how it works

Step Two;

Submit Tenant application-

One time fee of $19 (per applicant on lease)

*Selectpay delivers a recommendation or disapproval of Tenant

** Additional Tenant background information available for additional fees: See details 

Step one;

Register as a Property owner/ Manager-

Annual registration fee of $99 for unlimited properties

Step Three;

Tenant payment setup

Step one;

Tenant selects preferred payment option;

Selecting one of 4 payment options;

1) Make monthly payments direct from my checking account; fee of $99 per year

2) Make bi-weekly payments direct from my checking account; fee of $149 per year

3) Make weekly payments direct from my checking account; fee of $199 per year

4) Custom dates direct from my checking account; fee of $199 per year

Step two;

Step three;

Selectpay virtual manager setup

Yes, its' that simple!

Ready to get started?

SelectPay

VIRTUAL MANAGEMENT


*This portion can be customized to limit payment options for your company.

** Multiple Tenants on lease? no problem each payee on lease can set up individual payments for additional fee.

SelectPay collects the rental payments

SelectPay uses ACH bank transfers to withdraw rent payments directly from the Tenants' bank account on the scheduled payment dates.

*Payments scheduled on employment pay dates have the highest collection rate.

**What happens if the funds are not available see details

Tenant receives email confirmation of payment

No more calls asking if you have received the rent payment or asking for receipts.

Tenant can also login to our Tenant payment portal for complete rental payment history.

Coming

september 2016

Select virtual banking options

Tell your virtual manager exactly how you want your Tenants' payments and your bill payments to be processed.

Step one;

Register your new Tenant

1) Enter Lease start/ end dates

2) Total monthly rental amount due

3) Enter basic lease terms  

Select your preferrence, when Tenant payment(s) are received 

  • When the Tenant has paid monthly rent amount in full, I would like the entire payment transferred to my local bank account
  • When the Tenant has paid a partial payment on the monthly rent amount, I would like the payment transferred to my local bank account
  • I would like to hold Tenant payments in my virtual account, until I request funds to be transferred
  • I would like to use my virtual account to pay my bills. see details in Step 3

Select your virtual bill payment options


Entering recurring payments are as easy as writing a check, but you only have to do it once...

  • Mortgage company 
  • Insurance
  • Utilities
  • Custom selection


1) Write a recurring payment check to or select a one time payment:

Welcome to the Revolution, virtual property management 

No more chasing rent payments!

No more waiting for the mail!

No more labor cost wasted on bookkeepers!

No more writing checks to pay bills!

No more monthly subscription fees!

Step two;

Step three;

2) Categorize your payment account type (for accounting report summary):

Select a standard account or choose a custom account:

  • Mortgage payment
  • Insurance
  • Property repairs and maintenance
  • Custom

3) Select a recurring payment due date or one time payment preference.

4) Select payment delivery schedule 

Select from :

  • Pay when due, if funds are not available in account from rent collections  you will receive notification of deficiency 3 days prior. Allowing for account holder contributions to be added to virtual account.
  • Pay when funds are available, based on priority classification. see details

5) Select account balance preferences

Select from :

  • Pay remaining monthly balance after bill payments 100% to my local bank account.
  • Pay remaining balance X% to ____________ and remaining percentage to my local bank account.
  • Hold remaining monthly balance after bill payments until $X amount of dollars are accumulated in account and then distribute amounts above my reserve amount to my local bank account.
  • Choose custom program

More information:


Pay when funds are available, based on priority classification.- Selectpay allows you to prioritize any payment process. When rents are deposited into your account you may want to prioritize a non recurring payment to be paid when the account balance reaches a specific dollar amount.

Example; 

Anytime my after fixed bill payments are paid and my account balance reaches $1500, I would like to transfer 10% into my capital reserves account. 


What happens if the funds are not available. We process our payment collections at Midnight of the collection date (we want to get your money first) before the Tenant pays other bills out of their paycheck. If funds are not available;

1) Tenant receives notification (Email & Text messaging) between 7:00 and 8:00 a.m. of the next morning of a $25 NSF charge against their account plus any fees due based on late fee charges defined in lease agreement. (this allows them the opportunity to add funds to their account)


2) 24 hours after the first attempt, we will make a second attempt to withdraw the scheduled payment.


3) If the funds are not available on the second attempt, we will again notify the Tenant (Email & Text messaging) of the delinquency and provide them with the following options:


   A) Pay the full amount due plus NSF and Late payment fees using another bank account (fee of $25) or Credit/ Debit card payment (Fee of 6% of payment amount) 

   B) Apply for a short term payment plan- This option allows Tenant to apply to divide the payment into up to 4 installments which may not exceed 30 days.

**If a Tenant selects and are approved for this payment plan will typically be funded within 24 hours by our "Affiliate" lender(s) who will the borrowed amount directly into your Selectpay account. 

  C) Apply for a Installment loan plan- This option allows Tenant to apply for an installment loan of up to 12 Months.

*** If a Tenant selects and are approved for this payment plan will typically be funded within 24 hours by our "Affiliate" lender(s) who will the borrowed amount directly into your Selectpay account. 

  D) Notify Leaseholder of their inability to meet lease obligations at this time and they acknowledge that are in breach of the terms of their lease agreement and understand that the Leaseholder may file for a court judgment or eviction. 

** If selected Leaseholder will receive email notification of Tenant(s) notification and we will be provided all information needed to pursue legal actions.

(Leaseholder may retain Selectpay to pursue judgment and or eviction on their behalf using our Legal representation affiliate program for additional fees which vary based on locality)


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