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The HomeRentals.net Online Payments system integrates with PayPal so that you can receive Tenant and Owner Payments, as well as application fees, electronically. All of the payments processed through PayPal will benefit from their security and fraud protection measures. The integration of these two systems (and in some cases PROMAS) increases your efficiency through automation.
HomeRentals.net interviewed and reviewed payment processing companies for 3 years before selecting a payment processor for the integrated Online Payments feature. The selection criteria included:
| 1. | Company strength, reliability, accuracy, trustworthiness, and reputation. |
| 2. | Ability to comply with real estate and trust accounting requirements. |
| 3. | Transaction security and protection from fraud. |
| 4. | Ease and economy of setup and processing for the property manager, and their owners and tenants. |
| 5. | Flexibility in payment methods and speed of receiving money. |
Paypal emerged as the best provider due to the following strengths:
| 1. | They are owned and backed by eBay, a very strong, very reputable public company that has a cash position better than many banks. They process more online payments than any other company, and do so with laser accuracy. |
| 2. | Their payment escrow system provides flexibility in processing funds according to the way your systems and procedures are configured. |
| 3. | PayPal’s security is the best in the industry, and their fraud protection mechanisms are bar-none. Their record in security management and fraud prevention is immaculate. |
| 4. | Their system is integrated into the HomeRentals.net/PROMAS system to provide one-click account setup and management. There are no account setup or account maintenance fees. Check-type transactions are capped at a $5 processing fee. Credit cards transactions are initially 2.9%, with the option to go down to 1.9% with sufficient monthly volume. These rates are very competitive for non-swiped transactions, and unheard of for companies that have no credit card processing history. |
| 5. | Account holders can accept payments by credit card, eCheck, instant check, or PayPal account. Over 100 million people have PayPal accounts. A tenant may not have money in their checking account, but their rent payment can still be funded by their PayPal account or credit card. Money is available extremely quickly, and payment status is reported at every step of the way through online reporting and email notification. |
PayPal provides back-end payment processing for the HomeRentals.net online payments system, however tenants, owners, and applicants should never submit a payment to you directly through PayPal.com. If they bypass the HomeRentals.net system, none of the front-end HomeRentals.net provided features will work - addition of convenience fee, control of tenant payment amount, etc. You must clearly communicate to your clients that you do not accept payments through PayPal.com - you only accept online payment through your system even though PayPal processes the payments.
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