Landlord Software 

Landlord Software - Underbanked Tenant Rent Payments

by Kris


Posted on Wednesday January 31, 2018 at 09:13PM in General


Underbanked People in the U.S.

According to the FDIC, approximately 9.0 million U.S. households, made up of 15.6 million adults and 7.6 million children, were unbanked in 2015.  Unbanked means that nobody in the household has a bank account.

Underbanked Education

If a tenant is either underbanked or prefers to pay with cash, what do landlords do?  The options include:

  • Meeting tenants to collect cash.  Most landlords do not collect cash since it is a security risk.  Collecting cash may also be very time consuming since the landlord has to meet the tenant and then go a bank to deposit the cash.
  • Give tenants your banking information.  Some landlords give tenants their bank account number or a stack of bank deposit slips so that a tenant can go into the landlord's bank and make a deposit directly into the landlord's bank account.  There is a risk giving anyone your bank account number or deposit slips.  If a tenant has deposit slips, the bank teller could assume the tenant owns the account and may let the tenant see the balance or make a withdrawal.
  • Tenants can purchase a money order or cashier's check.  Tenants can go into a retailer with cash and purchase a money order.  A tenant will then either meet the landlord or mail the money order to the landlord.  Mail can be lost or stolen and a landlord never knows when money will be received since mail times vary and a tenant may not have mailed it.  If a money order is lost or stolen, there is typically a multiple week period before the tenant can receive a refund from the money order company which means that the landlord will not be paid for multiple weeks.
  • Tenants can pay rent at a local retailer.  This is the easiest and safest solution. Tenants have the flexibility to pay whenever the retailer is open instead of adjusting their schedule to meet a landlord at a specific time and place.  Money is automatically transferred into the landlord's bank account, which makes the process much easier for the landlord.  ScheduleMyRent's landlord software will be offering the ability for tenants to pay rent with cash at 30,000 locations nationwide.


Information obtained from the FDIC Study.


Landlord Software to Collect Rent Online - Rent Roll

by Kris


Posted on Wednesday January 24, 2018 at 12:52PM in Software Updates


Landlord Software for Rental Payments - Rent Roll Report


Schedule My Rent landlord software offers a Rent Roll report that lists all units, lease dates, and tenants.  This report is often used for mortgage and other loan companies that require property status information.  This report is run with a specific date to show the leases and tenants that were effective on that date. 

This report can be downloaded in either a Comma Separated Values (CVS) format or an Excel format which allows further customization within Excel or other programs.

 Simply select the Reporting button from the landlord dashboard. Then select:

  • Report Type: Rent Roll
  • Report Date
  • Data Format: CSV (comma separated value) or XLS (Excel)
  • Click Export File to download the report


Each row in the report shows the following information:

  • Business: Business name that tenants see for this unit
  • Street: Street address where unit is located
  • Secondary Address: Secondary street address where unit is located
  • City: City where unit is located
  • State: State where unit is located
  • Zip: Zip code where unit is located
  • Unit: Unit name that landlord has assigned to this unit
  • Status: Occupied or Vacant
  • Lease Start Date: Date that lease started
  • Lease End Date: Date that lease ended if there is a fixed end date.  If month to month, there may not be an end date listed.
  • Month to Month: Blank or "Month to Month"
  • Rent Amount: Dollar amount of the monthly rent
  • Residents : List of residents listed on lease

It's easy to see all units and their status when you collect rent online with Schedule My Rent Landlord Software.


Landlord Software - ACH Return Codes

by Kris


Posted on Friday January 12, 2018 at 11:31AM in How it works


Schedule My Rent's landlord software uses the ACH network to move money between a tenant's bank account and a landlord's bank account.  The ACH network is controlled by operating rules that specify how and when a rent payment can be returned.


Landlord Software, ACH Return Codes


Most ACH rent payment returns are required to be returned within two business days of the rent being withdrawn. For example, if rent is withdrawn from a tenant's bank account on Monday, then the rent return has to be made available by Wednesday morning.  If a rent payment is unauthorized on a personal bank account, the tenant's bank has 60 calendar days to return a rent payment.


