CORE INTEGRATIONS POWERED BY RENTSQUARED INC.
This feature allows you to automatically deduct rent or other payments from a customer's bank account periodically. As long as the renter agrees and confirms in-app, rent collection & payment will be a breeze!
Automated Single Payment Notifications & Management
Not all provinces & states allow recurring payments and this is feature is as close as we can get to recurring payments!
For single payments in RentBook, we've set up an automated payment management system so that reminders and notifications are all automated and preset by the landlord. Tenants only have to confirm once every month and the payment will be complete!
Easy, Trackable, & Secure.
Overdraft Protection For Landlords & Tenants
In all transactions within the RentBook Mobile App, we provide Overdraft Protection for both Landlords & Tenants. Read more about the feature here.
Online EFT Bank to Bank Payments
Mobile Electronic funds transfers are fast, simple, and save you time and money. There's no reason for a Tenant to not spend 10 seconds to pay his or her rent given the convenience of RentBook. With the choice of recurring payments in RentBook, you can be assured the Tenant will pay on time every month!
One of the biggest downsides to using paper checks to make mass payments is that it is a slow process. You must wait for postal service hours, including accounting for no mail service on holidays. In addition, it takes time for the envelope to be processed and then transferred to the state and address you put on the envelope. You can save time by immediately transferring the money through your phone, no matter what time of day it is.
EFT is the acronym for electronic funds transfer, also referred to as an ePayment. EFT is a broad ‘umbrella’ term that includes many types of electronic payments such as EFT transfers and wire transfers. Other transaction types that are considered EFT include direct deposit, ATMs, virtual cards, eChecks, and personal computer banking.
As traditional paper processes become digitized, computerized systems like EFT transactions will continue to grow and evolve. Activities such as utility bill payments have traditionally been ‘paper-intensive’ requiring physical statements, invoices, checks, and receipts. These processes now largely take place over digital networks – this change is shifting the banking world’s paradigm.
EFT payments are increasingly becoming the go-to payment method for domestic money transfers across many sectors. Also referred to as e-checks or electronic checks, EFT is a reliable, efficient, and cost-effective way to move funds between accounts without needing a checkbook, envelope, and stamps. A primary differentiation of EFT payments is the batch processing method. Checks or even wire transfers are generally processed one transaction at a time. The clearinghouse system leveraged by the EFT network processes inter-institution transfers in groups or batches.
EFT transactions are growing in popularity. In the first quarter of 2016, the ACH network processed more than 5 billion transactions. That is largest volume of transactions the network has ever processed in a single quarter – up 6.1% from the first quarter of 2015.