When you create a payment account on RentRedi, we use a secure payment process with Propay to process rent payments.
(Note: For the initial setup, we will sometimes reach out for additional information to verify your account and keep the platform safe for everyone. )
After your payment account is approved, connect your payment accounts to properties, invite your tenants, and set up charges for your tenant (How Payments Work).
When a tenant pays, the money goes to the payment account, and then is automatically transferred to the bank account you entered when creating the payment account. 😄
Typically, our processor, Propay, uses a 3-day hold to allow time for most banks to confirm the availability of a tenant's funds, resulting in deposits to the landlord account typically on the 4th business day after submission of payment.