How do automated rent payments work?
Automated rent payments do all of the calculations for you so you never have to worry about overcharging or undercharging anyone. With autopay, we can make sure your tenants pay their rent on the right day to ensure that you receive it when you expect it.
Here are the most commonly asked questions about automated rent transfers.
Why is this number less or more than I expected?
The most common explanation for this confusion is pro-ration. Our system calculates the amount of rent a tenant owes based on the days of the month when they had an active lease.
For example, if the monthly rent is $2,055 and the lease started on January 3rd then you will receive rent for the entire month minus those first two days. Since there are thirty one days in January the daily rent cost is 66.29. You will receive $2,055 - 66.29*2, or $132.58. You will receive $1922.42.
If the same scenario were to happen in February the numbers would be slightly different. You would receive $2,055 minus $73.39*2, or $146.78. You would receive 1908.22.
Why is my tenant saying that they're being asked to pay a really small amount?
This is also because of pro-ration. If a lease initially started on the 25th, then our system will first charge them for the amount that they owe for the rest of the month (6 days of rent in January) and then charge them for the 25 days of the next month.
Why haven't I received my rent yet?
If your tenant pays with ACH then the payment will take up to a week to arrive. This is shorter or longer depending on how quickly the ACH system verifies that their deposit was successful. An ACH payment can show up as having gone through initially even if there were insufficient funds in the account.