Schedule My Rent reduces the hassle of rent payment returns:

  • Know about returns faster. Know about most returns in 1-2 business days, which is much faster than a paper check rent return.

  • Automatically receive notifications. Landlords automatically receive an email indicating the tenant and the amount of the return. All tenants on the lease automatically receive an email indicating that a return has occurred and a request to authorize a new rent payment.

  • Automatically update landlord and tenant dashboards. Returns are clearly shown on both landlord and tenant dashboards.

  • Automatically add Return Fees and Late Fees.  If the landlord setup a Return Fee, a Return Fee is automatically added to the amount that the tenant owes.  If the landlord setup a Late Fee and rent is late because of the rent return, a Late Fee is automatically added to the amount that the tenant owes.

ACH Return Codes
Code Title

Description

 R01 Insufficient Funds

The available and/or cash reserve balance is not sufficient to cover the dollar value of the debit Entry.

What does this mean?

The tenant does not have enough money in their bank account to cover the rent payment that was authorized.  Money is typically withdrawn by the tenant's bank in the very early morning of the day the tenant authorized.  The tenant typically has to have good funds in their bank account the night before or a rent payment may return.  The tenant needs to authorize a new rent payment.

 R02 Account Closed

A previously active account has been closed by action of the customer or the RDFI.

What does this mean?

The tenant's bank account has been closed and this bank account can not be used for rent payments.  When Schedule My Rent receives a Closed Account Return, the tenant's bank account is marked as invalid so it can not be used again.  The tenant needs to add a new bank account by going to the left menu bar and clicking Bank Accounts, then clicking New Bank Account.

R03 No Account/Unable to Locate Account

The account number structure is valid and it passes the Check digit validation, but the account number does not correspond to the individual identified in the Entry, or the account number designated is not an existing account.

What does this mean?

The bank can not find this bank account number.  This is typically caused by a typo, where the account holder enters the bank account number incorrectly into Schedule My Rent.  The account holder needs to add a new bank account by going to the left menu bar and clicking Bank Accounts, then clicking New Bank Account.  This return may also occur if the bank uses a different bank account number on paper checks and statements than it does for electronic ACH transactions.  Please call your bank and ask what bank account number should be used for ACH transactions.  If the bank account number was incorrect, add a new bank account by going to the left menu bar and clicking Bank Accounts, then clicking New Bank Account.

R04 Invalid Account Number Structure

The account number structure is not valid.

What does this mean?

Different banks number their bank accounts different ways.  For example, a bank may use only 9 digits for their bank account numbers.  If a bank account number is sent with 8 digits, the bank knows that this bank account number is not valid and will return a rent payment.  Please call your bank and ask what bank account number should be used for ACH transactions.  If the bank account number was incorrect, add a new bank account by going to the left menu bar and clicking Bank Accounts, then clicking New Bank Account.

R05 Unauthorized Debit to Consumer Account Using Corporate SEC Code

CCD or CTX debit Entry was transmitted to a Consumer Account of the Receiver and was not authorized by the Receiver.

What does this mean?

When a tenant sets up their bank account, they choose an account type of Personal or Business.  If the bank account was personal and it was setup as business, and the rent payment was unauthorized, this return will be used.  Please call the tenant and ask why the rent payment was unauthorized.

R07 Authorization Revoked by Customer

The RDFI's customer (the Receiver) revoked the authorization previously provided to the Originator for this debit Entry.

What does this mean?

The tenant is claiming that the rent payment is not authorized.  The tenant must sign a Written Statement Under Penalty of Perjury in order to claim that the transaction is not authorized.  A tenant has 60 calendar days from the rent payment to make this claim.  

R08 Stop Payment

The Receiver has placed a stop payment order on this debit Entry.

What does this mean?

The tenant has placed a Stop Payment on their bank account.  Please call the tenant and ask why they are stopping rent payments to their bank account. 

