Understand how payments work on My Rental Spot — accepted methods, fees, processing times, and payout schedules.
Multiple ways for tenants to pay rent.
Direct bank-to-bank transfer. Free for everyone. Tenants link their checking account and pay directly. Most popular method.
Visa, Mastercard, American Express, Discover. 2.9% + 30¢ processing fee. Convenient for tenants who prefer cards.
Mobile wallet payments through the My Rental Spot app. Same processing fees as card payments.
For tenants who pay by check, money order, or cash. Record the payment manually to keep your books accurate.
Transparent pricing with no hidden charges.
| Method | Fee | Who Pays | Speed | Best For |
|---|---|---|---|---|
| 🏦 ACH Bank Transfer | Free | Nobody | 3–5 business days | Regular rent |
| 💳 Credit Card | 2.9% + 30¢ | Configurable | 1–2 business days | Convenience |
| 💳 Debit Card | 2.9% + 30¢ | Configurable | 1–2 business days | Quick payment |
| 📱 Mobile Wallet | 2.9% + 30¢ | Configurable | 1–2 business days | Mobile users |
✓ No platform fees. My Rental Spot doesn't charge any additional fees beyond Stripe's payment processing costs. The platform is completely free to use.
From tenant payment to your bank account.
Tenant pays through the portal or mobile app. Payment is initiated and you receive a notification.
Stripe verifies the payment method and processes the transaction. Card payments authorize instantly. ACH takes 3–5 business days to clear.
Once cleared, funds appear in your Stripe balance. For established accounts, this is typically 2 days after payment.
Funds are automatically transferred to your linked bank account on your configured schedule (daily or weekly).
About payment processing.
ACH payments are completely free. No platform fees. No hidden charges.