In order to facilitate payments within Canada we have partnered with several payment providers that provide different aspects of the entire payment processing chain. ALL paperwork needs to be completed in full for underwriting purposes. Once approved, you can change and select the various accepted payment methods.
Payment Pad Inc. - Payment Pad is a corporation that allows payments to be processed directly from the tenant's bank account without entering any information within your system. Tenants are provided with a unique account number and can direct their financial institutions to send money to Payment Pad. These funds are in turn analyzed (Automated) and sent to the Merchant Bank Account on record for the property that the tenant lives in.
Payroc has two contracts to be signed that serve distinct purposes: One is for EFT (Electronic Fund Transfers) and Card Payments (Visa, Visa Debit, MasterCard, MasterCard Debit) (Payroc) and the other is for Direct Banking (Payment Pad)
For Card payments the fees are calculated based on the fees provided by VISA and/or MasterCard. Payroc's fees are on top of those. Example: If VISA charges 2%, then your fee will be 2.04% (this is an example, exact fees depend on your contract).
NOTE: You have the ability to NOT absorb fees and pass these to your tenants. In which case the cost to you is $0. This can be configured within your Policies and Tenants will see that a WEB PAYMENT FEE applies. Tenants will have to set up their payments themselves and have to AGREE to the WEB PAYMENT FEE. *If you enter the payment in the backend then the system assumes you want to absorb the fees. In order to pass the fees on the tenant must do this process themselves.
As mentioned, you need to configure your payment options in the Policy section to ensure that if you do not want to absorb the fees that a WEB PAYMENT FEE applies.
Example of such setup below. In this example, the Owner/Landlord is not paying any fees for card processing.
Not Sufficient Funds and other refund/error messages:
Depending on the payment method different charges may apply. Please consult your agreements for specifics. These are just guidelines:
1) Card Network (VISA, VISA DEBIT, MASTERCARD, MASTERCARD DEBIT): There is no NSF fee when the card is declined. This happens in real-time.
2) Direct Banking -- As the tenant PUSHES the funds, there is no NSF fee. However; if the account is closed or the tenant sends it to a wrong account number they will need to request a refund from their financial institution. The tenant will be charged an administration fee. At the time of writing this article this fee is $25.
3) EFT - If the account is rejected, wrong banking information is entered or any other reason a fee will be charged. Typically this fee is recovered by charging the tenant back the fee plus an administration fee. This can be automated in Property Vista. The fee depends on your agreement.