Frequently Asked Questions about Rental Payments.
How can I update the bank account that the rent is paid into?
To update the bank account your rent is paid into, please visit your Rental Payments page for the tenancy you wish to update, click ‘Update bank account,’ and follow the steps.
Do you hold the funds?
We don't hold funds, and we operate more like a switch. When your tenant’s bank, financial institution or card provider confirms the payment is successful, the funds are settled in your account, a receipt is sent out and the payment schedule on the platform is updated.
If the payment is not successful, a notification is sent to you and your tenant and the system automatically retries the payment 24 hours later.
This process is repeated and if the payment continues to fail the messages escalate to notify the tenant they’re at risk of being in breach and the next steps required. Our customers have found that having this information in real-time helps avoid issues as they can intervene early in the process.
My tenant's payment failed - what next?
We always encourage communicating with the tenant to confirm what may be going on. Our system will try up to a total of 4 times before informing the tenant they may be in breach of their lease, as well as informing you.
If the payment is not successful, a notification is sent to you and your tenant and the system automatically retries the payment 24 hours later. This process is repeated and if the payment continues to fail the messages escalate to notify the tenant they’re at risk of being in breach and the next steps required.
If the situation escalates and the tenant starts to be in arrears, we would recommend having a look at our post clarifying the process of tenant arrears - https://rentbetter.com.au/view/tenant-late-pay-rent/.
Can you do split payments for my tenants?
The system is set up for a single payment from one party to avoid a situation where one pays their portion and the other does not and you are left chasing multiple parties for payment.
You can expect a single payment of the total amount for each payment period.
Will my tenants receive reminders about upcoming payments?
When your tenants set up their payment method on the platform, we send out email and SMS notifications to remind them of their upcoming payment obligations on the ongoing schedule. The notifications include details of the amount due and payment frequency, ensuring that tenants are well-informed and prepared for their rental payments.
If your tenants are paying outside of RentBetter they will receive email reminders ahead of each payment period.
Rent in Advance - What is it and how does it work?
Rent in advance refers to the initial payment made by a tenant to cover the upcoming period from the start date to the next rent due date. Despite common misconceptions, it is not an additional buffer payment or an extra fee, it simply represents the first instalment of rent paid ahead of its due date. This is referred to as “rent in advance” because it is paid before it is due.
In most states, rental providers are generally allowed to collect rent in advance for a specific period, such as two weeks. Once the tenant has occupied the property for that period, they have effectively utilised the rent in advance and are then required to pay for the subsequent rental period.
If your tenant has offered to pay 'ahead' of the schedule on an ongoing basis, then you are welcome to let us know and we can assist in setting this up. Whilst it is not part of the normal payment set-up, custom payment arrangements can be accommodated in the platform.
My tenant has offered to pay a lump sum of rent upfront, how can I set this up?
While rental providers cannot typically request this, they can accept such an offer if the tenant proposes it. If a tenant offers to pay a lump sum of rent upfront, you can accommodate this in the RentBetter platform in a couple of ways:
Direct Payment: The tenant can pay the lump sum directly to your account. You can then mark it as paid on the rent schedule in the platform.
Tenant Payment via RentBetter: The tenant can log into their RentBetter account, visit their rental payments page, and click on the 'Pay now' button next to the payment periods they wish to pay for.
Are the tenants charged any fees for payments through the platform?
No, RentBetter does not charge any extra fees to your tenants for having payments run through the platform. If your tenant chooses to set up their payments via credit/debit card, there is a small transaction fee on the payment but this is clearly marked when they set up on the platform and add their payment method. The recommended way is for the tenant to pay via their bank account which is free.
My tenant says the funds were taken but then the payment was reversed - Why?
If your tenant can see that the transaction has reversed and the funds have been returned to their account, it is by the bank as there were insufficient funds in the account at the time of processing.
Typically the bank will withdraw the funds at the time of payment but if not available, they will reverse the payment and send out a notification that the payment was not successful. The system will automatically retry the payment in 24 hours, so your tenant should keep the funds in their account so it is successful on the following attempt.
My lease ended but my tenant's payments are continuing to run
Rental payments are set to continue on an ongoing basis unless the lease is terminated in the platform. To take action to terminate your lease and payments you can follow the steps detailed here. (Tenancy setup > Actions > End Tenancy).
How can I send a Rental Increase Notice to my tenant?
The platform allows you to issue and sign a notice to the tenant advising of a change to the rental price. To adjust the rental price and send a notice to your tenant you can follow the steps detailed here. (Tenancy set up > Actions > Adjust Rent).
How much notice do I need to give to increase the rent?
Each state has different rules and guidelines on how much you can increase the rent and the frequency when you can apply the increases. Generally speaking, fixed-term agreements can only be increased once in a 12-month period (usually after the fixed-term ends) and you must serve the correct notice form.
Where the tenant is on a periodic (continuing) lease, in most states you must give them 60 days notice of the increase in writing.
We have a handy article here that should guide you along the correct path. It includes links to each state's rules and the relevant forms required.
How can I download a Rental Ledger?
To download a rental ledger, you can visit the rental payments page and click on the "export schedule" button located at the top right corner. From there, you can choose to export the rent schedule into either a PDF or Excel sheet format.
The PDF version will provide you with a professional ledger containing your and the tenant's details at the top, along with all the necessary details of the rent schedule, including payment dates and outstanding accounts.
How secure are the payments?
We have a local tech team dedicated to ensuring that we run a high-quality technology platform and we work with global payments processors to ensure the highest level of security and reliability when it comes to payments.
Need further assistance?
Have more questions on rental payments? Reach out to our friendly team via the support chat or email info@rentbetter.com.au and we’ll be happy to help.