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💳 Payments & Financial

Setting Up Payment
Collection

Connect your bank account via Stripe Connect, configure accepted payment methods, and start collecting rent online in minutes.

Connect Your Payment Account

Link your bank through Stripe Connect to start receiving rent payments.

1

Navigate to Payment Settings

Go to Settings → Payments and click "Set Up Payment Collection". This launches the Stripe Connect onboarding flow.

2

Verify Your Identity

Stripe requires identity verification for compliance. Enter your legal name, date of birth, SSN (last 4), and business information if applicable.

3

Connect Your Bank Account

Link the bank account where you want rent payments deposited. You can use instant bank login or enter your routing and account numbers manually.

4

Configure Accepted Methods

Choose which payment methods to accept: ACH bank transfer, credit card, debit card. Set who pays processing fees — you or the tenant.

5

Set Payout Schedule

Choose your payout frequency: daily, weekly, or monthly. Stripe deposits collected rent into your bank on the selected schedule.

6

Start Collecting

Once verified, your tenants can pay rent online immediately. They'll see payment options on their dashboard and receive payment confirmations.

Payment Setup Dashboard

Configure everything from one settings page.

myrentalspot.com/settings/payments
Payment Collection Settings
S
Stripe Connect
✓ Connected · Verified
Active
Manage Account
Bank Account
🏦
Chase Business Checking
····4829 · Routing: ····0021
Primary
Change
Accepted Payment Methods
🏦
ACH Transfer
✓ Enabled
Fee: $0.80 flat
💳
Credit Card
✓ Enabled
Fee: 2.9% + $0.30
💳
Debit Card
✓ Enabled
Fee: 2.9% + $0.30
Processing Fee Assignment
Tenant Pays Fees
PM Absorbs Fees
Split 50/50
Currently: Tenant pays processing fees on all transactions
Payment Settings — Stripe connection, bank account, methods, and fee configuration

Accepted Payment Methods

Offer tenants flexible ways to pay rent.

🏦

ACH Bank Transfer

Direct bank-to-bank transfer. Lowest fees ($0.80 flat). Takes 3–5 business days to clear. Best for recurring rent payments.

💳

Credit Card

Visa, Mastercard, Amex, Discover. Instant processing with higher fees (2.9% + $0.30). Convenient for tenants.

💳

Debit Card

Same networks as credit. Processes instantly with standard card fees. Draws directly from tenant's checking account.

🔄

AutoPay

Tenants set up recurring payments via any method. Automatically charges on the due date. See our AutoPay Guide.

Common Questions

About setting up payment collection.

Stripe Connect is a payment processing platform used by major companies worldwide. It handles all payment processing, compliance, and security. Your data is encrypted and PCI-compliant.
Most accounts are verified instantly. In some cases, Stripe may require additional documentation, which can take 1–2 business days.
You can set one primary bank account for payouts. If you manage properties for multiple owners, each owner can connect their own bank through the Owner Portal.
You choose: tenant pays, you absorb, or split 50/50. Most PMs pass fees to tenants. This is configured in Payment Settings.
My Rental Spot itself is free. The only costs are standard Stripe processing fees for each transaction (ACH: $0.80 flat; Cards: 2.9% + $0.30).

Start Collecting Rent Online

Connect your bank, choose payment methods, and collect rent — all free.

myrentalspot.com