FAQ: What are the enhancements for the Payment Collection feature?
Q: When will the new landlord processing fee take effect?
A: To ensure a secure, reliable, and seamless rent, deposit, and other fee collection experience, a $3 processing fee will apply to any new recurring payments created or scheduled on or after March 14, 2025.
Below is the new fee structure for the payment collection feature:
- ACH: Renters can initiate payment through an ACH transfer that sends the funds from their banking institution to the receiving bank account
- The landlord pays a $3 processing fee deducted from the requested payment amount
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- ACH transactions are deposited within 3-5 business days
- Credit or Debit Card: Renters can alternatively initiate payment with their credit or debit card
- Renters will pay a 3% credit/debit card fee on top of the payment that is due, and the landlord pays a $3 processing fee deducted from the requested payment amount
- Credit/debit card transactions are deposited within 1-2 business days
Q: What happens to my existing recurring payments?
A: If you set up a recurring payment before March 14, 2025, it will follow the original fee structure you selected. Landlords will still have the flexibility to cover fees themselves or pass it on to renters.
Q: What enhancements can I expect in 2025?
A: We’re introducing new features to make rental management even easier:
- Advanced fraud protection – Enhanced security features help reduce fraud risk and keep your transactions secure.
- Automatic late fees – Set them once, and RentSpree will apply late fees and send reminders automatically.
- Smarter property management tools – Track maintenance and communicate seamlessly with built-in tools.
These updates are designed to save you time, improve security, and simplify the way you manage rentals.