Posted on Tuesday April 14, 2020 at 01:58PM in General
Whether you’re a property manager, or a DIY-landlord, it is essential to keep your business organized in a cost effective and time efficient way. Property management software can be very effective in helping you manage your rental history and accounting. There are many different varieties of online property management software, so how can you choose the right method for your business? We’ve prepared the top 7 tips to help you choose the perfect property management software that is right for you and your business.
- Easy to Use
The main focus of a property management system is to help you save time. A site that automates your time-consuming and complicated tasks will help you manage your properties in a streamline, hassle free fashion. For your ideal site, choose a rental software that gives demos and video tutorials. Even though you know the ins and outs of property management, you’ll save time once you understand the software before you implement it into your business. One of my personal favorites is the schedule a demo feature that allows you to choose a time for a live demo where you can have your personal questions answered.
Cloud-based software means that all of your rental data is contained in the Internet, and you don’t need to install another application on your overcrowded computer. You can have access to it from any device, in any location. All your property management needs such as financial reports, rental information, and documents will be stored automatically in the cloud.
- Expense Tracking
In a world that is becoming more and more fast-paced and digital, it is important to keep track of your property expenses. With expense tracking, you can have your property costs in one organized place. A huge bonus for your software is photo uploading so you can store your receipts in the site, and the categorization of expenses (makes reporting expenses for taxes much easier). It is also really helpful to be able to split an expense across multiple properties. For example, if you pay a yard worker to mow the lawn, you can enter the expense across different properties.
The cost could be a monthly fee, or vary depending on the number of users or units, but before beginning to collect rent online, you should check for hidden fees. For example, the service quality could be similar for two companies, but one could charge a much greater amount for the same number of properties. Some sites can have hidden fees in the form of tenant return fees or monthly minimums.
- Online or Cash Payments
In 2020, nearly everything can be automated. Make sure that your chosen property management software has an online payment feature to simplify your finances and payment procedure for tenants. For your tenants who would prefer to pay in cash, or don’t have access to the internet, make sure that your rental software has a MoneyGram feature. With MoneyGram, tenants can pay with cash at many MoneyGram locations such as Walmart and CVS. This simplifies rent collection for both tenants and landlords, and provides a safer way to make rent payments.
- Technical Support
It is important to find out if there is technical support for the software program (even if you don’t use it). How much does the service cost, and when is it available? Some companies can charge over $110 an hour, but others are free and unlimited. Make sure that your site has a support representative (an actual person who you can talk to on the phone) that is always available and free, so you can save time and money.
- Quick Pay
When looking for your rental property management software, you should look for a quick pay feature. Many companies hold your money for 3-6 days, but with quick pay, you can receive your money the same day the money is withdrawn from your tenant’s bank account.
When looking for the ideal property management software Schedule My Rent is the perfect choice. The site has all the great features we have mentioned, and has incredible customer service! Schedule My Rent will help you save time and money, and stay organized!
Sign up here
Posted on Monday August 27, 2018 at 02:39AM in General
Will Landlords get a tax break when they collect rent?
Landlords save time and money by using landlord software, but now landlords may have another way of saving money. The IRS recently released updated rules that may allow landlords to deduct 20% of their business income, which may reduce the amount of tax that a landlord needs to pay on rental income. These initial rules refer to "trade or business" and a landlord collecting rent should qualify, but we have to wait until the final rules are published before we know for sure. Below is information from the IRS explaining the new rules.
Below are additional answers to questions from the IRS:
Basic questions and answers on new 20-percent deduction for pass-through businesses
Q1. What is the Deduction for Qualified Business Income?
Q2. Who may take the section 199A deduction?
Q3. How do S corporations and partnerships handle the deduction?
Q4. What is qualified business income (QBI)?
Q5. What is a qualified trade or business?
Q6. How is the deduction for qualified business income computed?
Q7. I have income from a specified service trade or business. How does that affect my deduction?
Q8. In 2018, I will report taxable income under $315,000 and file married filing jointly. Do I have to determine if I am in an SSTB in order to take the deduction? Is there any limitation on my deduction?
