When setting up your payment account to collect rent or other payments through RentRedi, you’ll be asked to choose a business account type in Stripe.
Here’s what each option means for landlords: 👇
🔹 1. Individual
Best for: Landlords who own property in their personal name (not through an LLC or company).
Uses your own name, 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
🔹 2. 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 business bank account
Recommended if you want legal protection or own multiple properties
🔹 3. Nonprofit Organization
Best for: Registered nonprofits providing affordable or community housing.
Must have official nonprofit status (e.g., 501(c)(3) in the U.S.)
❓ What Option Should You Choose?
Your Situation | Best Option |
You own property in your personal name | Individual |
You rent property through an LLC or corporation | Business |
You manage housing for a nonprofit organization | Nonprofit |
💡 Tip: If you're planning to scale or want liability protection, consider forming an LLC and choosing Business.
🔄 How to Change Your Account Type
Want to switch your account type? Follow these steps: 👇
Open your RentRedi dashboard, click the three-line menu (☰) in the top left
Select Rent
Click Payment Account
Click Open Dashboard next to the payment account you want to update
In the Stripe dashboard, click Update Account Info
Under Business Type, select your new account type (Individual, Company, or Nonprofit Organization)
Click Save
That’s it! Your account type will be updated in Stripe. 🎉
Not sure how to set up your business structure? 🤔
Check this Help Article for more info!