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Payment Account Types for Landlords

setting account type, business account, payment account type, business account type, update account type, edit account type

Riz Barandino avatar
Written by Riz Barandino
Updated over a week ago

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: πŸ‘‡

πŸ”Ή 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

πŸ”Ή 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

πŸ”Ή 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

πŸ’‘ Tip: If you're planning to scale or want liability protection, consider forming an LLC and choosing Business.


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πŸ”„ How to Change Your Account Type

Want to switch your account type? Follow these steps: πŸ‘‡

  1. Open your RentRedi dashboard, click the three-line menu (☰) in the top left

  2. Select Rent

  3. Click Payment Account

  4. Click Open Dashboard next to the payment account you want to update

  5. In the Stripe dashboard, click Update Account Info

  6. Under Business Type, select your new account type (Individual, Company, or Nonprofit Organization)

  7. Click Save

That’s it! Your account type will be updated in Stripe. πŸŽ‰

πŸ’¬ Need More Help?

Our RentRedi Chat Support is available 24/7! Just click the chat bubble in the bottom-right corner of your RentRedi dashboard to start a conversation.

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