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Before you can begin using Online Payments, you must enable it, or turn it “on,” from the Configuration-->System Parameters-->System Preferences screen in your HomeRentals.net Control Panel. You must follow the Online Payments configuration instructions very carefully to ensure proper set up.
Advantage of using the HomeRentals.net Online Payments System
The majority of property management companies accept rent payments through the mail or in person, then post them manually into an accounting system. These methods are largely dependent on tenant availability and reliability, and on the tenant's current cash flow.
Online payments increase the likelihood of tenants making on-time rent payments. It eliminates the need for them to be in town when the payment comes due, and gives them alternative payment methods including credit cards. Tenants also enjoy the benefit of re-establishing credit and earning rewards through their credit card company. Online payments will please both your owner and tenant clients.
When choosing an online payment processor, there are two alternatives: an "aggregator" or a "facilitator". In most states, a facilitator is the only legal choice for property management companies. Aggregators should be avoided because they take control of the financial transaction - the tenant submits payment to the aggregator, rather than to the property management company. This is a violation of standard trust accounting requirements.
Banks and traditional merchant account providers operate as facilitators when you set up a merchant account with them. This option gives you control over the transaction, however this option can be costly for you, in both time and money. When using this kind of facilitator, you must post rent charges manually, and tenants may be able to pay an amount less than their full rent. This practice could lead to future difficulties if eviction processes become necessary. In cases of a dispute, facilitators often favor the consumer (tenant). The fees associated with establishing a merchant account can be high.
| 1. | The HomeRentals.net system has been set up to specifically address the needs of property management companies. We have developed a system that is convenient and economical that complies with legal requirements for property management companies. |
| 2. | The HomeRentals.net system uses a processor that is merchant friendly. The transaction processing fees are competitive and reasonable. And, in cases of dispute the company favors the merchant (you) and puts the burden of proof on the consumer (tenant). |
| 3. | This system is integrated with PROMAS accounting software so that: |
| a) | When you publish profiles from PROMAS, your tenants are automatically set up with a payment account. |
| b) | You can easily post tenant statements directly from PROMAS to a password protected interface; and your tenants cannot pay anything less than the full amount due. No additional manual rent posting is needed. |
| c) | Only the actual tenant can make a payment, eliminating the problem of ostensible/implied tenancy. |
| d) | The system gives you one-click recording of rents received to PROMAS. |
| e) | The system accounts for processing transaction fees with no additional effort on your part. Only the exact rent amount is transferred back to PROMAS. |
| f) | The system automatically and accurately associates rents with the correct unit. |
| g) | The system creates a searchable payment history for each of your tenants.
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| 3. | If you have the HomeRentals.net Manager Platinum package, you can use the Online Payments system at no additional charge, with no setup fees and no monthly fees. |
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