R09 Uncollected Funds

A sufficient ledger balance exists to satisfy the dollar value of the transaction, but the available balance is below the dollar value of the debit Entry.

What does this mean?

The tenant does not have enough "available money" in their bank account to cover the rent payment.  When a tenant makes a deposit into their bank account, their bank may hold the money for several days before making it available for withdrawals.  For example, if the tenant deposits a local paper check, their bank may limit the withdrawal of this money for 2-3 days.  Each tenant should make sure they have "good funds" in their account for the date that they authorized the rent payment for.  The tenant needs to authorize a new rent payment.

R10 Customer Advises Unauthorized, Improper, Ineligible, or part of an Incomplete Transaction

The RDFI has been notified by the Receiver that the Entry is unauthorized, improper, ineligible, or part of an Incomplete Transaction.

What does this mean?

The tenant is claiming that the rent payment is not authorized.  The tenant must sign a Written Statement Under Penalty of Perjury in order to claim that the transaction is not authorized.  A tenant has 60 calendar days from the rent payment to make this claim.  Please call the tenant and find out why they are claiming that the rent payment is unauthorized.

R12 Account Sold to Another DFI

A financial institution received an Entry to an account that was sold to another financial institution.

What does this mean?

The bank account is not valid anymore because it was sold to another bank.   The tenant needs to add a new bank account by going to the left menu bar and clicking Bank Accounts, then clicking New Bank Account.

R13 Invalid ACH Routing Number

Entry contains a Receiving DFI Identification or Gateway Identification that is not a valid ACH routing number.

What does this mean?

The routing (or transit) number that was setup in invalid.  This typically does not happen since Schedule My Rent screens all transactions for invalid route numbers. 

R14 Representative Payee Deceased or Unable to Continue in That Capacity

The representative payee is either deceased or unable to continue in that capacity.  The beneficiary is not deceased.

What does this mean?

The tenant's representative is either deceased or not able to provide authorization.   The tenant needs to add a new bank account by going to the left menu bar and clicking Bank Accounts, then clicking New Bank Account.  A new rent payment news to be authorized.

R15 Beneficiary or Account Holder (Other Than a Representative Payee) Deceased

The beneficiary is deceased, or The account holder is deceased.

What does this mean?

The tenant is deceased.   The tenant's representative needs to add a new bank account by going to the left menu bar and clicking Bank Accounts, then clicking New Bank Account.  A new rent payment news to be authorized.

R16 Account Frozen / Entry Returned Per OFAC Instruction

Access to the account is restricted due to specific action taken by the RDFI or by legal action; or OFAC has instructed the RDFI or Gateway to return the Entry.

What does this mean?

The tenant's bank has frozen the bank account and no rent payments are currently being accepted.  This could be a short-term situation or it could be long-term.  If long-term,  the tenant needs to add a new bank account by going to the left menu bar and clicking Bank Accounts, then clicking New Bank Account.  Bank accounts are often frozen when the bank notices improper or fraudulent transactions occurring.  The tenant needs to provide a new rent payment authorization.

R20 Non-Transaction Account

ACH Entry to a non-Transaction Account.

What does this mean?

The tenant's bank account can not be used to pay rent because the account does not accept withdrawals.  Some bank accounts do not allow any withdrawals and some bank accounts only allow a certain number of withdrawals each month.  If the maximum number of withdrawals have been exceeded during the month, then all new withdrawal requests will be returned by the tenant's bank account until the following month.  The tenant needs to add a new bank account, which is not a non-transaction account, by going to the left menu bar and clicking Bank Accounts, then clicking New Bank Account.  The tenant needs to provide a new rent payment authorization.

R23 Credit Entry Refused by Receiver

Any credit Entry that is refused by the Receiver may be returned by the RDFI.

What does this mean?

The account holder may have a block on deposits.  This is very uncommon.  The account holder should allow deposits into their bank account. 

R24 Duplicate Entry

The RDFI has received what appears to be a duplicate Entry; i.e., the trace number, date, dollar amount and/or other data matches another transaction.

