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 the same day if submitted before 2 pm 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?
Once you’ve added or migrated to a new Stripe payment account and connected it to your properties, any tenants who previously made payments through the app using the old processor (ProPay) will have their payment methods automatically transferred to Stripe.
As long as a tenant had a saved payment method and had made payments before the switch, their information will carry over seamlessly.
However, new tenants—or those who haven’t made a payment in the past—will need to manually add their payment method with the new processor, Stripe.
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 be deposited and 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 there 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?
Payment accounts created through Stripe benefit from an estimated funding timeline of 2–3 business days, while older ProPay payment accounts will continue to display an estimated funding timeline of 4–5 business days.
Have Questions? 💬
Contact us! RentRedi Chat Support is available 24/7! Access our Live Chat via the chat bubble in the bottom right corner of the RentRedi dashboard.