Payment Collection Guide

Overview

Efficient rent collection is the lifeblood of property management. Roomazon provides multiple ways to track payments, accept online payments, and automate the entire collection process.

Payment Methods

1. Manual Payment Tracking (All Plans)

Record payments you receive via:

• Cash
• Check
• Bank transfer
• Venmo/Zelle
• Money order

2. Online Payments (All Paid Plans)

Accept payments via:

• Credit cards (Visa, Mastercard, Amex, Discover)
• Debit cards

Note: ACH bank transfers and digital wallets (Apple Pay, Google Pay) are planned for future releases.

Setting Up Payments

Automatic Payment Creation

When you add a tenant with lease dates, Roomazon automatically:

1. Creates monthly payment records
2. Sets due dates (default: 1st of month)
3. Calculates expected amounts
4. Schedules email reminders

Payment Schedule

Default schedule for a 12-month lease:

Jan 1: $1,200 due  Feb 1: $1,200 due
Mar 1: $1,200 due
... (continues monthly)

Payment Schedule

Roomazon automatically generates monthly payment schedules:

• Based on lease start and end dates
• Monthly rent amount from tenant record
• Due dates follow lease start date pattern
• Payments created for entire lease term

Note: Only monthly payments are currently supported.

Enabling Online Payments

Stripe Connect Setup

1. Go to Settings
2. Click Enable Online Payments
3. Click Set Up Stripe Connect
4. Complete Stripe’s onboarding:
   • Business information
   • Bank account (for deposits)
   • Identity verification
5. Return to Roomazon

What You Need

• Business or personal bank account
• Tax ID (SSN or EIN)
• Valid ID for verification
• Business address

Processing Fees

• Rate: 2.9% + $0.30 per transaction (Roomazon application fee)
• Who pays: Typically passed to tenant
• Example: $1,200 rent = $35.10 fee
• Revenue sharing: Roomazon retains the 2.9% application fee

Payout Schedule

• Default: Daily payouts
• Timing: 2 business days
• Options: Daily, weekly, monthly
• Minimum: $1.00

Recording Manual Payments

Quick Method

1. Go to Payments page
2. Find the payment row
3. Click Mark as Paid
4. Enter:
   • Amount received
   • Date received
   • Payment method
   • Notes (check #, etc.)
5. Click Save

Partial Payments

For payments less than expected:

1. Enter actual amount received
2. Status changes to “Partial”
3. Balance shows remaining due
4. Tenant notified of balance

Overpayments

For payments more than expected:

1. Enter full amount
2. Apply credit to next month, or
3. Record as security deposit
4. Document in notes

Online Payment Flow

For Landlords

1. System sends payment reminder
2. Email includes secure payment link
3. Tenant clicks link and pays
4. You receive instant notification
5. Payment auto-recorded
6. Receipt sent to tenant
7. Funds deposited in 2 days

For Tenants

1. Receive payment reminder email
2. Click Pay Rent button
3. Enter card information
4. Confirm amount
5. Submit payment
6. Receive email receipt
7. View in tenant portal

Payment Links

Each payment has a unique secure link that:

• Works without tenant login
• Expires after payment
• Shows property and amount
• Includes landlord info
• Mobile-optimized

Payment Reminders

Automatic Email Schedule

Default reminder schedule (customizable in settings):

5 Days Before Due:

• Friendly advance reminder
• Includes payment link (if online payments enabled)
• Shows amount due and property details

Due Date:

• Payment due today notice
• Includes payment link (if online payments enabled)
• Professional but urgent tone

3+ Days Overdue:

• Automated late payment escalation
• Fixed timing: 7, 14, 21 days overdue
• Includes late fees and payment plan options

Customizing Reminders

You can adjust:

• Advance reminder days (1-30 days)
• Due date reminders (on/off)
• Overdue reminder days (1-30 days)
• Payment links (on/off)

Note: Email templates are provided by Roomazon and cannot be customized.

