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 submitted. 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 as of the time of this article being updated.
- Accelerated Funding Request: $35/request
Standard bank hold time is 3 banking days before being deposited. In the case where you need funds faster, this can be accelerated to a next day deposit.
Note that RentPost can get accelerated funding enabled for all payments on a per transaction fee basis. Please note that these requests require at least 3 months payment processing history with RentPost, and additional documentation. If you're interested in more details regarding this, please contact a RentPost representative.
- WSUPP Retrieval: $35/request
WSUPP is a Written Statement under Penalty or Perjury. This is a document created when a person claims an ACH transaction was unauthorized. If you need to obtain a copy of one of these bank documents completed by said person, the WSUPP Retrieval fee is applied.
- Reversals: $25/request
If you need to reverse an ACH payment that's already been sent to the ACH network. This is possible within a 4 banking day window. Generally this is avoided by just issuing another debit or credit to offset the original transaction and isn't needed.
- Recalls: $55/request
Similar to the reversal request, but beyond the 4 banking day banking window allowed for a Reversal. Again, this is typically resolved by issuing another debit or credit to offset the original transaction.
- Excessive Retruns: $0.50/transaction
We've never had a case where this has happened, but if more than 40% of tenant payments are returned (due to insufficient funds, bank account closures, etc.), this fee will be charged on a per transaction basis. Fewer than 0.25% of all payments on RentPost are returns today.
- Bank Account Change: $35/request
In the case where you need to update an existing bank account to a different account. This is done to preserve any tenant payment profiles associated with a given bank account. Otherwise, you can just setup a new account.
Can you please send me a breakdown of charges on the additional fees listed?
Hey Stephanie, this article has been updated with more detail on the fees above. Hope that helps!
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