Overview

The first step to receive online payments from your tenants is to complete a merchant account application. Through this process, our payment processor verifies you and your business. The Patriot Act of 2001 requires financial institutions to verify the identity of anyone opening an account and processing payments. Once this is done, you can start accepting online payments!

The Steps

Step 1

Go to Accounting > Banking and click the Apply Now button for the bank account you want to receive online payments. Read through the brief instructions explaining what information you will need, then click Next.

Step 2

Enter your General Business Information

  • Business Type: Pick the correct type for your business. Our payment processor will check with the IRS and your state’s Secretary of State to verify the identity of your business.

  • Tax ID Number / EIN: Enter the correct ID for your business. If you are a sole proprietor, then this will be your Social Security Number.

  • Business Name: If this name doesn’t match what is on file with your state’s Secretary of State, our payment processor will not approve your merchant application until it is corrected.

  • Doing Business As: This is what will show on your tenant’s credit card or bank statement.

Enter your Contact Information

  • Business Phone: The phone number for your business.

  • Email: The email address for your business.

  • Website: Your business website, or a link to your online listings or social media presence. This is used as part of the business identity verification process.

Enter your Address Information

  • This also must match what is on file with the IRS and your state’s Secretary of State. P.O. Boxes are not accepted!

Enter Additional Information

  • Average Transaction Amount: This the average monthly amount you collect from each individual tenant. Our payment processor uses this to determine risk and if they need to collect extra information from you to process larger payments.

Step 3

Add your Business Owners by clicking on the Add Owner icon. You must add anyone who owns 25% or more of your business. If no single person owns at least 25%, enter the information for an individual who is authorized to enter the business into financial agreements.

Enter the owner’s General information, taking care to enter everything correctly. Note that if you enter anything other than what was used to establish the business, the identity verification process will fail and our payment processor will require you to submit additional documentation. For example, don’t enter your nickname if you used your legal name to establish your business.

The owner’s Address information must match what is on their driver’s license.

The Ownership Information is where you enter the ownership percentage for this owner.

When you are finished adding owners, click Next.

Step 4

Enter the Account Details for your bank account. This is where our payment processor sends the money when you receive online payments, so please be careful to enter the correct bank account and routing numbers. If you realize after the fact that you entered this information incorrectly, contact our support team to update it with our payment processor.

Choosing the Default Property for this account is necessary because in DoorLoop, all transactions are associated with a property. As DoorLoop automatically handles the reconciliation process for bank deposits related to this account, any transactions not directly related to a payment will need a default property when they are created in DoorLoop. You can still use this bank account to receive payments for any property you wish.

When you are finished entering your account details, click Next.

Step 5

Review the Summary page. It may take up to 5 business days to review your application. If our payment processor requires more information from you, this may extend the processing time.

Click the link on I Accept the RapidRent Terms and Conditions to review those, then check the box if you agree. Click Finish to move on to further identity verification.

Step 6

A window for Identity Verification will open up showing the owners who will need to complete the process. You can either copy a link to send to your owner(s), or if you are the owner, click the Verify Identity button.

Make sure you have a form of identification ready (such as your driver’s license) and be prepared to take a selfie. Once started, please complete the process or you may need to contact us for a new link to begin again.

Step 7

Track your application status by looking at the Online Payments column for your bank account.

  • A Verify Identity button means you still need to complete the verification process.

  • Application Submitted means everything is submitted and your application is under review. We will contact you if our payment processor needs any additional information.

  • If the status says Identity Verification Failed, we will send you an email with more information about why the process failed. (Usually it is for using a name other than your legal name, or entering in your driver’s license or SSN number incorrectly.)

  • Accepting Online Payments means that you merchant account has been approved and you are ready to receive online payments into your bank account. We will also send you an email when your merchant account application is approved.

Happy online rent collecting!

To further automate rent collection, see the following articles:

Special Considerations

  • Note that you can add as many bank accounts as you want in DoorLoop. These should represent the actual bank accounts you use in your business. We have two default accounts called Operating and Escrow, but you can rename these if you’d like. Pro tip: add the last four digits of the bank account to the name of the account in DoorLoop so you don’t confuse your accounts later.

  • If you need to receive payments into more than one bank account, you will need to complete a separate merchant account application for each. Simply add the other bank accounts in DoorLoop and repeat the steps above.

  • You do not need to complete the Connect Now button for the bank account receiving online payments. This button is to connect to your bank transaction data through Plaid to assist in bank reconciliation, a completely different feature.

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