Q9. In 2018, I will report taxable income between $157,500 and $207,500 and file as single. I receive QBI. Does it matter if it is from an SSTB?
Q10. In 2018, I am single and will report taxable income over $207,500. My only income is from an SSTB. Am I entitled to the deduction with respect to the SSTB?
Q11. In 2018, I am single and will report taxable income over $207,500. I am NOT in an SSTB. Am I entitled to the deduction?
A11. Yes, if you have QBI, qualified REIT dividends or qualified PTP income. For eligible taxpayers with total taxable income in 2018 over $207,500 ($415,000 for married filing joint returns), the deduction for QBI may be limited by the amount of W-2 wages paid by the qualified trade or business and the UBIA of qualified property held by the trade or business. The proposed rules provide additional information on these limitations. The IRS also issued a notice of proposed revenue procedure providing methods for determining W-2 wages for purposes of the limitation.
Since the definition of "trade or business" has not been completely defined, we hope that the final rules further define that landlords that collect rent meet the IRS definition and can deduct 20% of their business income.
Posted on Monday August 20, 2018 at 03:32PM in General
Should landlords collect rent online with PayPal?
Using PayPal incorrectly may result in a number of problems.
PayPal has two types of accounts - a Personal Account and a Business Account.
A Landlord collecting rent should establish a business account. PayPal charges 2.9% + $.30 to receive money from a tenant. For example, if your rent is $1,000.00, then the fee will be $29.30. This fee is paid by the landlord.
Some landlords do not want to pay this fee for collecting rent with PayPal and sign-up for a personal account instead of a business account. A personal account does not have these fees. There are a number of issues using a personal account, including:
- It is against the PayPal User Agreement. The PayPal user agreement is a binding legal agreement between you and PayPal. A personal account is defined as "If you primarily need to make purchases and send money to family and friends, a personal account is probably right for you." PayPal's user agreement states: "You may not use the "send money to a friend or family member" feature of your PayPal account when you are paying for goods and services."
- Money may be held. Receiving large monthly dollar amounts on a personal account may raise red flags in the fraud or compliance areas at PayPal. PayPal's agreement states that "Risk-based holds generally remain in place for up to 21 days from the date that the payment was received into your PayPal account." It may take an extended amount of time to receive your money and to explain that you are really running a business.
- Partial Payments could stop an eviction. A tenant can pay money to your PayPal account at any time for any amount. For example, you may have overdue rent of $1,000.00, but the tenant sends you $300.00 through PayPal. Depending upon your state and court judge, accepting this partial $300.00 payment may delay eviction proceedings. PayPal does not have a way to either restrict partial amounts or to stop a payment from a specific tenant.
- What if you have a dispute with PayPal? PayPal's user agreement restricts your rights in the following ways:
- "The issue shall be resolved exclusively through final and binding arbitration, rather than in court, except that you may assert claims in small claims court, if your claims qualify as so long as the matter remains in such court and advances only on an individual basis."
- Prohibited from joining a class action
- Tracking multiple payments may be difficult. If you are receiving payments from multiple tenants and intermixing personal payments, it may be difficult to track who has paid, who hasn't paid, and to figure out and assess late fees.
- Routine tasks are not automated: Landlords are busy and PayPal doesn't automate many of the routine tasks that take up time, such as sending reminders that rent is due, reminders that rent is late, adding late and return fees, and figuring out how to split rent with roommates.
Being a landlord takes a lot of time and effort. Landlords can save time collecting rent with landlord software, like Schedule My Rent, by letting the online rent collection software automatically:
- Remind tenants every time rent is due or is late
- Collect from the tenant's bank account or with cash at any MoneyGram location
- Collect rent monthly, twice a month, or weekly
- Split rent with roommates
- Add late fees and return fees
- Restrict partial payments, if needed
- Send payment receipts
- Allow tenants to see lease terms, payment history, and schedule a payment anytime from anywhere
- Send color-coded daily e-mail summaries to landlords
Posted on Thursday April 12, 2018 at 03:21AM in Press Release
Schedule My Rent Aligns with MoneyGram to Offer New Convenient Cash Payments for Renters
Schedule My Rent and MoneyGram makes it fast, easy, and safe for renters to pay with cash. According to the FDIC, over 15 million adults in the United States do not have a bank account.
