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The user is responsible for thoroughly reviewing the following Online Payments background information and must follow the Online Payments configuration instructions precisely to ensure proper set up.
HomeRentals.net Online Payments System - Background Information
The majority of property management companies accept rent payments through the mail or in person, and then post them manually into an accounting system. These methods are largely dependent on tenant availability and reliability, and on the tenant's current cash flow.
An online payment system increases the probability that tenants will make timely rent payments because the tenant can submit a payment from any location with an Internet connection and may choose their preferred payment method (credit card, eCheck, balance transfer). A tenant may also choose to use the online payment system as a means of re-establishing credit and/or earning credit card company rewards.
When choosing an online payment processor, there are two alternatives: an "aggregator" or a "facilitator". In most states, a facilitator is the only legal choice for property management companies. Aggregators should be avoided because they take control of the financial transaction - the tenant submits payment to the aggregator, rather than to the property management company. This is a violation of standard trust accounting requirements.
Banks and traditional merchant account providers operate as facilitators when you set up a merchant account with them. This option gives the property management company control over the transaction, however this option can be costly, both in time and money. The fees associated with establishing a merchant account can be high, the company must post rent charges manually, and tenants may be able to submit a partial rent payment (which can lead to future difficulties if eviction processes become necessary). Facilitators often favor the consumer (tenant) when a there is a dispute over a payment.
The online payments system can be used to accept payments from owners, tenants, and/or applicants.
The HomeRentals.net Online Payments feature provides users with the following benefits:
The HomeRentals.net system has been set up to specifically address the needs of property management companies. We have developed a system that is convenient and economical that complies with legal requirements for property management companies.
| 1. | The HomeRentals.net system uses a processor that is merchant friendly. The transaction processing fees are competitive and reasonable. And, in cases of dispute the company favors the merchant (the property management company) and puts the burden of proof on the consumer (tenant). |
| 2. | This system is integrated with PROMAS accounting software so that when the user publishes profiles from PROMAS, tenants are automatically set up with a payment account. |
| b) | The user can easily post tenant statements directly from PROMAS to a password protected interface; and tenants cannot pay any amount less than the full statement balance. No additional manual rent posting is needed. |
| c) | Only the actual tenant can make a payment, eliminating the problem of ostensible/implied tenancy. |
| d) | The system allows for one-click recording of rents received to PROMAS. |
| e) | The system accounts for processing transaction fees with no additional effort on your part. Only the exact rent amount is transferred back to PROMAS. |
| f) | The system automatically and accurately associates rents with the correct unit. |
| g) | The system creates a searchable payment history for each tenant.
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| 3. | The Online Payments feature is included in the HomeRentals.net Manager Platinum package, there are no additional setup fees and no ongoing monthly fees. |
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