What does this mean?

The tenant's bank thinks that the same transaction has been processed twice.  This is very uncommon since there are checks to make sure a transaction is not processed twice.  In the unlikely event that a rent payment is processed twice, the duplicate rent payment is typically reversed. 

R28 Routing Number Check Digit Error

The Check digit for a routing number is not valid.

What does this mean?

The Federal Reserve has identified that the bank routing (or transit) number is not valid.  This is very uncommon since there are checks to make sure that it is valid. 

R29 Corporate Customer Advises Not Authorized

The RDFI has been notified by the Receiver (non-consumer) that a specific Entry has not been authorized by the Receiver.

What does this mean?

When a tenant sets up their bank account, they choose an account type of Personal or Business.  If Business was selected and they tell their bank that the rent payment is not authorized, the bank will return the rent payment.  A corporate account only has 2 business days to claim a rent payment was not authorized. 

R34 Limited Participation DFI

The RDFI's participation has been limited by a federal or state supervisor.

What does this mean?

The tenant's bank has been restricted by a federal or state supervisor.  This could be caused by a number of reasons, including detecting fraud, insolvency, etc.   Typically, the tenant needs to open a new bank account at a different bank and then add this new bank account by going to the left menu bar and clicking Bank Accounts, then clicking New Bank Account.

CXX Notification Of Change

Corrected information from RDFI.

What does this mean?

The tenant's bank account has changed the route or bank account number and has sent instructions to update the information.  Schedule My Rent will notify the bank account holder that information is being updated and will make the updates.


Schedule My Rent's landlord software saves time by automatically notifying landlords and tenants that a rent payment has returned, by updating dashboards, and by automatically adding return fees and late fees. 


Landlord Software Information Security

by Kris


Posted on Friday January 05, 2018 at 01:26PM in General


Schedule My Rent’s

Industry-Leading Information Security for Landlord Software


landlord software security collect rent online


When we designed Schedule My Rent's landlord software, information security was foremost in our minds. We wanted to create a product enabling our landlords and tenants to feel absolutely certain their personal information is secure - no ifs, ands or buts. As our founders and software designers have extensive industry experience in payments and system design, they are uniquely qualified to design and create property management software with industry-best information security design options. Additionally, our partner banks require a very robust security platform, and this combination makes us well positioned to provide our customers with an optimally secure product.

While some electronic rent payment products outsource the rent payment process, at Schedule My Rent, we process rent payments with our expert-based technology, making us a more secure choice. This enables us to better secure your information when collecting rent online.

As we grow and expand our rental property offerings, we continue to design new features with our customer’s security as a primary focus.

How does Schedule My Rent keep customer information secure? We’re excited to share our security features, including:

  1. Industry-leading encryption. Schedule My Rent uses bank-level encryption (TLS 1.2, ECDHE_RSA with P-256 and AES-128 or AES-256) to protect both stored and transferred customer information. Our encryption is the best in the industry, and specifically prohibits external parties from reading encrypted information. Click for more information onAES encryption

  2. Immediate masking of customer bank account numbers.  When a tenant or landlord enters bank account information into Schedule My Rent, our landlord software immediately masks the bank account information - it is no longer viewable by anyone at any time. What do you see as a bank account holder? After the first time your account is entered on the Landlord Dashboard or Tenant Portal screens, it will subsequently appear as XXXXX1234. This protects the account holder if an unapproved party obtains his or her login information.

  3. Account authentication. As part of the sign-up process, Schedule My Rent validates bank account ownership of landlords and tenants by making small deposits into every bank account. The account holder must verify these amounts before an account can be used, to protect against fraudulent rent payments. This process takes just a few minutes, but ensures bank account ownership prior to use. This additional layer of security protects our landlords and tenants, as they are personally verifying their accounts.

  4. Payment approval. In addition to protecting personal information, we ensure our tenants approve all rent payments. What does that mean to our customers? Schedule My Rent tenants are able to personally approve any rent payments from their bank account. Our customers have complete control of when rent payments are made, and the amount of the rent payment.

