Unlike other cash apps where your payments are received as in-app balance, PortfolioBay enables tenants to transfer payments directly into a landlord' banke account.
On-time payment rates are tracked for each unit, allowing you to monitor the performance of all your tenants over time. Tenants receive immediate feedback with automatic late fees.
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Periodic charges are generated automatically based on lease terms, and one-time charges can also be added. In addition, you can set recurring or one-time rent credit.
Multiple bank accounts can be linked to receive rent payments, and you can choose the destination bank account for each property's transfer.'
Yes, though we strongly recommend using online payment due to its performance and convenience, we do have our product designed in a way that is easy to record and capture any payments occurred outside PortfolioBay.
We use Plaid and Dwolla as our backend account verification and ACH transfer infrastructure. Each transfer is executed as two transfers in sequence. The first transfer collects the fund from the tenant bank account into a PortfolioBay master account. Upon the successful completion of the first transfer, PortfolioBay instantly initiate the transfer to the destination bank account. This way, the tenant does not see the landlord's destination bank info and cannot reverse transfer directly from landlord's bank account.
No, unlike some other rental management software, there is no setup cost for linking bank account and start to accepting online payments.
The charge status will be reverted back to unpaid. Depending on the timing, a late fee may become applicable on the charge. If the transfer were to fail due to tenant's fault (for example, insufficient fund), an additional charge may be applied towards the tenant, but not the landlord.
There is no transfer fee for the landlord, but a small fee (no more than $5) may be applicable to the tenants initiating the transfer.