Fees Associated with Online Rent Collection

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.