ALBUQUERQUE, N.M. (PRWEB) APRIL 10, 2018
Schedule My Rent, the provider of online rent payment solutions, is broadening their offering with cash payment options.
For landlords, collecting rent can be a time-consuming process. Collecting checks, making deposits, creating receipts, and meeting tenants for cash payments all take time out of a busy landlord’s schedule. Schedule My Rent now frees up that time by providing a breadth of payment options, while removing the hassle involved in rent collection.
With cash-based rent payments, many times landlords are meeting renters in person to collect payments. Scheduling a meeting at a property or other location takes time, coordination, and it can be dangerous for both parties to carry large sums of cash.
With Schedule My Rent’s newest offering, renters now have the convenience and security of making cash rent payments at any MoneyGram location across the United States. Renters simply walk into a MoneyGram retail store and make a rent payment with cash. Schedule My Rent then transfers the rent payment to the landlord’s bank account, saving both tenants and landlords time.
Landlords who are seeking on-time rent payments now have another simple way to ensure that renters have options in making rent payments. With Schedule My Rent, renters can easily make either cash payments or electronic bank transfer payments, eliminating the need for paper checks.
“We’re excited to offer our landlords and renters a breadth of simple solutions to help save time,” said Kris Winckler, President of Schedule My Rent. “Our mission is to provide better landlord and renter solutions at a low cost, with excellent customer service – and adding easy, safe, and convenient cash payments is another way we can do that.”
About Schedule My Rent
Schedule My Rent is an online rent payment service for landlords and renters that is secure and automated. Renters can pay with cash or with their bank account using AutoPay or one-time payments. Landlords save time by automating reminders, receipts, late and return fees, splits between roommates, and tracking – always know who has paid, who hasn’t paid, and what payments are scheduled. Schedule My Rent is available nationally, with headquarters located in Albuquerque, NM. Please visit our website, Collect Rent Online, to see how we make rent payments easy and how we save you time.
Posted on Thursday March 29, 2018 at 02:34AM in Software Updates
Tenant e-Mails Help to Collect Rent Online
We have enhanced our e-mail service to make it easier for landlords to collect rent on-line and for tenants to stay up-to-date.
Previously, tenants didn't receive additional e-mail notices until they accepted their e-mail invitation and created an account on Schedule My Rent. Now tenants receive additional e-mails, even if they haven't setup an account yet. Tenants will receive rent reminders, change notices, late notices, late fee notices, and other notices as long as they are active on a lease.
Each tenants' name and e-mail are listed on the bottom of each lease. Tenants receive an e-mail invitation as soon as a lease is created. A landlord is also able to re-send a tenant's e-mail invitation by editing the lease and then clicking the Re-send Invitation button next to the tenant's name. For tenants that have not created an account yet, each e-mail notice now contains a link for the tenant to create an account which reduces the need for landlords to re-send tenant invitation e-mails.
Tenants can pay their rent with cash at one of MoneyGram's 30,000 retail locations. If a tenant has setup an account, instructions for paying with cash are shown on the tenant's dashboard. If a tenant hasn't setup an account yet, each email provides details of how to pay with cash at a MoneyGram location.
Landlords can see if a tenant has been sent an invitation email by clicking on the tenant status button. Landlords can also see a complete list of e-mails that tenants have been sent by clicking on the tenant e-mail button.
What if tenants don't want these e-mail messages or don't want as many e-mails?
Tenant e-mails now contain a link to select which e-mails a tenant wants to see. If a tenant has already created an account, the tenant can click on the Notifications tab at the top of their tenant dashboard to change selections. Tenants can select to receive or not receive any of the e-mails listed below.
- Notice(s) that rent is due
- Confirmation that you scheduled a payment
- Confirmation that AutoPay is setup
- Notice that a payment was cancelled
- Notice that an amount due was changed
- Notice that an amount is past due
- Notice that a late fee was added
- Notice that a late fee was waived
There are additional e-mails, such as returned payment e-mails, that tenants always receive and cannot opt-out of.
