- Payments & EFTs
- Resident payment methods
- Declined payments
- Report descriptions
- Generate reports
Residents can make payments through credit card, credit debit card, or directly from their chequing account (Bank Account). As soon as the payment is made, your (and their) RentMoola account will be updated in real time. Funds take between 1-5 business days to be deposited into your bank account (via EFT), depending on payment method.
Resident Payment Methods:
- Bank Account - Residents can make payments directly from their chequing account by entering the account information found on the bottom of their cheque.
- Credit Card/Credit Debit - Residents can make payments on their Visa or MasterCard credit card, as well as their Visa Debit or MasterCard Debit card, by entering the card information.
- Service Fees - The resident is charged a service fee, depending on their payment method. The service fee appears on the resident’s credit card or bank statement as a separate line item from their payment to you, with the charge descriptor "RentMoola Service Fee".
At the end of each day, all payments are batched into two deposits (EFTs) for your account. All credit card and credit debit payments are batched into one EFT, and all Bank Account payments are batched into another EFT. Payments made after the daily cutoff time will be batched with the following day’s payments.
The Bank Account EFT is sent to your account 1-5 business days after the payments have been made. The credit card/credit debit EFT is sent 2-3 business days after the payments have been made.
Bank Account payments are not guaranteed at the point of transaction; since Bank Account works the same as a traditional cheque, the payment can decline if the resident does not have the funds or has entered incorrect information.
If a Bank Account payment declines, you will be notified via email, and you will see a red notification at the top of your screen when you next log in to RentMoola. Your resident will also receive an email and see a notification when they next login about their declined payment.
To make another payment, the resident will need to log back into RentMoola to reprocess the payment using the same payment method or they can change it. RentMoola does not automatically reprocess declined payments.
Bank Account payments can take up to 5 business days to return as declined due to insufficient funds. If this occurs after RentMoola has already transferred payment to your bank account in our EFT, (i.e. after 1-2 business days), we will apply the declined payment to your EFT on the following day. In this scenario, you will not see a debit on your bank account statement. If you do not have an EFT on the following day, RentMoola will debit your bank account, which will show up on your bank statement.
Note: Credit card and credit debit card payments are guaranteed at the point of transaction, which means they cannot decline due to insufficient funds.
- EFT: a daily report of all EFTs deposited into your bank account. Provides a breakdown of the payments batched into each EFT.
- Payments: a real-time report of all payments made by residents. Payment volume by building
- Declines: a real-time report of all declined payments, and the reason for the decline.
- Refunds: a real-time report of all refunded payments.
- User Sign Up: a real-time report of all users who have signed up to RentMoola. The report can be used to generate a list of all residents, however, it will also include residents who are no longer active.
- Recurring Billing Date: a real-time report of all residents who are set up on recurring payments, and the date and amount of their payments.
All reports can be filtered by property and date, but default to the last 30 days. The reports can be viewed directly in RentMoola, however, they are easier to read if exported to excel or CSV. To access reports:
- Click on the Reports tab
- From the Reports page, select the report
- Select the property and date range (optional), and click Refresh
- Click Export
- Select format (CSV or Excel)
- Open from your downloads
- Can payments be processed on weekends or banking holidays?
- Yes, residents can make payments at any time, and recurring payments will go out as scheduled. However, EFTs can only be deposited on business days, as they rely on the banking network to be processed.
- What happens if a resident enters incorrect banking information?
- If a resident enters their banking information incorrectly, their payments will decline and the decline reason will show up as ‘incorrect banking details.’ The resident will need to re-add their banking information; if required, they can reach out to our Help Team for assistance.
- Can residents pay with a standard debit card?
- No, residents can only use a Visa Debit or MasterCard Debit card. If they want to pay directly from their checking account, they can use the Bank Account option.
- Will payments made on the same day be deposited into my account on the same day?
- Not necessarily. The timing depends on the payment method--Bank Account payments take 1-5 business days to be deposited, while credit card payments take 2-3 business days. For example, two residents could both make a payment on Monday, one with a credit card and one with Bank Account. The Bank Account payment will likely arrive in your account on Tuesday, and the credit card payment will likely arrive on Wednesday.