Here are 6 reasons why online rent collection is easier and more convenient for both landlords and tenants.

1. Ability to Schedule Recurring Payments
   By collecting rent online, you can eliminate the need to meet with your tenant to receive a check, waiting for the check to arrive via mail, going to the bank in order to make a deposit, and manually recording your payments. With a property management software program, your tenants can easily pay rent online. Schedule My Rent provides the option to set up autopay. With autopay, tenants can have their rent automatically transferred from their bank account to their landlord’s bank account, worry free.
2. Reminders for Tenants Help Decrease Late Rent Payments
   Tenants can receive notifications and reminders of when their due date is approaching so they can always be aware of what payments they still need to make. With Schedule My Rent’s customizable late fees, you can choose when you would like to add late fees along with what set amount or percentage of rent you would like your tenants to be charged. It is also very simple to remove or cancel late fees and add daily late fees.
   
3. The Status of Rent Payments Can be Seen in Real- Time
   By collecting rent online through property management software, landlords can see all their rent payments across multiple units at any time. On the landlord dashboard, landlords can view all their properties at once, or customize which property they would like to view at a time. On the dashboard, all rent payments are automatically documented and unpaid late rent is highlighted in red. The landlord dashboard allows landlords to have the status of all of the rent payments for their properties in one organized place.
   
4. Rent is Received Faster
   Online rent collection gives landlords status updates in real time, and the tenant’s rent is also transferred to you faster. With a check mailed first class it may take two to three days to receive rent from your tenants. Your tenant might say that they mailed the check on time, but you won’t be certain of that until days later when you receive their rent. With online rent collection, you will receive status updates in real time. If you choose a property management software that has the option of QuickPay, rent will be transferred to your account within one business day and you will receive updates immediately.
   
5. Security in Rent Payments
   Online rent payments is one of the most secure options for tenants and landlords. It eliminates the concern of a check getting lost in the mail or stolen. If a tenants sends a money order and it gets lost in the mail, it can take weeks for the money to be refunded. With checks, the tenants bank account information is printed onto the check increasing the risk of fraud if it ends up in the wrong hands. Property management software programs keep the tenants’ and landlord’s bank account information secure and neither party can access the bank account numbers after typing them into the system.
   
6. Ability to Pay Rent Through Convenience Stores
   Some property management software programs, such as Schedule My Rent, offer the option to pay rent through MoneyGram. Tenants who would prefer to pay their rent in cash can go to Walmart, CVS, or any other MoneyGram location and pay their rent. This allows another option for tenants to safely and securely pay their rent.
   Collecting rent online through a property management software program helps landlords save time and stay more organized. It also saves tenants time and ensures that they can pay their rent securely without the worry of fraud and overdue payments.
   

Late fees are a great way to ensure that your tenants pay on time when collecting rent online. But what if you want to give your tenants a break (especially during the corona virus pandemic)? Here are three ways that you can cancel your tenants’ late fees using the Schedule My Rent software.

1. Edit the Lease
   On the landlord dashboard, it is simple and easy to edit or add a new lease. If you want to remove late fees for any amount of time, you can click “switch to unit view” on the lease you want to remove late fees from. Then you simply click “edit lease” and adjust or remove late fees from the lease and save the lease. The late fees will be deleted until you edit the lease again.
2. Waive Late Fees
   It is also very simple to remove late fees for a certain month. On the landlord dashboard simply click “switch to unit view” and check the box that says “waive future late fees” for the month you would like to remove late fees from. This will waive the late fees for that specific rent amount. If you would like to remove late fees for several months, click this box for every future month.
3. Delete Already Added Fees
   If you would like to remove late fees that have already been added, there is a simple way to do that also. All you need to do is click “switch to unit view” on the unit and then click the trash can next to the late fee that you would like to remove. And just like that, the late fee is removed and you will see a credit for the amount that the fee was for.

With Schedule My Rent’s software for collecting rent online, it is simple and easy to cancel, waive, and delete late fees.

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.

1. 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.
2. Cloud-based
   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.
3. 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. 
4. Price
   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.
5. 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.
6. 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.
7. 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

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.

IR-2018-162, Aug. 8, 2018

WASHINGTON — The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income.

The new deduction -- referred to as the Section 199A deduction or the deduction for qualified business income -- was created by the Tax Cuts and Jobs Act. The deduction is available for tax years beginning after Dec. 31, 2017. Eligible taxpayers can claim it for the first time on the 2018 federal income tax return they file next year.

