Here is a brief explanation of all the possible fees associated with online rent collection.
- Per transaction fees: Tenants, not you, will be charged $1.50 for every ACH/echeck payment they submit. If they choose to pay by credit card, the fee is 2.99% of the payment amount.
---Generally, that is it for fees, but there are some unusual situations where additional fees could be charged; here is an explanation of those possible, but unlikely fees---
- Account Maintenance Fee - All the rent will be forwarded into at least one bank account; if you decide to change a bank account that the rent is settling into, there will be a Maintenance fee to verify the new account.
- Reversals - If a request (within four days of payment authorization) must be made to your bank to return a rent payment because it was a duplicate or incorrect payment. This request is made by the processing company. RentPost provides sufficient notification to tenants if they accidentally try to pay twice or pay an incorrect amount that exceeds the amount necessary.
- WSUPP Retrieval - A WSUPP is the affidavit associated with the chargeback fee above. If there is a rent payment that is disputed as unauthorized, there is a fee to retrieve the affidavit the payer has signed, revoking authorization to charge the rent amount. Again, this will be a fee you should forward to the tenant, as s/he would likely be responsible for submitting any payment that is unauthorized. WSUPP stands for Written Statement Under Penalty of Perjury - it is the form that a payer must sign in oder to dispute a payment.
- Early Funding - If a tenant pays with an eCheck, there is a period of time it takes for the check to clear, just like a regular check. If you decide that you would like the money deposited into your account before the check(s) clear, this Early Funding fee will be assessed.
- Recall Fee - this is the same as a reversal fee, though the request will not be made to your bank account within the four day time period. Again, RentPost takes steps to prevent any type of double or unnecessary rent transaction.
- Excessive Returns Fee - If more than 40% of your rent payments are returned within a given month, than an additional 50 cents per item returned will be charged. This should never be an issue with your rent collections.