No More Checks, No More Deposits, No More Headaches
Just the rent
Direct-deposited in your account
RentDeduct™: Rent Deducted from Your Tenant’s Paycheck
Money burns a hole in many people’s pockets. They have every intention to pay their rent and all their other bills each month… but they don’t. So why not make sure you get paid before they do?
Every time your renter gets paid, a portion of their paycheck goes directly into a secure escrow account (the rest still goes to them). On the second business day of every month, SparkRental automatically deposits the monthly rent into your bank account.
Simple, fast, secure.
The rent is direct deposited right into your account, so you don’t have to worry about mail delays, paper checks or bank runs. In fact, you don’t have to worry about anything; on-time rent just shows up in your bank account every month.
Pretty nifty, eh?
Or you can receive eChecks (ACH/electronic payments), credit cards or debit cards!
Accept eChecks, Credit Cards & Debit Cards
Want to let your tenant initiate rent payments instead? No problem.
The “standard” way of transferring funds between banks is ACH, and it’s great: money moves quickly and quietly from the renter’s account to yours, and usually taking 2-4 business days. But your renter also has the option to pay their rent via credit card or debit card, as a flexible alternative.
Approve More Applicants, Fill Vacancies Faster
Have a borderline rental applicant for your vacant unit? The chances of them paying the rent are suddenly a lot better if it’s deducted from their paycheck, and not left to them to send on their own.
Conditionally approve them, subject to them having their rent deducted from their paycheck!
Think you’re security-minded? Our payment processing system transfers money through the Federal Reserve’s payment processing system. It’s like the Fort Knox of electronic bank security.
Even better, your tenants can’t see your bank account information – and neither can we.
“Automatic rent payments sounds great once it’s set up, but how much work is it to set up?”
Glad you asked! It’s actually pretty quick and easy. You just upload a few documents and fill out a form, and our banking partner processes your account in 24-48 hours. Then you’re all set, and can sit back to watch the rents flow into your bank account!
Coming Soon: Rent Reporting to Credit Bureaus
Ever wish you could report your tenants’ rent payments to the credit bureaus every month?
Soon you’ll be able to.
We’ll report every on-time payment to help your renters build their credit. And we’ll report every late payment too, to incentivize them to pay on time!
Pricing – How Much Does It Cost?
Rent payments made by ACH (bank transfer/eCheck) are free. Free for the landlord, free for the renter, free for everybody!
Credit Card Surcharge:
Rent payments made by credit card or debit card are subject to a 2.99% convenience fee, paid by the renter.
Deducting the rent directly from the renter’s paycheck costs 1.9% of the rent for the landlord, and 1.9% of the rent for the renter. However, the landlord can choose to pay the entire fee themselves, or select that the renter will pay the entire fee. Your choice!
It’s that simple and transparent.
Frequently Asked Questions
What documents do I need to set up my account?
Our banking partner needs to know where to send the money, of course, so you’ll need to upload a recent bank statement. Due to Know Your Customer banking regulations, they also need to know you are who you say you are, so they need a snapshot of your photo ID and a few identifying details. If your bank account is in a business name, they’ll need you to upload a copy of your articles of organization. That’s it!
What's the process like for my renter?
It’s even easier to set up than it is for you. We email them a link inviting them to create an account, and if you’re using RentDeduct, we’ll give them a form to download and take to their HR department.
For all other renters, they can set up recurring payments, or can make their payments manually each month with a click of a button.
Can I collect for utilities?
Your renter can transfer utility bills to you through our system, via ACH or credit card.
If I'm using RentDeduct, what happens at the end of the lease term?
As the lease end date approaches, our system will email you to ask whether the tenant is staying or moving out. If they’re moving, then after the last rent deposit we’ll refund any leftover balance to the renter.
What's free, and what costs money?
Rent payments made by ACH are free. Free for the landlord, free for the renter, free for everybody!
Rent payments made by credit card are subject to a 2.99% convenience fee, paid by the renter.
RentDeduct™ costs 1.9% of the rent for the landlord, and 1.9% of the rent for the renter. However, the landlord can choose to pay the entire fee themselves, or select that the renter will pay the entire fee. Your choice!
It’s that simple and transparent.