As part of RentRedi’s ongoing update, we are transitioning all accounts to Stripe as our new payment processor. This transition will streamline payment processing for both tenants and landlords, providing faster payments and deposits.
As part of RentRedi's transition, we are migrating from ProPay to Stripe as our new payment processor. This change aims to streamline payment processing for tenants and landlords, with faster payments and deposits.
However, to complete this migration, all users—whether individual or business accounts—are required to complete a mandatory identity verification process with Stripe. Below is a step-by-step guide to help you successfully complete the migration and verification.
Why is the Stripe Migration Important?
This update will:
Speed up payment processing: Tenants will have the ability to make payments and have funds withdrawn on the same day (if done before 2 PM EST) or within 24 hours. Landlords will see funds deposited within 2-3 business days.
Streamline the process: By implementing Stripe’s identity verification, we reduce manual reviews and minimize back-and-forth between RentRedi’s underwriting team and users.
Improve user experience: The verification and migration process will help us serve users more efficiently and reduce call volume.
Reduced failed payments due to same-day processing: Payments submitted before 2 PM EST are processed on the same day, minimizing risks of payment failures caused by insufficient funds.
Manual Migration Now Available for Users
To make the migration process faster and easier, RentRedi now offers a manual migration option. Previously, users had to set up a new payment account from scratch. With this new feature, you can quickly migrate your existing account to Stripe.
If you currently have any deposits in process or on hold, you will be prompted to return at a later time to complete the migration. This is to ensure there are no interruptions or delays with active transactions.
How to Migrate Your Account to Stripe
Take the tour, and we'll show you how! 😊
Or, follow these steps! 👇
Step 1: Log in to the RentRedi Dashboard
Start by logging into your RentRedi account on your dashboard.
Step 2: Go to the Payment Accounts Section
From the main dashboard, navigate to your Payment Accounts page.
You will see a "Migrate Now" button for your ProPay payment account.
Clicking this button will begin the migration process and prompt you to complete the required identity verification.
Important Note: Deposits in Process or On Hold
If you currently have any deposits in process or on hold, you will be prompted to return at a later time to complete the migration. This ensures there are no interruptions or delays with active payment transactions.
Migration Process: Verification Step
Once you click "Migrate Now", a pop-up will appear requesting you to complete the identity verification process. The details you will need to provide depend on the type of account you have:
For Business Accounts: You will be prompted to verify both your SSN and EIN (Employer Identification Number).
For Individual Accounts: You will be asked to verify your SSN.
Why This Verification Matters
The verification process helps ensure the security and accuracy of your payment account. Completing this step is essential to finalizing the migration. In most cases, accounts are automatically approved, but if further review is needed, our underwriting team will reach out directly to assist.
Migration Process: Loading After Verification
Once you enter your SSN/EIN information, the "Migrate Now" button will begin loading. Please note that during this time:
The pop-up cannot be closed until the migration process is complete.
Allow a few minutes for the system to process your verification and complete the migration.
Successful Migration Confirmation
Once the migration is complete, you will see a green success message indicating that your account has been successfully migrated to Stripe. After completing the migration, you may need to update your bank account details to ensure proper fund transfers. Navigate to 'Payment Accounts' in the RentRedi dashboard, then under Payment Account Connections, update the associated deposit account. Avoid deleting old accounts as they retain access to prior transactions.
Post-Migration Account Status
After the migration, return to the Payment Accounts section to review the status of your new Stripe account:
Old Payment Account: This will be marked as (disabled: migrated to Stripe).
New Stripe Account: The migration date will be shown. The status will indicate one of the following:
Red: Contact Underwriting – This means your account requires additional verification. You’ll need to contact the underwriting team.
Orange: Under Review – Your account is under review by our underwriting team.
Green: Ready to Process – This means your account is fully set up and ready to handle transactions.
Important Note: If your account is under review, please allow 2-3 business days for the review process to complete. In most cases, accounts are automatically approved without any further action needed.
If additional information is required for review, our underwriting team will reach out to you via email.
Post-Migration Expectations for Tenants
Tenants using saved payment methods with ProPay will have their information automatically migrated, requiring no additional action.
New tenants or those not yet set up must manually add their payment method using RentRedi's setup steps in the app, including connecting their bank account via Plaid.
If migration issues arise due to external bank security, tenants may need to reconnect their accounts by re-adding them in the system.
These steps ensure a seamless payment experience for all tenants. ✅
Migrate Now button Not Working
If you clicked the “Migrate Now” button on your payment account and it redirects you to a Help Article instead of starting the identity verification process, this means you will need to manually recreate your payment account.
In rare cases, the payment processor requires additional information before starting identity verification. When this happens, the migration flow may not initialize properly. Recreating the account ensures all required details are properly captured during setup.
No worries! You can create a new Stripe payment account using your existing account as a template.
In your Payment Accounts page, click Add Account.
Select the option to use Existing Payment Account as a Template.
Select the Payment Account you're copying from, then click Copy & Edit.
Continue to fill out your information and create your Stripe payment account.
Frequently Asked Questions
Do landlords need to notify tenants about the migration?
Existing tenants with saved payment methods do not require notification, as migration is automatic. New tenants would need to connect their bank account.
What happens to payments made before migrating to Stripe?
Any payments made via Propay before the migration continue processing without any interruption.
Will tenant payment methods work immediately after migration?
Yes. Tenant payment methods will continue to work after migration, and previously saved payment methods can still be used without any changes. In most cases, no action is required from tenants.
However, in some situations, a tenant’s bank may require re-authentication due to security policies. If this occurs, the tenant may be prompted to verify their payment method again before completing a transaction.
Need help? 💬
Contact us! RentRedi Chat Support is available 24/7! Access our Live Chat via the chat bubble in the bottom right corner of the RentRedi dashboard.