Online Rent Payment

Greenhouse PM has partnered with a fantastic payment processor called PaymentSpring. This service provides an incredibly simple, secure, and cost-effective method of sending money across the ACH (Automated Clearing House) network.

The Automated Clearing House network is used every second of every day by financial institutions across the country to send funds back-and-forth. With Greenhouse PM and PaymentSpring, you can now harness this same network to accept online rent payments from your tenants at an incredibly low rate.

To get started with online rent payment you must first apply for a PaymentSpring merchant account. While this process is highly streamlined, you should set aside 10-15 minutes to complete the application process. You can speed things along by having the following information handy:

• Your legal business name, address, Federal Tax ID (or SSN for sole proprietors), founding date, primary business phone number
• The primary financial point of contact (name, email, phone), the business website
• Name and phone number of financial institution
• Average transaction size (average monthly rent)
• Approximate monthly volume
• Largest expected transaction
• A scanned, voided check (used to input your bank account information)
• A lease agreement

Once your application has been submitted you will receive further instructions directly from PaymentSpring, and in 3-5 business days you should have a fully functional merchant account!

After your PaymentSpring account has been processed, send an email to support@greenhousepm.com and let us know. We will then associate your Greenhouse PM account with your newly activated PaymentSpring merchant account.

Tenant Configuration

The setup process is much simpler for your tenants as there are no other special accounts required. From the Tenant Portal, they can simply add their bank account information which is then tokenized and stored securley on PaymentSpring's PCI-compliant servers.

*Online rent payment must be enabled before the tenant will be able to add their bank account information.

Cost Associated with Online Rent Payments

All costs associated with online rent payment processing will be collected directly by PaymentSpring in the form of automatic monthly withdrawals from your merchant bank account. These costs include a monthly account service fee and a per-transaction fee, both of which will be detailed in your Greenhouse PM subscription.

As an example, say you manage 10 units and intend to collect rent online for each of them. Your total monthly costs would be:

• Greenhouse PM Subscription:$10
• PaymentSpring Service Fee:$5
• ACH Processing Fee:$5 ($0.50 * 10 units)

In this scenario, your total monthly cost would be $20.