Tenants automatically receive custom emails so they always know their status and when to pay rent. Tenants can also log into their on-line dashboard to see lease terms, history, AutoPay, and their current status.
Schedule My Rent makes it easy to collect rent online by automatically sending tenants e-mails when their status has changed so that tenants always stay up-to-date.
Posted on Sunday March 18, 2018 at 08:24AM in How it works
Collecting Rent on Holidays and Weekends
When is rent due?
As a landlord, you can decide what is acceptable and what is not. Your tenant may express an opinion, but you control your lease terms. Below are terms to think about.
Due Date: Landlords set the date that rent is due within the lease, with most landlords setting the due date as the 1st of each month. While most landlords collect rent once per month, some landlords collect rent twice a month or on a different schedule. The lease should clearly define what dates rent is due each month. Landlord software, such a Schedule My Rent, makes it easy to automate rent collection with one or multiple due dates.
Method of Payment: The lease should indicate what methods of payment are acceptable and where to pay. Some payment methods include: Debit from bank account, direct deposit, bill pay with bank, Zelle, PayPal, Venmo, cash, and credit card. Different payment methods have very different protections for the landlord and a landlord should understand the pros and cons of each method before agreeing to accept a payment method.
Weekends and Holidays: If the due date falls on a weekend or holiday, most leases indicate that rent is due on the next business day. Please review state laws if you want to be more restrictive since some may not allow collection penalties if the due date falls on a weekend or holiday. With Schedule My Rent, a tenant can authorize a rent payment for any day, including a weekend or a holiday. Rent will automatically be withdrawn on the next business day for bank debits. A tenant can also pay rent with cash at one of 30,000 retail locations. Since retailers are open on most weekends and holidays, tenants can pay rent almost anytime.
When Rent is Late: Rent is late if it is paid after the date it is due. Most landlords charge a late fee when rent is late, but give a "grace period" before charging a late fee. Schedule My Rent supports one-time late fees, daily late fees, or a combination of both. Landlords can also select the number of extra days (grace period) before a late fee is automatically added. Please check your state laws for any restrictions.
Landlord software, like Schedule My Rent, makes it easy to collect rent online. Simply enter your lease terms and tenants are reminded to pay rent on the date it is due. Since Schedule My Rent is online, tenants can schedule bank rent payments anytime and anywhere.
Posted on Monday March 12, 2018 at 07:51AM in Software Updates
See Rent Status when you Collect Rent Online
Landlords need fast and easy answers to several basic questions:
- What rent is currently due?
- Who has paid their rent?
- Who has scheduled or made arrangements to pay their rent?
Schedule My Rent makes it easy to quickly answer all of these questions for all units that you manage. Each unit is shown on a row...and each month is shown on a column. In this example, please look at January, which is colored green.
- Sunset #1: The due column shows $0.00, the received column shows $900.00, and the scheduled column shows $0.00. It is easy to see that $900.00 has been paid and nothing is currently due.
- Sunset #2: The due column shows $700.00, the received column shows $300.00, and the scheduled column shows $0.00. It is easy to see that $300.00 has been paid and that $700.00 is still due. Since the tenant has not scheduled a payment for the $700.00, the landlord may need to remind the tenant that their rent is late. Schedule My Rent has already sent a late notice to the tenant.
- Sunset #3: The due column shows $600.00, the received column shows $0.00, and the scheduled column shows that $600.00 is scheduled for 3/9. It is easy to see that the tenant has not paid anything yet, but has scheduled a payment for $600.00 on 3/9. Since the tenant has already scheduled a payment, the landlord doesn't have to call the tenant.
Landlords need to perform common tasks quickly and easily:
- Add rent or a fee: Simply click on the amount in the due column for the unit you want. A pop-up screen shows additional detail. You can easily add rent, add a fee, or add a credit. A notice is automatically sent to each tenant on the lease.
- Waive a fee: Simply click on the amount is the due column for the unit you want. A pop-up screen shows additional detail with a "trashcan" icon next to each fee. Simply click on the trashcan icon to waive the fee. A notice is automatically sent to each tenant on the lease.
