KeyCheck Online Payments: Process for Landlords

Our online payments service simplifies fee collection, making it quick and effortless. Landlords can easily set up and receive rent payments and other fees, while tenants have the freedom to choose their preferred payment method. Plus, there’s no cost to landlords—tenants handle the service fees. It’s a win-win for a smooth, convenient payment experience for everyone.

What are the benefits of using our online payments service?

Unlock a seamless, secure, and stress-free payment experience. It’s the smart way to manage your rental payments.

• Safe & Secure Transactions: Enjoy peace of mind with fully protected payments.
• Automated Tenant Reminders: Never chase payments again! Our system automatically sends reminders to tenants.
• Boost Tenant Credit: Help tenants build their credit with every payment made.
• Effortless Payment Tracking: Stay on top of all transactions with easy-to-use tracking tools.
• Year-End 1099-K Tax Form: Simplify your taxes with ready-to-go 1099-K forms provided at the end of the year.

How much does the Online Payments service cost? 

Service fees are paid by the tenant.

• Credit/ATM Cards: 4.95% (Changing to 3.95% soon)
• ACH: 1% + $5 (Changing soon to just a $5 service fee)

How does the payment setup process work?

Setting up payments is quick, simple and efficient.

1. Verify your information: Landlords complete a quick verification by adding bank details and confirming personal information through a connected account integrated with our third-party payment provider (Stripe).
2. Set up payments: Arrange online payments for rent, pet fees, cleaning fees, and more.
3. Invite tenants: Enter the tenant's name and email to send them an invitation to start processing payments.

How long does it usually take to receive payments from tenants?

Payments are collected from tenants immediately and deposited into the landlord’s bank account within 5 to 7 business days. For the first payment made through KeyCheck, processing might take a little longer, but after that, it’s smooth sailing.

How do I create online rent payments?

Setting up your online payments is quick and easy. Our system automatically sends monthly email reminders to your tenants for rent payments and any other recurring fees, so you can relax and let us handle it for you.

1. Once the initial verification is done, log into your account.
2. Go to “Payments”.
3. Click “Add New Rent Collection”.
4. Enter the dates of stay, along with all fees and due dates.
5. Review the summary of all the fees you’re requesting.
6. When you're ready, hit “confirm” and an email will be sent to your tenant.

For room rentals, you can create individual rent payment schedules for each tenant. 

Can I view a list of all requested fees and their payment status?

Absolutely. Once payments are scheduled and the tenant agrees, you can easily track all fees and their paid or unpaid status right from your dashboard.

To edit a fee, simply open your rent schedule and click the pencil icon next to the fee you want to update.

Need to add a new fee? Just use the “+Add New Payment” button in the top right corner of your rent schedule. You can easily include additional charges like rent for an extended month, cleaning fees, pet deposits, or any prorated amounts.

Can I process refunds on any of the fees?

You can quickly issue refunds right from your dashboard. Just select the fee you want to refund and at the bottom, you'll see the refund option. Refunds are processed smoothly and typically return to the tenant within 7 to 10 business days.

*Please note that the money needs to be available in the Stripe account to refund through KeyCheck. If the funds are not in your bank account, you must add them to your Stripe account. See here for more details. 

How secure is the online payment process?

At KeyCheck, we prioritize your security by partnering with Stripe, an international leader in payment safety. With these robust security measures, you can process payments with complete peace of mind.

• Top-Tier Certification: Stripe holds PCI Service Provider Level 1 Certification, the highest standard in the payment industry.
• Encrypted Protection: Your data and communications are secured with advanced encryption methods.
• Regulatory Compliance: Stripe meets all legal requirements for payment platforms, ensuring safe and compliant transactions.
• FDIC Insurance: In the rare event that the company goes bust, the Stripe’s FDIC (Federal Deposit Insurance Corporation) will reimburse the money lost.

Are processed payments reported to the IRS?

Yes. Our trusted payment partner, Stripe, handles reporting payments to the IRS. If you meet the required criteria, such as a specific number of transactions or amount processed, you’ll receive an official Form 1099-K at the end of the calendar year. This form summarizes your account's payment activity and is provided to both you and the IRS, ensuring you're fully compliant with tax regulations. Stripe issues 1099-K forms to all eligible U.S.-based users, no matter their business type. For more questions regarding this, please see here.

Further Questions? Contact Us