RentRedi partners with Stripe to process payments. When setting up your payment account, Stripe will ask you to select a business type based on how you own or manage your rental properties. Use the information below to choose the option that best fits your situation.
Note: If you're a property manager or managing a RentRedi account on behalf of the property or business owner, consult with the owner before selecting a business type or structure. The owner should confirm which option accurately reflects how the business or properties are legally owned and operated.
Business Types
Review the options below to find the one that best describes how your rental business operates.
Individual
Best for: Landlords who own properties in their personal name (not through an LLC or company).
Uses your own name, the last 4 of your SSN (U.S.), and personal bank account.
No business registration required.
Ideal for managing 1–2 rental units or earning rental income as a side business.
Example: You own a rental property in your own name and collect rent as an individual.
Business (Company)
Best for: Landlords operating under a registered LLC, corporation, or partnership.
Requires a business name, EIN (tax ID), last 4 of your SSN (U.S.), and a business bank account.
Recommended if you want legal protection or own multiple properties.
Example: You own or manage rental properties through an LLC and collect rent under the LLC's business name.
Nonprofit Organization
Best for: Registered nonprofit organizations that provide housing or other community services.
Requires official nonprofit status.
May require nonprofit registration or tax-exempt information.
Must have official nonprofit status (e.g., 501(c)(3) in the U.S.)
Example: A nonprofit organization manages affordable or community housing and collects payments through RentRedi.
What Option Should You Choose?
Your Situation | Best Option |
You own rental property in your personal name. | Individual |
You operate your rental business through an LLC, corporation, or partnership. | Business |
You manage housing through a registered nonprofit organization | Nonprofit |
Tip: If you're planning to scale or want liability protection, consider forming an LLC and choosing Business.
Change Your Account Type
After adding your payment account, you can access it at any time to review or update your business type.
From your RentRedi dashboard, click the ❯❯ (Expand sidebar) button at the top left.
Go to Payments ➜ Payment Accounts.
Click the payment account you want to update.
Click Update Account Info.
Under Business Type, select the appropriate option: Individual, Company, or Nonprofit Organization.
Click Save.
Not Sure Which Option to Choose?
If you're unsure which business type to select or need help setting up your payment account, check out our Help Article for more information.
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.