Configuring Payment Settings

Configuring Payment Settings in Leaseora

Setting up your payment configuration is a crucial step in streamlining your property management process. This guide will walk you through the process of configuring payment settings to enable online rent collection and automate your payment processes.

Step 1: Navigate to Payment Settings

From your Leaseora dashboard, click on "Settings" in the main navigation menu, then select "Payment Settings" from the dropdown menu.

The Payment Settings option in the Settings menu

Step 2: Connect Your Bank Account

To receive rent payments, you'll need to connect your bank account:

1. Click the "Connect Bank Account" button
2. Select your country and banking institution
3. Enter your banking credentials (Leaseora uses secure, encrypted connections)
4. Verify your account by confirming the test deposits (small amounts deposited to your account)

Step 3: Set Up Your Payment Profile

Complete your payment profile with the following information:

• Business Name: The name that will appear on tenants' bank statements
• Business Address: Your official business address for payment processing
• Tax ID/EIN: Your tax identification number (optional for individual landlords)
• Contact Email: The email address for payment notifications
• Contact Phone: A phone number for payment-related inquiries

Step 4: Configure Global Payment Settings

Set up your default payment rules that will apply to all properties unless overridden:

• Default Rent Due Date: The day of the month when rent is typically due (e.g., 1st of the month)
• Grace Period: Number of days after the due date before a payment is considered late
• Late Fee Amount: The standard fee charged for late payments
• Late Fee Type: Fixed amount or percentage of rent
• Payment Methods Accepted: Select which payment methods to accept (ACH/bank transfer, credit card, debit card)
• Processing Fee Handling: Choose whether you or your tenants will cover payment processing fees

Step 5: Set Up Automatic Payments

Configure automatic payment settings to streamline rent collection:

• Enable Autopay: Turn on the option for tenants to set up automatic payments
• Autopay Timing: Choose when automatic payments should process (on due date, X days before)
• Payment Reminders: Set up automatic reminders for tenants (e.g., 5 days before due date)
• Failed Payment Handling: Configure retry attempts for failed payments

Step 6: Configure Property-Specific Settings (Optional)

If you have multiple properties with different payment requirements, you can customize settings for each property:

1. Click on "Property-Specific Settings"
2. Select the property you want to customize
3. Adjust any payment settings that differ from your global settings
4. Save the property-specific configuration

Step 7: Set Up Payment Categories

Create categories to organize different types of payments you collect:

• Rent: Regular monthly rent payments
• Security Deposit: One-time security deposit payments
• Utilities: Payments for water, electricity, gas, etc.
• Maintenance Fees: Charges for maintenance services
• Pet Fees: Additional charges for pets
• Custom Categories: Create your own payment categories as needed

Step 8: Configure Payment Reports

Set up your payment reporting preferences:

• Monthly Summary: Enable automatic monthly payment summaries
• Tax Year Reports: Configure year-end tax reporting
• Export Format: Choose your preferred format for exported reports (CSV, PDF, Excel)
• Report Recipients: Add email addresses to receive automatic reports

Step 9: Save Your Payment Configuration

Once you've configured all your payment settings, click the "Save Payment Settings" button at the bottom of the page. Your payment system is now set up and ready to use.

Frequently Asked Questions