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Frequently Asked Questions (FAQs)

Frequently asked questions

Agent FAQs

What is iPayRent
iPayRent is a web-based payment system that empowers you to be in control of tenants rent payment with ease and integrates with your property management software to streamline your rent collection process to save you time and money.

 

Is the iPayRent system suitable for small independent real estate offices as well as larger franchises?
iPayRent is suitable for all real estate offices, no matter your location, demographic or the size of your rent roll. As long as you follow our Fraud Prevention Policy, you are free to implement it in a way that suits your individual office. It’s your choice as to what tenants you offer the system to.

 

What are the rent payment methods available?

  • Telephone
  • Internet
  • Automatic recurring payment
  • Cash or EFTPOS at Australia Post
  • BPAY
  • Credit card

 

What are the benefits?
  • Reduces your bank fees
  • Streamlines your office processes
  • Eliminates unidentified payments
  • Integrates with your property management software for automatic receipting
  • Comprehensive reporting
  • Free’s up your property managers to focus on growing your rent roll
  • Ongoing training and support
  • Convenient for your tenants with the flexibility to choose from multiple payment options

 

What’s in it for me?
  • iPayRent is set up so you take control of the rent payment process immediately. This way, there are no delays in registering the tenant and starting their rent payments.
  • Registering most of your tenants on iPayRent will reduce administrative tasks such as manual receipting, going to the bank and chasing unidentified payments. Instead files and reports are made available to you daily, showing payments that have been deposited into your trust account and the automated receipting of these payments.

 

Why is iPayRent a great way for my tenants to pay rent?
  • simple one time registration for tenants
  • offers them access to an online portal where they can access their registered details
  • view and print off their full rent payment history
  • cancel payments
  • forward date payments, and
  • submit one-off payments and schedule recurring payments
  • allows tenants the convenience of being able to pay their rent at any time of the day no matter where they are in the world with the flexibility of multiple payment options.

 

Do I receive cleared funds in my trust account and why?
iPayRent only deposits cleared funds into your trust account to reduce high volume of reversals from happening on your trust account which is why there is a bank processing time associated with all payments processed via iPayRent. However, you need to be aware that on an extremely rare occasion the banks may process a ‘late dishonour’, where funds we disbursed on the assumption that they were cleared, unfortunately were not. Therefore monies that weren’t actually clear are reversed from your trust account. Unfortunately this is a bank process and is beyond our control. However we are as proactive as can be about this matter and when the odd event occurs that a ‘late dishonour’ is processed, we will notify you immediately.

 

How will I know how much money to expect in my trust account?

Our reporting system emails you with a 4 sets of report every morning automatically to your email.

  • Cleared Payment Report – (PDF) – Outlines every transactions that has been cleared into your trust account on that day
  • Pending payment Report – (PDF) – Outlines all transactions that were initiated on the day before 4:00p.m. EST, and are yet to clear.
  • Dishonoured /Reversed Payment Report – (PDF) – Outlines any transactions that’s dishonoured or reversed
  • PAY file (unreadable) – for the purpose of receipting only, which automatically integrates with your property management software.

 

I run multiple trust accounts - can you cater for my needs?
Yes we can.

 

Will tenants be issued a rent card?
While providing rent cards to tenants has been widely accepted in the real estate industry as the ‘normal’, the production of these rent cards is expensive and is funded by the agents and tenants though high fee structures. We believe tenants are capable of noting or memorising their tenant number (just as they do for other services such as Internet banking) in favour of a substantial reduction in fees for both agents and tenants.

 

How long before I can start using the service?
Once you have registered for iPayRent and completed our easy risk management and identity verification process, you will be able to start using the service immediately.

Tenant FAQs

What is iPayRent?
iPayRent is a secure, convenient and flexible service with an online portal where you as the tenant can make your rent payments with ease with access to multiple payment options.

 

What are the benefits?

  • Using iPayRent will ensure your payment never goes missing or is allocated to another tenant
  • Access to an online portal where you can register/update details, view and print off your full rent payment history, cancel payments, forward date payments, submit one-off payments and much more
  • Easy and convenient – saves time and hassle
  • Multiple Payment Options – internet, telephone, automatic direct debit (bank account or credit card), BPAY and cash or EFTPOS at Australia Post
  • Earn potential Credit Card rewards (*is individual and may vary depending upon your financial institution)
  • Access anywhere, anytime 24/7

 

What are the payment methods available?

  • Telephone
  • Internet
  • Automatic recurring payment
  • Cash or EFTPOS at Australia Post
  • BPAY
  • Credit card

 

What is the easiest and cheapest way to pay my rent?

On the iPayRent service request form (iPSRF), select the Recurring Schedule Configured by Managing Agent payment option and choose “monthly” as your preferred payment frequency. Rent will then be automatically transferred from your account on a monthly basis on the date you have chosen.

 

There a delay in money being transferred into my agent's trust account
This is due to bank settlement time, not iPayRent. iPayRent will only disburse cleared funds into your agent’s trust account, and so needs to wait for the bank to process the payment first. The following presentation will help to explain this process to clearance time :

To take account of bank processing times, some Tenants opt to set up their payments a few days earlier than specified in their lease agreement. All payments made after 4.00 pm AEST will be processed the following business day.

 

What is the difference between using a payment system and direct debit?

With direct debit, a specific amount is automatically debited from your bank account or credit card. With a payment system such as iPayRent, you will have access to an online portal where you can:

  • view and print off your full rental payment history
  • submit one-off payments
  • schedule payments in advance
  • pay your rent any time of the day or night anywhere in the world via a secure online portal
  • cancel payments

 

Are there charges for using the iPayRent Payments system?

Yes, there is. You’ll be charged a service/ convenience fee for using the secure system.

  • You will be charged a service fee for the above mentioned benefits.
  • Depending on what payment method you choose will depend whether there is an additional convenience fee added to your service fee.

Contact your managing agent and refer to the T&C of the iPRSR form for further details of the service fee structure.

  • This service provides you with the convenience and flexibility of several different payment options, access to your registered details and full payment history
  • The costs are competitive compared to other services
  • The cost can be reduced by making payments less frequently (i.e. fortnightly or monthly)
  • Most property management businesses use payment systems which have a small service fee/convenience fee associated with using the service