  5. Internally Managed Bank Payments.Schedule My Rent has designed our product with the capability to processes all tenant bank payments internally. We do not outsource payment processing to a third-party. This ensures that bank payments are only stored at Schedule My Rent and our approved bank, which eliminates the risk involved with the transfer of information to third party providers, and potential security risk with the use of third party providers.

  6. Independent Accounts. With Schedule My Rent, bank account information is only accessible to the owner of the account. For example, a landlord will not have access to a tenant’s bank account information, and a tenant will not have access to a landlord’s bank account information. As Schedule My Rent offers the ability to split rent payments between roommates, we’ve also ensured that each roommate is able to establish their own account with Schedule My Rent, and can only view their own account information. However, roommates are able to view a screen showing which roommates have made rent payments on any given month.

Schedule My Rent’s mission is to provide our landlords and tenants with easy rent payment solutions with industry leading security designed into our landlord software products. With Schedule My Rent, our landlords and tenants feel confident using our rental payment tools, knowing our designers are committed to protecting their information. We look forward to providing you with exceptional landlord software products to meet all of your rental payment needs.


Landlord Software Deposit Report

by Kris


Posted on Thursday December 28, 2017 at 03:25PM in Software Updates


Landlord Software for Rental Payments - Deposit Report 

Landlord-Software-Deposit-Report.jpg

Schedule My Rent landlord software offers a deposit report that shows all deposits over the dates selected. This report is often used to match deposits from Schedule My Rent with deposits on the landlord's bank account.  The bank account for each deposit is listed on the report, which makes it easy for landlords that deposit money into multiple bank accounts.

This report has a summary view, which provides a summary number of fields, and a full view, which provides a complete list of all fields.  This report can be downloaded in either a Comma Separated Values (CSV) format or an Excel format which allows further customization within Excel or other programs.

 Simply select the Reporting button on the landlord dashboard.  Then select:

  • Report Type: Deposit
  • Start Date
  • End Date
  • Report Style: Summary or Full
  • Data Format: CSV or Excel 

Click Export File to download the report.

Each row in the report shows the following information: (* Full Report only)

  • Reference Number*:  The Schedule My Rent reference number for the deposit
  • Bank Label: The name of the bank account that was created by the landlord
  • Deposit Date:  The date that funds are put into the bank account
  • Deposit Amount: The total amount of the deposit
  • Month/year:  The month and year of the deposit
  • Unit Label: The name of the unit that was created by the landlord
  • Type of Deposit: The type of deposit: deposit or Schedule My Rent's monthly fee
  • Who Paid: The name of the tenant(s) that made the payment
  • Type of Payment: The type of payment that was collected: rent or fee
  • Authorized Date: The date that the tenant authorized the payment.  If the payment was authorized after the afternoon cutoff time, the payment will be withdrawn from the tenant's account on the following business day.
  • Rent Amount*: The amount of rent collected
  • Fee Amount*: The amount of fees collected
It's easy to balance your bank account with Schedule My Rent Landlord Software for rental payments.


Net Neutrality and Schedule My Rent

by Kris


Posted on Sunday December 17, 2017 at 10:42AM in General


Will the repeal of net neutrality affect my ability to collect rent online?

Schedule My Rent provides landlord software via the internet.  This allows both landlords and tenants to access their accounts and make rent payments 24 hours a day from anywhere with an internet connection.

The FCC just repealed the previous net neutrality regulation which required that all internet traffic be treated equally, regardless of the content provider.  It also prevented blocking or throttling of traffic.

Will this affect my ability to use Schedule My Rent landlord software to collect rent online?  Will it affect the ability of tenants to pay rent online?  Probably not.  Millions of businesses and customers use the internet and it is unlikely that internet service providers will dramatically change the current system.  We will continue to monitor the rules as they are presented and provide updates.

Below is an article from Marguerite Reardon at cnet that provides a good overview.


