ClearNow does not process credit card transactions. We can debit a checking or savings account and some prepaid card accounts. If your tenant would like to enroll using a prepaid card account, please have your tenant check with his/her card company prior to enrolling to ensure the card account can handle an ACH debit.
Yes, you can. Each ClearNow account debits on a specific debit day. The available debit days include the 1st, 5th, 15th, 25th, Biweekly (every other Tuesday), and Semimonthly (3rd and 17th). So for each debit day, you will need to set up an additional ClearNow account. While the first tenant in your first account is $14.95/month, the first tenant in each additional account is only $7.95/month. Each tenant after that is $2/month.
ClearNow not only makes it easy for landlords to collect rent from their tenants, but we also provide a simple way to organize that payment data. Just one of the many reports you can run through your ClearNow account is the “Report by Date.” This report lists your tenants’ names, property addresses, rent amounts, and their payment status for each payment period. Another useful report is the “Lease-End Tracking Report” which can be very important as it lets you know when each of your tenants’ lease end date expires in ClearNow. This date is important because once it expires, the tenants’ debits via ClearNow will stop. ClearNow also provides Reports by Person and Address, a Profit and Loss Report, and a Schedule E Helper Report to help you at tax time. So enroll in ClearNow and take advantage of just a few of our many useful tools for online rent payments!
Yes. As a landlord, you are able to record income and expenses manually. Rent payments made through ClearNow and service fees paid are automatically recorded. You are also able to record various expenses such as repairs, advertising, insurance, and utilities. There are also reports you can generate using the data recorded, including “Profit and Loss” and a Schedule E Helper Report to assist you during tax time.
ClearNow only furnishes rent payment data to the Experian credit bureau. Once you are enrolled in ClearNow, you must take an additional step and opt in for credit reporting if you would like your payment data furnished. Once you have four months of complete data, those months will be furnished to Experian and each month thereafter, on a monthly basis. If you still do not see your rent payments, please make sure that you are checking your Experian credit report and not one with another credit bureau.
ClearNow enables landlords and property managers to collect rent electronically from their tenants in a quick and easy fashion. Tenants are debited for the rent, and the funds are deposited into their landlord/property manager’s bank account 3 banking days later. By using ClearNow, landlords/property managers no longer have to worry about collecting a check or money order from their tenants or spending the time depositing the funds. ClearNow also eliminates the headache of waiting for payments to come in the mail. Funds are received faster and communication is more efficient whether the tenant’s debits are successful or not. The same applies for property owners and their property managers. If property managers use ClearNow’s owner proceeds, property owners receive the rent on the same day the property managers receive their fees. Plus, property managers eliminate the need to write and mail checks to the owners!
Yes, for those tenants providing their email address, after every payment period, they will receive a rent receipt email showing the amount and date they were successfully debited. Thorough communication is very important to ClearNow, so your tenant will also receive a rent reminder email before each scheduled debit letting them know the rent amount and date of the next debit. While we cannot guarantee that the tenant will have sufficient funds in their account for the debit, these reminders will hopefully further encourage them to be prepared for the debit. You as the landlord, will also receive email notifications regarding upcoming debits and payment summaries of all of the tenants debited during each payment period.
ClearNow does not debit tenants’ bank accounts for security deposits or late fees. We suggest that you collect these funds directly from the tenant. Once you and your tenants are enrolled, ClearNow is then able to debit your tenant for their rent payment on their scheduled debit day each month and deposit those funds into your bank account 3 banking days later. You are charged a service fee each time ClearNow attempts to debit your tenant’s bank account.
To enroll in ClearNow, both the landlord/property manager and their tenants must complete and submit their individual enrollment agreements and bank documentation to Support@ClearNow.com. The landlord/property manager’s account must be set up before we can enroll their tenants. We must receive complete tenant enrollment materials at least 10 days before their first debit day. This ensures we have adequate time to notify new tenants of the date of their first debit and the amount they will be debited. Both landlords and tenants will receive prompt email notification regarding the status of their enrollment materials.
For those tenants with an email address on file with ClearNow, they will receive a rent receipt. ClearNow tries to provide as much communication as possible to landlords and tenants so that all parties are aware of each debit and any activity that may follow. Tenants also receive a rent reminder email before every upcoming debit to let them know the date and the amount of the next debit.