Automating rent collection is easy. It requires that you get approved for a merchant account. You can set up as many merchant accounts as you have need as long as each one has a different settlement account (business bank account) Ideal Landlord uses Blue Pay to process rents. The tenant makes the rent payment in the tenant portal. We will provide instructions for you to send to your tenants . The process allows the tenant to register with Blue Pay. Then your tenant can enter bank account(s) and or credit card information which is transferred to the Processor for storage. With those two tasks done, all the tenant has to do is log in and make the payment when it is due. Ideal Landlord never takes constructive receipt of any rent payments. They go directly from the Tenant's bank account into the settlement account (bank account) which you have to set up.
The merchant account application is built into the software and you will find it under settings. Fill out the data and attach requested documents. Click submit and your approval will take from 4 to 24 hours. If you need help, contact customer service and someone will be happy to answer your questions or get on a joint meeting to help you fill out the application. You will be asked to provide a copy of a voided check which has your name and address on it. You may also need to provide other documentation based on the size of your portfolio.
Once approved a secure connection to the processor is added to your subscription account. You can now add the merchant account you wish to use for each lease to manage rent collection . That step is already built in and takes only seconds to do. If you have more that one merchant account, rent will go into the account you choose for each lease. Automated rent can be paid through the tenant portal, or by phone at customer service. This allows all tenants, whether they have computers or not, to use automated rent collection.