What you need to know about the FCC's net neutrality repeal

The FCC has voted to roll back Obama-era regulation protecting an open internet. Here's a quick rundown to help you understand the issues.

President Donald Trump's FCC has put the kibosh on controversial Obama-era net neutrality regulations.

At its monthly meeting Thursday, the Federal Communications Commission, led by Republican Chairman Ajit Pai, voted to repeal regulation passed in 2015 that prevented broadband companies from blocking or slowing access to websites or services. The rules also prohibited broadband companies from offering paid-priority services that could lead to internet "fast lanes."

netneutralityfullfd.jpg

FCC Chairman Ajit Pai has a markedly different take on net neutrality than his predecessor.

Aaron Robinson/CNET

While many people agree with the basic principles of net neutrality, those specific rules became a lightning rod for controversy. That's because in order to get the rules to hold up in court, the FCC in 2015 reclassified broadband networks so that they fell under the same strict regulations that govern telephone networks.

Pai, who has called those rules "heavy-handed," contending that they've deterred innovation and depressed investment in building and expanding broadband networks, says he's returning the FCC to a "light touch" approach to regulation.

In November, he release a draft copy of his repeal proposal to the public.  In a last-ditch effort to get Congress to step in and stop the vote, protesters gathered in front of Verizon stores and at the the FCC headquarters in Washington, DC. And they mounted online protests. But in the end, the vote went ahead as planned.

"The internet as we know it is not ending," Pai said. "Americans will still be able to access sites they want to visit and services they want to use. There will still be cops on the beat the way things were prior to 2015."

In case you're still unsure of what all this net neutrality stuff means, we've assembled this FAQ to put everything in plain English.

What is net neutrality?

Net neutrality is the principle that all traffic on the internet should be treated equally, regardless of whether you're checking Facebook, posting pictures to Instagram or streaming movies from Netflix or Amazon. It also means that companies like AT&T, which is trying to buy Time Warner, or Comcast, which owns NBC Universal, can't favor their own content over a competitor's content.

I understand what it means not to block or slow traffic. But what's paid priority all about?

In addition to rules that prevent broadband companies from blocking or throttling access to the internet, the FCC in 2015 included a rule that banned broadband providers from charging a company, like Netflix, an extra fee to serve its customers faster than a competitor.

Net neutrality supporters say that such fees could lead to a pay-to-play internet, with large companies like Netflix, Google or Facebook paying for speedier access, while startups, which can't afford the added cost, could get left out. And that could ultimately result in fewer choices for consumers and less innovation. It could also result in higher prices for consumers, as the added costs trickle down.

Is there any benefit to getting rid of these rules?

Broadband companies said the 2015 regulations were too restrictive. They also say they've voluntarily committed to not blocking or slowing internet access, so explicit rules are unnecessary.

While no ISP has announced specific plans to offer paid-priority services, several executives say they might in the future. They argue there are certain applications -- in medicine or in the development of autonomous vehicles -- that require fast, low-latency internet connections that a paid-priority service would deliver.  

"You don't want your self-driving car operating on best-effort-delivery bandwidth," Randall Stephenson, CEO of AT&T, said last month in an interview at the Economic Club of New York. "If you have any expectation of medical professionals using wireless networks for surgery or EMS or other types of medical applications,  you don't want to outlaw paid prioritization."

If broadband companies don't plan to inhibit traffic and have no plans to offer paid priority, what's the debate really about?

Fundamentally, this debate has been about whether or not the FCC should have the authority to regulate the internet.

Big companies like AT&T, Comcast and Verizon say they're committed to protecting net neutrality. But opposed the FCC's reclassification, in 2015, of broadband as a public utility, which allowed the agency to regulate their broadband networks like the telephone network.

But without classifying broadband as a utility, the FCC couldn't impose its 2015 rules.

Why were internet service providers so opposed to classifying broadband as a utility?

Broadband providers feared the FCC would try to set prices on their services or would require them to share their infrastructure with competitors. Pai says that the regulations have already hurt businesses and that investments in broadband infrastructure are down in 2017 compared to 2015 when the rules were adopted.

