A merchant account is a version of a bank account. It allows companies to accept and process electronic payments, such as debit and credit cards, or direct bank transfers via ACH. As it pertains to DoorLoop, the merchant account is owned by you, the property manager, or the owner of the bank account associated with the merchant account.

As such, the owner of the connected merchant account bears the sole and full responsibility for all financial activities associated with the merchant account(s). This includes full accountability for chargebacks and disputes.
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By using this software, you have agreed to all the terms and conditions outlined at the end of the merchant applications submitted. For the complete terms, please refer to doorloop.com/legal/rapidrent.

Reducing chargebacks and disputes starts with good tenant screening. Most property managers screen for the following:

You can set your own screening requirements for each of these criteria based on your concerns.
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For instance, you may want to screen with an emphasis on income and job security. Payment problems rank among the top concern for 84% of independent property managers according to one study, so you may want to set a high-income requirement.

Or maybe, you’ve found that renters with higher credit scores make the best tenants. In that case, you could prioritize credit scores above 650.

Rental references are also important. They can help you fill in the details about the type of tenant an applicant would be.

The bottom line is that only you can decide where to set the thresholds for your applicants. But you need to make that decision before moving forward with the tenant-screening process.

DoorLoop offers screening tools from TransUnion via the Rental Applications feature.