RentRedi is partnering with Stripe to offer faster funding for your deposits! This will cut the deposit time down to 2-3 business days! Additionally, tenant payments will be pulled from their bank account same day if submitted before 2pm EST (the following morning if not). This will greatly reduce failed payments due to insufficient funds.
How do I get faster funding?
With Stripe, you are automatically enabled for faster funding when you switch to a Stripe payment account. To update to a Stripe payment account, follow the directions in the articles below:
What do my tenants have to do once I switch?
Upon updating your payment account connection to a Stripe payment account, we will automatically email and text your tenants associated with the payment account(s), as they will have to re-enter their payment method in the tenant app or tenant web portal.
Below is the messaging RentRedi will share with your tenant(s):
We would recommend sharing the same messaging with your tenants directly as well to ensure they are aware.
When should I make the switch?
You can create the Stripe payment account(s) at any time to be ready to switch processors. Switching the payment account connection will not cause any disruption to processing, just make sure to give the switch at least a week before deleting the old payment account to allow for all transactions to fully process.
What do I do about my old Payment Account(s)?
Payments that are already submitted to your previous payment account will deposit and be funded to you as they normally would. You can switch to a Stripe payment account for any new incoming transactions as you wait for your previous deposits to process.
Please wait at least 1 full week before deleting your old payment accounts to ensure their is no issue with any processing deposits. If you don't have any deposits pending, then it is okay for you to remove your old Payment Account.
How can I tell the difference between the old & new Accounts?
The Stripe Payment account will display 2-3 business days for the funding timeline! The old one will display 4-5 business days
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Questions?
If you have any questions or concerns, please contact us using the blue chat button in your app or you can also give us a call at (917) 793-6068! We are always happy to help.