Tenant Pay

Tenant Pay

Welcome to Tenant Pay
Welcome to Tenant Pay TenantPay is a cost-effective, easy to use, payment solution for any business. It was built to complement all existing payment options so that you do not need to change your current accounting procedures. There is no equipment or software to purchase, just issue your customers a secure number from our database and they can immediately begin making payments to you.
Quick features:
  • Convenience - make online payments through their own bank or
    credit unions website at no cost
  • Simple - no documents to sign or personal banking information
    required
  • Fast - immediate record posted to the tenants bank account
    after every payment
  • Open - tenant can pay any amount owed to their Landlord
  • Easy - add TenantPay to list of Payees - insert TenantPay number
    supplied by Landlord or PM - make payment
For Landlords
  • Convenience - make online payments through their own bank or
    credit union's website at no cost
  • No Risk - no contracts or hidden fees
  • Simple - training takes 8 minutes
  • Fast - cleared funds deposited within 36 hours
  • Accurate - payment data collated and prepared for posting
  • Low Cost - $1 per payment includes all services, support, and reports
  • Savings - reduce paper & lower admin costs - electronic processing replaces manual
The Facts
  • FACT # 1 - 85% of consumers said 'paying bills online saves the paper, stamps and hassle of paying bills by check'
  • FACT # 2 - 90% of North Americans pay their rent by cheque - for most it's the only cheque payment made
  • FACT # 3 - 52% of online payers cited 'receiving bills in an electronic form saves paper and energy' as a major reason to pay bills online
  • FACT # 4 - Environmentally responsible companies are 'GOING GREEN' and seeking ways to reduce the use of paper and the corresponding positive environmental impact
  • Fact # 5 - A record 74% of consumers in online households pay at least one bill online, up from 69% in 2005 and more than double from the 2002 survey. (Harris Survey - Jan 2007)
What is Tenant Pay?
TenantPay is a service that allows property management companies and tenants to have the option of replacing payment by cheque with highly secure online or telephone payments.
How does it work?
TenantPay is listed with every bank and credit union to accept rental payments on behalf of Landlords or Property Managers from residential and commercial tenants. Pay rent the same way that you pay utilities or any invoice online.
Why is it needed?
  • Online payments are the future - convenient, cheaper, faster
  • Cheques are costly, inefficient, and can be rejected
  • Landlords are storing or receiving hundreds/thousands of cheques
  • Faster clearance of initial deposit - no more waiting days to find out
  • Reduces processing costs and paper
  • Provides landlords a single source of funds and payment details
  • Maintains payment history by building and tenant separately
  • Tenant receives automatic email confirmation of every payment
  • Tenants without bank accounts can make payments
  • Electronic emailing or invoicing replaces paper, stamps & envelopes
What difference will TenantPay make for Landlords?
  • No NSF cheques - no replacements or additional bank fees
  • Partial payments can be made if approved by landlord
  • Tenants given options - pay online, by phone, ATM, or teller
  • Payments accepted at MoneyMarts
  • No need for tenants to authorize bank withdrawals
  • Dispute resolution - both tenant & landlord have exact time & date
  • Reduce workload for building managers for rent collection
  • No need for money orders or certified cheques
Protection of Data
Our database and web servers are physically located in a highly secure facility where several banks also locate their servers. Beyond physical access security, the facility also provides environmental security that includes air conditioning, fire suppression, uninterruptible power supply (with independent generator backup), data backup, and earthquake dampening.