Understand how payments work on My Rental Spot — accepted methods, fees, processing times, and payout schedules.
Multiple ways for tenants to pay rent.
Direct bank-to-bank transfer. Free for everyone. Tenants link their checking account and pay directly. Most popular method.
Visa, Mastercard, American Express, Discover. 2.9% + 30¢ processing fee. Convenient for tenants who prefer cards.
Mobile wallet payments through the My Rental Spot app. Same processing fees as card payments.
For tenants who pay by check, money order, or cash. Record the payment manually to keep your books accurate.
Transparent pricing with no hidden charges.
| Method | Fee | Who Pays | Speed | Best For |
|---|---|---|---|---|
| 🏦 ACH Bank Transfer | Free | Nobody | 3–5 business days | Regular rent |
| 💳 Credit Card | 2.9% + 30¢ | Configurable | 1–2 business days | Convenience |
| 💳 Debit Card | 2.9% + 30¢ | Configurable | 1–2 business days | Quick payment |
| 📱 Mobile Wallet | 2.9% + 30¢ | Configurable | 1–2 business days | Mobile users |
✓ No platform fees. My Rental Spot doesn't charge any additional fees beyond Stripe's payment processing costs. The platform is completely free to use.
From tenant payment to your bank account.
Tenant pays through the portal or mobile app. Payment is initiated and you receive a notification.
Stripe verifies the payment method and processes the transaction. Card payments authorize instantly. ACH takes 3–5 business days to clear.
Once cleared, funds appear in your Stripe balance. For established accounts, this is typically 2 days after payment.
Funds are automatically transferred to your linked bank account on your configured schedule (daily or weekly).
About payment processing.
Bank transfer (ACH) costs 0.8% per payment and is capped at $5, so a $2,000 rent payment costs $5, not $16. Debit and credit card payments cost 2.9% plus $0.30. There is no monthly software fee on top of that.
ACH transfers usually settle within two to five business days, which is why rent should be sent a few days before the due date. Card payments authorize immediately and settle faster, which is why some landlords accept cards for late rent.
That is set per property. Some landlords absorb the fee as a cost of doing business, others pass it to the renter. Either way the fee is shown on screen before the payment is confirmed, so nobody is charged an amount they have not seen.
Yes. AutoPay takes the same amount on the same date each month from the account the renter chooses. The renter can edit or cancel it at any time, and every run still shows up in payment history as a normal payment.
ACH payments are completely free. No platform fees. No hidden charges.