Stripe is RentRedi's payment processor, and over 90% of RentRedi landlords already collect rent through a Stripe payment account. If you're still on a ProPay payment account, this article covers exactly what you gain by switching, what happens to your tenants and your active rent payments, and how to make the switch.
The short version: Switching takes about five minutes, your rent funds in 2–3 business days instead of 4–5, and your tenants don't have to do anything. Nothing pauses and you don't miss a rent cycle.
ProPay vs. Stripe at a glance
Deposit to your bank: ProPay 4–5 business days · Stripe 2–3 business days
Funds pulled from tenant: ProPay slower · Stripe same day if submitted before 2 PM EST
Failed payment risk: ProPay higher, insufficient funds surface later · Stripe lower, caught sooner
Bank feed / accounting sync: not available on ProPay · available on Stripe
Stripe Capital financing: not available on ProPay · available on Stripe for eligible customers
New RentRedi features: limited on ProPay · built for Stripe first
What you actually get by switching
1. Your rent reaches your bank about two days sooner
Stripe payment accounts fund in an estimated 2–3 business days. ProPay payment accounts fund in an estimated 4–5 business days. That's roughly two extra days, every single month, that rent you've already earned is sitting in transit instead of in your account.
2. Fewer failed rent payments
With Stripe, funds are pulled from your tenant's bank account the same day if the payment is submitted before 2 PM EST (the following morning if not). That means insufficient funds surface quickly instead of days later — so you find out before you've already counted the rent as collected, and you deal with far fewer surprise reversals.
3. Cleaner books
When you sync your bank feed through Stripe, transactions come through in a form that's much easier to categorize — which makes month-end and tax time noticeably less painful.
4. Access to Stripe Capital
Eligible customers on Stripe payment accounts may be offered financing through Stripe Capital. This isn't available on ProPay accounts.
5. Faster answers when something goes wrong
Our support team has clearer, more complete visibility into Stripe accounts than into ProPay accounts. When you call about a payment, we can usually see what happened and resolve it in one conversation instead of escalating and waiting.
6. Everything new is built for Stripe
Stripe is RentRedi's preferred processor and our rent collection features are optimized for Stripe accounts. Staying on ProPay increasingly means missing out on improvements.
Will this interrupt rent collection? (No.)
This is the question we get most often, especially from landlords who are mid-lease with rent already flowing. Here's exactly what happens.
Your existing tenants don't have to do anything
Tenants who already have a saved payment method and have made a payment through the app will have their payment information automatically transferred to Stripe. No new login, no re-entering bank details, no new task in their app.
In some cases, a tenant's bank may require re-authentication because of its own security policy. If that happens, the tenant is simply prompted to verify their payment method again before their next payment goes through.
New tenants — or tenants who have never made a payment through the app — will add their payment method with Stripe as part of normal setup, including connecting their bank via Plaid.
Payments already in progress finish normally
Any payment already submitted through ProPay continues processing and is deposited to you as it normally would. Nothing gets stranded, and switching the payment account connection does not disrupt processing.
Two timing notes
If you currently have deposits in process or on hold, you may be prompted to come back and finish the migration later. That's intentional — it protects your active transactions.
Wait at least one full week after switching before deleting an old payment account, so any pending deposits finish cleanly. Keeping the old account also preserves access to your prior transaction history.
Before you start: what you'll need
Stripe requires identity verification, so have these ready:
Individual accounts: your SSN
Business accounts: your SSN and your EIN
The bank account where you want rent deposited
Most accounts are approved automatically. If additional review is needed, allow 2–3 business days, and our underwriting team will email you if they need anything else.
How to switch
Option 1: Migrate your existing account (fastest)
Log in to your RentRedi dashboard.
Go to Payment Accounts.
Click Migrate Now on your ProPay payment account.
Complete the identity verification prompt (SSN, plus EIN for business accounts).
Wait a few minutes without closing the pop-up. You'll see a green success message when it's done.
Under Payment Account Connections, confirm or update the bank account where deposits should land for each property.
Full walkthrough with screenshots: How to Migrate Your RentRedi Account to Stripe
Option 2: Create a new Stripe account from a template
If the Migrate Now button sends you to a help article instead of starting verification, your account needs to be recreated instead. You don't have to retype everything:
On the Payment Accounts page, click Add Account.
Choose Use Existing Payment Account as a Template.
Select your ProPay account and click Copy & Edit.
Finish the remaining fields to create your Stripe account, then connect it to your properties.
Option 3: Let us do it with you
Call 917-793-6068 between 9 AM and 5 PM EST, Monday through Friday, and we'll walk you through the whole thing on the phone — usually under ten minutes. If something in the Stripe verification is holding you up, that's exactly what we can unstick live. Chat support is available 24/7.
After you switch
Return to Payment Accounts and you'll see:
Your old account marked (disabled: migrated to Stripe). Leave it in place — it keeps your prior transaction history accessible.
Your new Stripe account with one of three statuses:
Green — Ready to Process: fully set up, nothing else needed.
Orange — Under Review: allow 2–3 business days. Most clear automatically.
Red — Contact Underwriting: additional verification needed. Reach out and we'll sort it.
Frequently Asked Questions
Do I need to tell my tenants anything?
No. Existing tenants with saved payment methods are migrated automatically and don't need to be notified. Only brand-new tenants, or tenants who have never paid through the app, need to add a payment method.
Will my tenants' autopay keep working?
Yes. Saved payment methods carry over and continue to work after the switch. The only exception is if a tenant's bank requires re-authentication for its own security reasons, in which case the tenant is prompted to verify once.
Can I switch mid-lease or mid-month?
Yes. Switching the payment account connection does not disrupt processing, and you won't skip a rent cycle. If you'd prefer to be cautious, the easiest window is right after a payout has landed and before your next rent due date.
What happens to payments already submitted through ProPay?
They continue processing and are deposited exactly as they normally would. You can start taking new payments through Stripe while older ProPay deposits finish.
How long does the switch take?
The form itself takes about five minutes. Most accounts are approved automatically; if yours goes under review, allow 2–3 business days.
Why does Stripe need my SSN or EIN?
Identity verification is a standard requirement for accounts that move money, and it's what allows most accounts to be approved instantly rather than sitting in a manual review queue.
Should I delete my old ProPay account?
Not right away. Wait at least one full week so any pending deposits finish, and consider leaving it in place permanently — it retains access to your prior transactions.
I have multiple properties and payment accounts. Do I switch them all at once?
You don't have to. You can migrate one account, confirm everything looks right, then do the rest. Each payment account is handled separately.
Does switching cost anything?
No. There is no charge to migrate or to create a Stripe payment account.
I got an email about additional ProPay fees. Am I being charged extra?
No. Global Payments (ProPay) did introduce additional pass-through fees on ProPay accounts, and we notified customers at the time. RentRedi is absorbing those fees — they are not being billed to you. The reason to switch to Stripe is the faster funding and lower failed-payment risk described above, not fees.
What about my 1099-K?
If you process on both accounts in the same tax year, you may receive forms covering each. See ProPay and Stripe 1099-K forms.
Do I have to switch?
There's no deadline. But Stripe is where RentRedi is investing, and staying on ProPay means slower deposits, a higher chance of failed payments, and fewer new features. Nearly everyone has already moved.
Need help? 💬
Call 917-793-6068 (9 AM–5 PM EST, M–F) and we'll do the switch with you. Or reach RentRedi Chat Support 24/7 via the chat bubble in the bottom right corner of the RentRedi dashboard.