Net neutrality supporters disputed those points and said that phone and cable companies made record profits after the new classification was imposed. What's more, they said, broadband companies didn't tell their investors that they had to curtail  investment due to government regulation.


Landlord Software Rent Payment History Report

by Kris


Posted on Saturday December 16, 2017 at 02:39PM in Software Updates


Landlord Software for Rental Properties - Rent Payment History Report


Landlord Software Rent Payment History Report


The rent payment history report shows all charges and all payments over the dates selected.  This report has a summary view, which provides a summary number of fields, and a full view, which provides a complete list of all fields.  This report can be downloaded in either a Comma Separated Values (CSV) format or an Excel format which allows further customization within Excel or other programs.

 Simply select the Reporting button on the landlord dashboard.  Then select:

  • Report Type: History
  • Start Date
  • End Date
  • Report Style: Summary or Full
  • Data Format: CSV or Excel 

Click Export File to download the report.

Each row in the report shows the following information: (* Full Report only)

  • Business Name: Business Name that tenants see when you collect rent online
  • Unit Label: The custom name that was created for each unit
  • Address* (Street, Secondary Address Line, City, State, Zip, Country)
  • Type: Charge or Payment
  • Charge Allocation*: Rent or Fee
  • Charge Type*: Late Fee, Return Fee, or Custom
  • Date: Date that charge was due or payment was made
  • Service Date*: Date if a service was performed
  • Description: Details of the charge or payment
  • Amount 
  • To Rent and To Credit*: The amount of a payment applied to rent and/or fees
  • Credit Remaining: The amount remaining if a payment was not completely applied to rent or fees
  • Remaining Rent Due: The amount of rent that has not been paid
  • Remaining Fee Due: The amount of fee that has not been paid
  • Allocations: Describes how payments were applied to specific rent or fee charges
  • Created Date*: The date that the charge or fee was initially created
  • Who Paid*: The person that made the payment
  • Payment Method: Manually authorized, AutoPay authorized, or direct payment to Landlord
  • Payment Type: ACH, Direct payment to landlord
  • Account Label: Bank account where money is deposited
  • Settlement Type*: Automated Clearing House (ACH)
  • Settlement Date: Date money is deposited into bank account
  • Return Type: Non-Sufficient Funds (NSF), Closed, Frozen, unauthorized, etc.
  • Returned Date: Date the return occurred
  • Returned Settlement Date: Date the return is withdrawn from bank account
It's easy to see all charges, all payments, and their status when you collect rent online with Schedule My Rent Landlord Software.


Landlord Software - Ask for Late Fees

by Kris


Posted on Monday December 11, 2017 at 09:48PM in Software Updates


Landlord Software - Automatically Ask for Late Fees


When a tenant is late paying rent, a late fee is automatically added to the amount due.  A tenant can easily see the rent and late fee that are due...and can authorize a payment for both.

What happens when rent isn't late currently, but a tenant schedules a rent payment in the future when rent will be late?

New Feature:  When a tenant schedules a payment in the future that is past the grace period, the tenant will automatically be asked to add a late fee to the authorization.  This saves the tenant from having to authorize a second payment to cover the late fee.

Example:

Lets go through a quick example where rent is due on the 2nd of the month and there is a 3 day grace period.  This means that the tenant must authorize a payment on the 5th of the month or before to be on time.  A late fee will be automatically added on the 6th of the month if the full rent amount has not been paid. 

Lets also say that today is the 3rd of the month and the tenant knows they will have money in their account on the 7th of the month.  The tenant can schedule the rent amount with a date of the 7th.  When the tenant enters this, they will be asked if they want to also include the late fee in their payment.  If the tenant selects yes, the rent amount plus the late fee amount will be scheduled for the 7th of the month.  The tenant does not have to schedule a different payment for the late fee.

Schedule My Rent Landlord Software makes it easy for tenants to select any amount, any date, and even a late fee if a payment is going to be late.