The deduction is generally available to eligible taxpayers whose 2018 taxable incomes fall below $315,000 for joint returns and $157,500 for other taxpayers. It’s generally equal to the lesser of 20 percent of their qualified business income plus 20 percent of their qualified real estate investment trust dividends and qualified publicly traded partnership income or 20 percent of taxable income minus net capital gains.

Deductions for taxpayers above the $157,500/$315,000 taxable income thresholds may be limited. Those limitations are fully described in the proposed regulations.

Qualified business income includes domestic income from a trade or business. Employee wages, capital gain, interest and dividend income are excluded.

In addition, Notice 2018-64, also issued today, provides methods for calculating Form W-2 wages for purposes of the limitations on this deduction. More information in the form of FAQs on Section 199A can be found on IRS.gov.

Taxpayers may rely on the rules in these proposed regulations until final regulations are published in the Federal Register.

Written or electronic comments and requests for a public hearing on this proposed regulation must be received within 45 days of publication in the Federal Register.

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Below are additional answers to questions from the IRS:

Basic questions and answers on new 20-percent deduction for pass-through businesses

Below are answers to some basic questions about the new 20-percent deduction for pass-through businesses. Also known as the section 199A deduction or the deduction for qualified business income, the deduction was created by the 2017 Tax Cuts and Jobs Act.

Q1. What is the Deduction for Qualified Business Income?

A1. Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity. The deduction has two components.

1. Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust or estate. For taxpayers with taxable income that exceeds $315,000 for a married couple filing a joint return, or $157,500 for all other taxpayers, the deduction is subject to limitations such as the type of trade or business, the taxpayer’s taxable income, the amount of W-2 wages paid by the qualified trade or business and the unadjusted basis immediately after acquisition (UBIA) of qualified property held by the trade or business. Income earned through a C corporation or by providing services as an employee is not eligible for the deduction.
   
2. Eligible taxpayers may also be entitled to a deduction of up to 20 percent of their combined qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income. This component of the section 199A deduction is not limited by W-2 wages or the UBIA of qualified property.

The sum of these two amounts is referred to as the combined qualified business income amount. Generally, this deduction is the lesser of the combined qualified business income amount and an amount equal to 20 percent of the taxable income minus the taxpayer’s net capital gain. For details on figuring the deduction, see Q&A 6 and 7. The deduction is available for taxable years beginning after Dec. 31, 2017. Most eligible taxpayers will be able to claim it for the first time when they file their 2018 federal income tax return in 2019. The deduction is available, regardless of whether an individual itemizes their deductions on Schedule A or takes the standard deduction.

Q2. Who may take the section 199A deduction?

A2. Individuals, trusts and estates with qualified business income, qualified REIT dividends or qualified PTP income may qualify for the deduction. In some cases, patrons of horticultural or agricultural cooperatives may be required to reduce their deduction. The IRS will be issuing separate guidance for co-ops.

Q3. How do S corporations and partnerships handle the deduction?

A3. S corporations and partnerships are generally not taxpayers and cannot take the deduction themselves. However, all S corporations and partnerships report each shareholder’s or partner’s share of QBI, W-2 wages, UBIA of qualified property, qualified REIT dividends and qualified PTP income on Schedule K-1 so the shareholders or partners may determine their deduction.

Q4. What is qualified business income (QBI)?

A4. QBI is the net amount of qualified items of income, gain, deduction and loss from any qualified trade or business. Only items included in taxable income are counted. In addition, the items must be effectively connected with a U.S. trade or business. Items such as capital gains and losses, certain dividends and interest income are excluded.

Q5. What is a qualified trade or business?

A5. A qualified trade or business is any trade or business, with two exceptions:

1. Specified service trade or business (SSTB), which includes a trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the reputation or skill of one or more of its employees. This exception only applies if a taxpayer’s taxable income exceeds $315,000 for a married couple filing a joint return, or $157,500 for all other taxpayers
   
2. Performing services as an employee

Q6. How is the deduction for qualified business income computed?

A6. The SSTB limitation discussed in Q&A 5 does not apply if a taxpayer’s taxable income is below $315,000 for a married couple filing a joint return and $157,500 for all other taxpayers; the deduction is the lesser of:

       A) 20 percent of the taxpayer’s QBI, plus 20 percent of the taxpayer’s qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income

     B) 20 percent of the taxpayer’s taxable income minus net capital gains.