- Add a payment made directly to the landlord: Simply click on the amount in the received column for the unit you want. A pop-up screen shows additional payment detail. Simple click on add payment to add a payment made directly to the landlord. A notice is automatically sent to each tenant on the lease.
- See all of the charges and payments for a unit: Click on the "History" button for the unit you want. A list of all charges and payments is shown for this unit. When you collect rent online, it's easy for both tenants and landlords to see a complete history of all charges and payments.
- See all of the e-mails that have been sent to a tenant: Click on the "Tenant e-Mails" button for the unit you want. A list of all e-mails that each tenant has been sent is shown.
- See if the tenant has logged in and added a bank account:Click on the "Tenant Status" button for the unit you want. You can easily see if a tenant has logged in and added a bank account
- Add or change a lease: Click on the "Lease" button for the unit you want. You can easily modify an existing lease or add a new lease.
Posted on Sunday March 11, 2018 at 01:47AM in Software Updates
Daily Late Fees for Rentals - Collect Rent Online
Save time and increase revenue by automatically adding tenant late fees with Schedule My Rent. Simply enter how you want fees to work when you setup each lease and we automatically add late fees and daily late fees.
- Rent due date: Enter the date that rent is due, which can be any day of the month. Most landlords pick between the 1st and 5th of the month, but any day can be selected.
- Grace period: Enter the number of extra days that tenants have to pay rent before it is considered late. For example, if the rent due date is the 2nd of the month and the grace period is 3 additional days, then tenants have until the 5th of the month to authorize a rent payment before it is late.
- Late fee: Enter the late fee as either a percentage of the rent amount or a fixed amount. In this example, a late fee will automatically be added on the 6th of the month if the rent has not been fully paid. All tenants on the lease are automatically notified that a late fee has been added.
- Daily late fee: Enter the daily late fee as either a percentage of the rent amount or a fixed amount. The daily late fee starts the day after the late fee. In this example, a daily late fee will automatically be added on the 7th of the month if the rent has not been fully paid. All tenants on the lease are automatically notified that a late fee has been added. A daily late fee will continue to be added every day until rent has been fully paid. If the option "If not paid, stop at the end of the month" is selected, daily late fees automatically stop at the end of the month. If the option "If not paid, continue adding" is selected, daily late fees continue to be added every day while the rent is not fully paid and will continue into the following month.
- Stop daily late fees manually: Daily late fees can manually be stopped at any time when you collect rent online. Simply click on the amount in the due column and a detailed pop-up screen will appear. Then click the "Stop Daily Late Fee" button which is next to the initial rent.
- Waive late fees: Late fees that have already been added can easily be waved. Simply click on the amount in the due column and a detailed pop-up screen will appear. Then click the "trashcan" icon next to the fee that you want to waive. A notification is automatically sent to all tenants on the lease indicating that the fee has been waived.
Adding late fees automatically saves time since you don't have to track and add fees manually. Automatically adding late fees also increases revenue since fees are added as soon as rent is late and tenants are automatically notified.
Having Schedule My Rent automatically add a late fee also helps to improve the relationship you have with your tenants. Tenants know that Schedule My Rent will automatically add fees. There is an opportunity to hurt the tenant relationship when the landlord calls or emails the tenant directly regarding late fees.
Save time and increase revenue by having Schedule My Rent automatically collect rent online.
Posted on Monday February 19, 2018 at 02:04AM in How it works
Electronic checks use the ACH network to deposit or withdraw funds from a bank account.Read More
Posted on Wednesday January 31, 2018 at 02:13PM 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.
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.
Posted on Wednesday January 24, 2018 at 05:52AM 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
Posted on Friday January 12, 2018 at 04:31AM 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.
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.
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.
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.
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.
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.
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.
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.
Posted on Friday January 05, 2018 at 06:26AM in General
Schedule My Rent’s
Industry-Leading Information Security for Landlord Software
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:
- 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
- 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.
- 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.
- 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.
- 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.
- 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.
Posted on Thursday December 28, 2017 at 08:25AM in Software Updates
Landlord Software for Rental Payments - Deposit Report
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.
Posted on Sunday December 17, 2017 at 03:42AM 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."
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 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.