Online Payments

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.

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 guest availability, reliability, and on the time between when a reservation is made and the arrival date.

An online payment system increases the probability that guests will make timely rent payments because the guest can submit a payment from any location with an Internet connection and may choose their preferred payment method (credit card, eCheck, balance transfer). A guest may also choose to use the online payment system as a means of 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 guest 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 guests may be able to submit a partial rent payment. Facilitators often favor the consumer (guest) when a there is a dispute over a payment. The online payments system can be used to accept payments from owners and guests.

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 (guest).

2.	This system is integrated with PROMAS accounting software so that the user can publish statements from PROMAS.

a.) The user can easily post guest folios directly from PROMAS to a password protected interface; and guests cannot pay any amount more or less than the amount due on the reservation payment schedule. No additional manual rent posting is needed.

b.) Only the actual guest can make a payment, eliminating the problem of ostensible/implied tenancy.

d.) The system accounts for processing transaction fees with no additional effort on your part. Only the exact amount due is transferred back to PROMAS.

e.) The system automatically and accurately associates payments with the correct reservation.

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.