Late Fees

Configurable Late Fee Structure

Roomazon allows you to customize your late fee structure:

Default Settings:

• Grace Period: 3 days (no fees)
• Initial Fee: $50 after 3 days overdue
• Additional Fee: $25 after 14 days overdue
• Percentage Option: 5% of rent (whichever is higher)
• Maximum Total: $150 in late fees

Customization Options:

• Enable/disable late fees entirely
• Set grace period (0-15 days)
• Choose flat fee or percentage for initial and additional fees
• Set your own fee amounts and timing
• Configure maximum fee limits
• Apply state-specific templates for compliance

To Configure: Go to Settings → Late Fee Settings

Late Fee Application

1. Payment becomes overdue
2. Configured grace period passes
3. Initial fee automatically applied (flat amount or percentage)
4. After configured days, additional fee applied (if enabled)
5. Tenant notified via email
6. Shows on payment reminders
7. Total fees capped at your maximum limit

Note: Actual timing and amounts depend on your late fee settings configuration.

State Law Compliance

Different states have different late fee regulations:

Common Requirements:

• Some states cap late fees at 5-10% of rent
• Grace periods may be required (3-5 days typical)
• Maximum dollar amounts may be limited
• Some states prohibit percentage-based fees

Built-in Templates:

• California: 5% cap, $100 maximum
• New York: $50 maximum, 5-day grace period
• Texas: Higher limits allowed, 2-day grace period
• Florida: 5% percentage-based fees

Important: Always verify your local and state requirements before setting late fees. Roomazon provides templates as guidance, but you’re responsible for compliance.

Payment Tracking

Payment Statuses

• Expected: Future payment
• Due: Due date reached
• Overdue: Past due date
• Paid: Full payment received
• Partial: Incomplete payment

Payment History

View for each payment:

• Expected amount
• Amount received
• Due date
• Paid date
• Payment method
• Late fees applied
• Transaction ID
• Notes

Tenant Payment History

See tenant’s track record:

• On-time payment %
• Average days to pay
• Total paid lifetime
• Current balance

Receipts

Automatic Receipts

For online payments:

• Sent immediately
• Professional format
• Your business info
• Payment details
• Transaction number

Manual Receipts

For recorded payments:

• Email receipts automatically sent
• Professional HTML format
• Includes business information
• Custom branding (Pro/Elite plans)

Note: PDF receipt generation is temporarily disabled pending library configuration. Email receipts are sent automatically.

Receipt Contents

• Landlord/business name
• Property address
• Tenant name
• Payment amount
• Payment date
• Payment method
• Receipt number
• Thank you message

Reports & Analytics

Available Reports

• Current month rent roll summary
• Payment history by tenant
• Outstanding balances
• Payment status overview

Note: Advanced analytics and tax reporting features are planned for future releases.

Best Practices

Clear Communication

1. Set expectations early
2. Provide multiple payment options
3. Send timely reminders
4. Respond to questions quickly
5. Document everything

Consistent Enforcement

• Apply policies uniformly
• Follow written lease terms
• Document all exceptions
• Maintain professional tone
• Keep detailed records

Payment Optimization

• Enable online payments
• Offer autopay incentives
• Send mobile-friendly reminders
• Make paying easy
• Thank prompt payers

Common Scenarios

NSF/Bounced Check

1. Record returned payment
2. Reverse payment in system
3. Late fees may apply per standard schedule
4. Notify tenant immediately
5. Request certified funds

Payment Plans

1. Document agreement
2. Create custom payment schedule
3. Monitor compliance
4. Adjust if needed
5. Get it in writing

Rent Increases

1. Give proper notice (30-60 days)
2. Update tenant record
3. New payments reflect increase
4. Document in lease renewal
5. Explain increase clearly

Security Deposit Handling

• Track separately from rent
• Don’t co-mingle funds
• Document deductions
• Return within legal timeframe
• Provide itemized statement

Troubleshooting

Payment Not Showing

• Check payment date
• Verify correct tenant
• Look for partial payment
• Check bank account
• Contact support

Tenant Can’t Pay Online

• Verify payment link active
• Check card validity
• Try different browser
• Clear cache/cookies
• Use different device

Stripe Connect Issues

• Verify account active
• Complete verification
• Check bank account
• Update tax info
• Contact Stripe support

Advanced Features

Payment Plan Options

For overdue payments (21+ days), the system automatically offers:

• 3-month plan: 25% down payment, rest over 3 months
• 6-month plan: 15% down payment, rest over 6 months
• Automatic calculation of payment amounts
• Email notifications sent to tenants

Coming Soon

• Recurring autopay
• ACH bank transfers
• Digital wallets (Apple Pay, Google Pay)
• Custom payment schedules
• Enhanced PDF receipt generation

Related Guides

• Online Payment Setup Guide
• Email Automation Guide
• Financial Reports Guide
• Tenant Management Guide

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Last updated: January 2025