Online Payment Setup Guide
Accept rent payments online with credit cards and bank transfers. Simple setup guide for landlords to start collecting rent digitally.
Online Payment Setup Guide
Why Accept Online Payments?
As a landlord, accepting online rent payments can transform your business:
- Get paid faster - Tenants pay instantly vs mailing checks
- Reduce late payments - 30% fewer late payments on average
- Save time - No more trips to the bank or chasing checks
- Professional image - Modern landlords offer online payments
- Automatic records - Every payment is automatically tracked
How Much Does It Cost?
Simple, transparent pricing:
- 2.9% + $0.30 per transaction
- Example: $1,200 rent = $35.10 fee
- No monthly fees or hidden costs
- You decide who pays the fee (typically the tenant)
When you get paid:
- Rent goes directly to your bank account
- 2 business days after tenant pays
- Daily transfers (or weekly if you prefer)
Setting Up Online Payments
Step 1: Enable Online Payments
- Go to Settings in your Roomazon account
- Click Enable Online Payments
- Click Get Started
Step 2: Complete Your Information
You’ll need to provide:
- Business name (or your name)
- Bank account for deposits
- Tax ID (SSN or EIN)
- Business address
Step 3: Verify Your Identity
Stripe (our payment processor) will ask for:
- Driver’s license or ID photo
- Bank account verification (small test deposits)
- Business verification (if applicable)
This usually takes 1-2 business days
Step 4: Start Collecting Rent
Once approved:
- Payment links automatically appear in rent reminders
- Tenants click and pay with any card
- Money goes directly to your bank
- You both get email receipts
What Your Tenants See
Payment Process for Tenants
- Receive email reminder with “Pay Rent” button
- Click the button - opens secure payment page
- Enter card information - saved for future payments
- Submit payment - instant confirmation
- Get receipt - emailed immediately
Accepted Payment Methods
- Credit cards: Visa, Mastercard, Amex, Discover
- Debit cards: Any bank debit card
- Digital wallets: Apple Pay, Google Pay
- Bank transfers: Coming soon (lower fees)
Managing Your Payments
Viewing Payments
- Dashboard: See all recent payments
- Payment page: Detailed payment history
- Email alerts: Instant payment notifications
- Monthly reports: Tax-ready summaries
Automatic Features
- Payment tracking: No manual entry needed
- Receipt generation: Professional receipts sent automatically
- Late fee calculation: Applied automatically if enabled
- Record keeping: All transactions logged
Common Questions
Q: Is it safe?
A: Very safe. We use Stripe, the same company that processes payments for millions of businesses. Your tenants’ card information is never stored on Roomazon - it goes directly to Stripe’s secure servers.
Q: What if a payment fails?
A: The tenant gets an immediate error message and can try again. You’ll be notified if a payment fails. Common reasons: insufficient funds, expired card, or incorrect information.
Q: Can I still accept cash/checks?
A: Absolutely! Online payments are an addition, not a replacement. You can still accept traditional payments and mark them as received in Roomazon.
Q: Do I need a business bank account?
A: Not required, but recommended. You can use a personal account, but a business account looks more professional and may offer better protections.
Q: What about taxes?
A: You’ll receive tax documents (1099-K) if you process over $600/year. All payment records are available for your accountant. The processing fees are typically tax-deductible business expenses.
Benefits for Landlords
Time Savings
- No bank trips to deposit checks
- No tracking of who paid what
- No late night phone calls about payments
- Automatic reminders when rent is due
Better Cash Flow
- Faster payments - same day vs 3-5 days for checks
- Fewer bounced payments - cards are verified before processing
- Automatic late fees - applied without awkward conversations
- Payment plans - split large payments automatically
Professional Management
- Digital receipts with your branding
- Payment history for tenant reference letters
- Export capabilities for taxes and reporting
- Integration with all your property management
Getting Help
Support During Setup
- Email support: Available throughout setup
- Step-by-step guides: In-app help for each step
- Video tutorials: Visual walkthroughs
- Live chat: Available during business hours
Common Setup Issues
“My bank information was rejected”
- Double-check routing and account numbers
- Call your bank to verify account status
- Some banks require business verification
“Identity verification is taking too long”
- Upload clear, well-lit photos
- Ensure all information matches exactly
- Contact support if delayed beyond 2 days
“I don’t have an EIN”
- Use your Social Security Number
- Consider getting an EIN for business separation
- It’s free and takes 5 minutes online with the IRS
Next Steps
After Setup is Complete
- Test the system - Send yourself a payment link
- Notify tenants - Let them know online payments are available
- Update lease agreements - Include online payment terms
- Set preferences - Configure late fees and payment schedules
Maximizing Success
- Encourage adoption - Offer small discount for online payments
- Set expectations - Include payment instructions in lease
- Be patient - Some tenants need time to adapt
- Provide support - Help tenants through their first payment
Success Stories
“My rent collection time went from 2 weeks to 3 days. Tenants love the convenience and I love not having to track down payments.” - Sarah M., 8 properties
“The automatic late fees were a game-changer. No more awkward conversations about adding fees - it just happens automatically.” - Mike R., 12 units
“I was nervous about the technology, but setup took 10 minutes and now I can’t imagine going back to checks.” - Janet K., 3 properties
Ready to start accepting online payments?
Go to Settings → Enable Online Payments to get started!
Need help? Email support@roomazon.com or use the chat widget.
Last updated: January 2025