
Step 3: Upload an example lease agreement held with your tenant(s)
Step 4: Electronically sign your application; you will receive the sign-able application at the e-mail address you provide. Just open the e-mail and follow the simple instructions.
For many that’s it.
What other info might I be asked to provide? If you have one or more tenants who intend to pay $1,500+ in one online transaction, than we will need your two most recent bank statement (you can normally find in your online banking application)
Why is this information required?
Processing online transactions poses an enhanced risk of fraud for the companies facilitating the transaction (RentPost and our payment network partner in this situation). It is critical that we can guarantee or certify the bank account and the company/people controlling the bank account, so users don't take advantage of online deception in payment transactions. This added measure keeps everyone safer in dealing with online transactions. Furthermore, this added security allows us to charge low rates for transactions, as we do not need to account for loss due to fraud.
RentPost charges $1.50 to the tenants for ACH/echeck payments and 2.99% for credit cards. The choice is the tenant's when submitting a payment and setting up their payment profiles. By offering tenants this flexibility, tenants do not become averse to paying online (and actually do so), helping RentPost to automate rent and accounting for you and your tenants.
After e-signing your application, we will submit it for underwriting. You will be notified by e-mail if there is any additional info required to complete your underwriting. From there we will have you processing rent online within 3-4 business days. If you didn't receive the e-mail for the e-signature, please let us know by e-mailing email@example.com, and another e-mail will be sent (remember to check your junk mail).