Renterprise Inc Information

Renterprise is a real estate services company dedicated to helping landlords and property managers collect rent payments more efficiently through electronic deposits. Why should I collect rent electronically? First and foremost, collecting rent electronically saves you money! Collecting and processing rent payments costs the average landlord thousands of dollars a year in labor and late payment expenses. Automatically debiting your tenants account monthly will greatly increase the efficiency of your collection process*. Electronic debit eliminates trips to the bank, reduces late payments, and greatly improves cash flow. Finally, you will never have to hear the words "the check is in the mail" again! Is electronic collection safe? YES! Renterprise utilizes the same encryption technologies used by leading banks, e-retailers, and the federal government. Your account information is housed on our secure servers and protected by the latest in firewall technology. In addition, electronic collection provides landlords with a record of a tenants payments which can be an advantage during a legal dispute. How does it work? To sign up, simply fill out our Landlord Application Agreement (available by clicking the "SignUp" button on the main renterprise.com page) and provide us with a voided check. Next download our Tenant Authorization Form. Have your tenants sign the authorization form and return it to our office with a voided check. Fill in the rent amount and lease end information if applicable. When are rent deposits available? The Federal Reserve requires banks to wait three business days before the direct deposit of rent is available. This money sits in an escrow account while waiting for verification. The money is transferred directly between the tenants and the landlords account providing the fastest and most secure transaction. The following schedule will be followed for deposit availability: Tenant Debited Landlord Credited Monday Friday Tuesday Monday Wednesday Tuesday Thursday Wednesday Friday Thursday How much does this service cost? Renterprise charges .5% per transaction with a minimum $5 per transaction (i.e. per tenant). This fee is much lower than the average credit card surcharge of 2.5%. How do we get paid? Renterprise will deposit the net amount of rents collected minus our service charge into the specified landlord account. What happens if tenants do not have sufficient funds in their account? If a tenant does not have sufficient funds you will be notified via e-mail and our website. Renterprise will assess the tenant the agreed upon late charge. Renterprise can make a second attempt to debit the tenants account based on the agreed upon terms. If Renterprise is unable to complete the transaction due to insufficient funds it is the landlord's responsibility to collect rent from their tenant. What if I want to change the rent amount? Rent amounts may be changed provided that the tenants are given 10 days notice of the change. To change rent simply make the change on our web interface or contact Renterprise by e-mail or phone. The change will be made to the first transaction after the required 10 days notice. How do I convince tenants to sign up? Most tenants are receptive to having rent automatically debited. It is convenient and saves them money. There are many successful strategies for enrolling tenants. What are some strategies for helping sign up my tenants? Make it mandatory for new tenants. Have them sign the forms as part of the lease. We've found that most tenants appreciate the convenience and see it as a sign of professionalism. Offer tenants a rebate if they pay their rent electronically and on time for the year. This rebate will encourage them to sign up and will be a small price to pay for the convenience of receiving their rent through direct deposit. Charge tenants a surcharge for not paying electronically. This method works especially well for new tenants or during lease renewal. * While Renterprise shall use best efforts to timely collect rental payments electronically from tenants account, Renterprise is not and shall not be considered a collection agency for any purpose or as the result of providing electronic debit services to Landlords and/or Property Managers. If Renterprise is unable to collect rent electronically from a tenant for any reason, landlord must receive payment directly from the tenant and hold Renterprise harmless.