As part of RentRedi’s ongoing update, we are transitionaning 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.
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Speed up payment processing: Tenants will have the ability to make payments and have funds withdrawn on the same day (if done before 2 PM EST) or within 24 hours.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.
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.
How to Migrate Your Account to Stripe
Step 1: Log into the RentRedi Dashboard
Start by logging into your RentRedi account on your dashboard.
Step 2: Go to the Payment Accounts Section
From the main menu, navigate to the Payment Accounts section.
You will see a blue banner inside the payment account box with the option to "Click to Migrate Now".
Clicking this button will begin the migration process and prompt you to complete the required identity verification.
Important Notice: 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 is to ensure there are no interruptions or delays with active transactions.
Migration Process: Verification Step
Once you click "Click to 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 finalize 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 confirmation box indicating that your account has been successfully migrated to Stripe.
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 Notes:
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.
Need Assistance?
If you experience any issues during the migration or verification process, or if you have any questions, don’t hesitate to contact our underwriting team or reach out to our support team for assistance.