If the taxpayer’s taxable income is above the $315,000/$157,500 thresholds, the deduction may be limited based on whether the business is an SSTB, the W-2 wages paid by the business and the unadjusted basis of certain property used by the business. These limitations are phased in for joint filers with taxable income between $315,000 and $415,000, and all other taxpayers with taxable income between $157,500 and $207,500. The threshold amounts and phase-in range are for tax-year 2018 and will be adjusted for inflation in subsequent years.

Q7. I have income from a specified service trade or business. How does that affect my deduction?

A7. The SSTB limitation does not apply to any taxpayer whose taxable income is below the $315,000/$157,500 threshold amounts discussed in Q&A #6. For taxpayers whose taxable income is within the phase-in range discussed in Q&A #6, the taxpayer’s share of QBI, W-2 wages and UBIA of qualified property related to the SSTB may be limited. If the taxpayer’s taxable income exceeds the phase-in range, no deduction is allowed with respect to any SSTB. The threshold amounts and phase-in range are for tax year 2018 and will be adjusted for inflation in subsequent years.

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?

A8. No, if your 2018 taxable income is below $315,000, if married filing jointly, or $157,500 for all other filing statuses, it doesn’t matter what type of business you are in. You will be able to deduct the lesser of:

     a) Twenty percent (20%) of your QBI, plus 20 percent of your qualified REIT dividends and qualified PTP income, or

     b) Twenty percent (20%) of your taxable income minus your net capital gains.

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?

A9. Yes, because your taxable income is above the threshold amount, your section 199A deduction with respect to any SSTB will be limited. However, because you are within the phase-in range, you may be allowed some section 199A deduction with respect to an SSTB. In addition, for taxpayers above the threshold amount, the section 199A deduction with respect to any trade or business, including an SSTB, may be limited by the amount of W-2 wages paid by the trade or business and the UBIA of qualified property held by the trade or business. The phase-in range is $315,000 to $415,000 for joint filers and $157,500 to $207,500 for all other filing statuses. Section 1.199A-1 of the proposed regulations provides additional information.

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?

A10. No. The same is true for a married couple filing a joint return whose taxable income exceeds $415,000. However, you may be entitled to a deduction for QBI earned from another trade or business that is not an SSTB or from qualified REIT dividends or qualified PTP income.

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.

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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.

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.

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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

Landlord software, like Schedule My Rent, is often the best choice to save landlords time.

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.

About MoneyGram International
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, is available at moneygram.com.

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.

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 1^st 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.

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.

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 1^st and 5^th 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 2^nd of the month and the grace period is 3 additional days, then tenants have until the 5^th 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 6^th 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 7^th 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. 

Electronic checks use the ACH network to deposit or withdraw funds from a bank account.

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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

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.

Example time frame of rent payment returns

For example, if rent is withdrawn from a tenant's bank account on Monday, the rent return has to be made available by Wednesday morning, two banking days later.  The only exception is if the payment was fraudulent, which creates a 60 calendar day return time frame.

When are ACH rent payment returns made available?

ACH rent payment returns are available every business morning and typically occur within two business days of the rent being withdrawn.

Does the duration of a bank transaction vary based on weekends or holidays?

Yes, transfers may take longer to complete if they are over a weekend or holiday.  Schedule My Rent is able to process payments on Sunday afternoon, so a payment can be entered by a tenant on Sunday and the payment will be withdrawn from the bank account the following morning, Monday.  Returns typically occur within two banking days, which does not include weekends or holidays.

How long does it take for card payments to process?

Card payments typically take 2-3 business days to process.

How long does it take for a bank transaction to complete via the ACH network?

Many companies state that: "A bank transaction usually takes 5–7 business days to complete via the Automated Clearing House (ACH) network."  A much better answer is as follows.  When an ACH payment is sent, it specifies the specific date that the bank account is debited or credited and it occurs on that date.  If the transactions is sent in the morning, it could settle later that day which is called same-day ACH.  Most transactions are settled the following day since they have lower processing costs.  Returns are required to be received within two banking days of the settlement date of the initial transaction.  If the return is regarding fraud, returns must occur within 60 calendar days.

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.

What happens when a micro deposit verification fails?

When micro deposit verification fails for a bank account, there are several potential outcomes. 

Firstly, the failure of a micro deposit to the bank account may indicate that the account is either closed or unavailable. It could also suggest that an incorrect bank account number has been provided. In either case, the verification process cannot proceed.  

Secondly, an automated message is sent to let the person know that the micro deposit failed and that they need to setup a different bank account.

Lastly, if an account is not validated by the date a payment is scheduled, the payment is automatically cancelled by the system and an email indicating this is sent.  A new payment will need to be scheduled after a new bank account is setup.

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

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:

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.