Want to understand a little more about how collecting rent works?
No problem! 😊 Here's how you can set up your payments accounts, connect them to your properties, add tenants, and create charges!
First, set up your payment account(s).
(We recommend one payment account for each bank account you would like to send money to. In a sense you can think of payment accounts as bank accounts.)
Second, connect those payment account(s) to each property.
Third, add your tenants to RentRedi.
Fourth, create rent charges for tenants.
Finally, tenants open their RentRedi app, pick a charge due, and pay! 😊
When a tenant pays, the money goes to the payment account, and then is automatically transferred to the bank account you entered when creating the payment account. 😄
Our processor, TSYS/Global Payments, uses a 3-day hold to allow time for most banks to confirm the availability of a tenant's funds, resulting in deposits to the landlord account typically on the 4th business day after submission of payment.