Setting Up Payment Methods in Leaseora
Leaseora offers multiple payment methods to provide flexibility for both property managers and tenants. This guide will walk you through the process of setting up and managing different payment methods on the platform.
Before setting up payment methods, make sure you've completed the basic payment configuration in your account settings. If you haven't done this yet, please refer to our Configuring Payment Settings guide first.
Available Payment Methods
Leaseora supports the following payment methods:
ACH/Bank Transfer
Direct bank-to-bank transfers with low processing fees.
- Lowest processing fees (0.5-1%)
- Secure and reliable
- 3-5 business days processing time
Credit Card
Accept major credit cards for convenient payments.
- Visa, Mastercard, American Express, Discover
- Higher processing fees (2.5-3%)
- 2-3 business days processing time
Debit Card
Direct payments from tenant bank accounts.
- Medium processing fees (1.5-2%)
- Widely used by tenants
- 2-3 business days processing time
Digital Wallets
Support for popular digital payment services.
- Apple Pay, Google Pay, PayPal
- Variable processing fees (1.5-3%)
- 1-3 business days processing time
Setting Up ACH/Bank Transfer
ACH (Automated Clearing House) transfers are the most cost-effective payment method for rent collection. Follow these steps to set up ACH payments:
- Go to "Settings" > "Payment Methods" in your dashboard
- Click "Enable ACH Payments"
- Connect your bank account by providing your routing and account numbers
- Verify your bank account by confirming the test deposits
- Set your ACH processing preferences:
- Processing schedule (same day, next day, or standard)
- Fee handling (absorbed by you or passed to tenants)
- Verification requirements for tenant bank accounts
- Click "Save ACH Settings" to complete the setup
ACH transfers require tenants to provide their banking information. Make sure to communicate the security measures Leaseora has in place to protect this sensitive information.
Setting Up Credit and Debit Card Payments
To accept credit and debit card payments, follow these steps:
- Go to "Settings" > "Payment Methods" in your dashboard
- Click "Enable Card Payments"
- Select which card types you want to accept (Visa, Mastercard, American Express, Discover)
- Configure your card processing settings:
- Processing fee handling (absorbed by you or passed to tenants)
- Card verification requirements (CVV, billing address, etc.)
- Transaction limits (minimum and maximum payment amounts)
- Review and accept the card processing terms and conditions
- Click "Save Card Settings" to complete the setup
Setting Up Digital Wallet Payments
To enable digital wallet payments like Apple Pay, Google Pay, and PayPal:
- Go to "Settings" > "Payment Methods" in your dashboard
- Click "Enable Digital Wallets"
- Select which digital wallet services you want to accept
- Follow the integration steps for each selected service:
- Connect your existing accounts or create new ones
- Configure API keys and integration settings
- Set processing fee handling preferences
- Test the integration to ensure it's working properly
- Click "Save Digital Wallet Settings" to complete the setup
Managing Payment Method Preferences
You can customize how payment methods are presented to your tenants:
- Default Payment Method: Set the preferred payment method that will be suggested to tenants
- Payment Method Order: Arrange the order in which payment options are displayed to tenants
- Payment Method Availability: Enable or disable specific payment methods for individual properties or tenants
- Payment Method Incentives: Offer discounts or incentives for using preferred payment methods (e.g., 1% discount for ACH payments)
Security and Compliance
Leaseora maintains high security standards for payment processing:
- PCI DSS Compliance: All card processing meets Payment Card Industry Data Security Standards
- Encryption: Bank account and card information is encrypted using industry-standard protocols
- Tokenization: Sensitive payment details are tokenized for secure recurring payments
- Fraud Prevention: Advanced fraud detection systems monitor transactions for suspicious activity
- Data Privacy: Payment information is handled in accordance with privacy laws and regulations
By offering multiple payment methods, you provide convenience for your tenants while ensuring timely rent collection. We recommend enabling at least ACH/bank transfers and one card payment option to accommodate different tenant preferences.
Frequently Asked Questions
ACH/bank transfers typically have the lowest processing fees, usually between 0.5% and 1% per transaction. Credit card payments have the highest fees, generally between 2.5% and 3% per transaction.
Yes, you can configure your settings to require a specific payment method. However, we recommend offering multiple options to accommodate tenant preferences and ensure timely payments. You can incentivize preferred payment methods by offering small discounts or by passing processing fees to tenants for more expensive methods.
If a tenant disputes a payment or initiates a chargeback, you'll receive a notification in your dashboard. Go to "Payments" > "Disputes" to view the details and respond. You can upload documentation to support your case, such as signed leases, payment histories, or communication records. Leaseora's support team can assist you with navigating the dispute resolution process.
Yes, Leaseora allows you to record manual payments received outside the platform. Go to "Payments" > "Record Manual Payment" and enter the payment details, including the amount, date, payment method, and any reference numbers. This ensures your financial records in Leaseora are complete, even if some payments are made via traditional methods.