Answers To Your Questions
About ClearNow's Online Rent Collection Service
Why should I use ClearNow?
- ClearNow makes the rent process efficient thus saving you time. Rents are automatically withdrawn from tenant bank accounts and directly deposited to your bank account three banking days later. You eliminate waiting for checks and trips to the bank.
- ClearNow has been serving landlords and tenants since 2000 with a flawless (A+ rating) record with the Better Business Bureau. We have lots of experience with online rent collection and are happy to provide customer references upon request.
- ClearNow is innovative. Tenants can establish credit history by having ClearNow furnish their ClearNow rent payment data to Experian RentBureau. Landlords can track income and expenses and generate a Schedule E helper report. Property managers can directly deposit rent to owner's bank accounts.
- ClearNow is here for you. Customer service is available via telephone or email Monday through Friday 9am-5pm ET. Call us at (919) 680-4500 or email us at Support@ClearNow.com.
How do I convince my tenants to use ClearNow?
Tell your tenants that ClearNow is free, safe, and ultra convenient. Tenants can pay biweekly, semimonthly, or monthly. Plus, tenants do not need a computer or Internet access to use ClearNow. With ClearNow, your tenants will not forget to pay their rent, need to write a check, or pay for postage!
Additionally, tenants can establish credit history by having ClearNow furnish their data to Experian RentBureau.
How much does ClearNow cost?
Each ClearNow account debits on a specific day and credits to a specific bank account. There are no set-up fees and no long-term contracts. Fees are only charged when ClearNow attempts to debit a tenant.
- Monthly debit: $14.95/month for one debit. Each additional debit is just $2/month.
- Biweekly or semimonthly debit: $4/debit.
- Additional account for monthly debit on a different day: $7.95/month for one debit. Each additional debit is just $2/month.
The Enrollment Process
How do my tenants and I enroll?
The enrollment process is fast and easy:
- You complete your Property Manager Enrollment Agreement and submit it with your bank documentation (voided check, bank statement, direct deposit form, or bank letter).
- Tenants complete their Tenant Enrollment Agreement and submit it with their bank documentation (voided check, bank statement, direct deposit form, or bank letter).
- You set rent amounts and lease-end dates for your enrolled tenants.
That's it! Once tenants are enrolled, rent collection is automatic.
To get started, click here
to begin the enrollment process.
What happens after my tenants and I enroll?
The following will occur automatically:
- Eight days before the debit day - Tenants receive payment reminders (for those with e-mail).
- Debit day - Tenant bank accounts are debited. Debit monthly, biweekly, or semimonthly.
- Credit day - Three banking days after the debit day, your bank account is credited net of ClearNow fees and a payment report is e-mailed to you. The Federal Reserve Bank takes three banking days to confirm tenant funds have cleared.
Can tenants use a prepaid debit card with ClearNow?
ClearNow can debit prepaid cards that permit an ACH debit to the card account. Tenants should check with their card company to see if their account can accept an ACH debit.
Using Your Account
How do I know which tenants paid successfully?
On your credit day, a payment report is sent to you via email. Payment reports are maintained in your ClearNow account.
What happens if tenants do not have enough funds in their bank account?
ClearNow will notify you via e-mail of tenants who failed their debit via ClearNow. Tenants will need to pay their rent directly to you in another form such as a check or money order. ClearNow will not re-attempt the debit for that particular payment. ClearNow may assess a fee to the tenant for the failed debit.
How does ClearNow handle partial rent payments?
ClearNow does not collect partial rent payments. If a tenant does not have 100% of the rent amount in his/her bank account, then nothing is collected.
Can I download or export ClearNow payment data?
Yes. You can download ClearNow payment data as a CSV file. The data can be viewed with spreadsheet software, such as Microsoft Excel.
Can I track income and expenses with ClearNow?
Yes. You can track income and expenses in your ClearNow account and organize these items by property address. Some income and expense items are automatically tracked, such as rent payments made via ClearNow and ClearNow’s service fees, while others can be easily added. Just log into your ClearNow account and click on “Income/Expenses”. The list of income and expense types are currently based on the income and expenses requested on Schedule E of Form 1040.
What is the cost for income and expense tracking?
We do not charge an additional fee for income and expense tracking. By recording your rental property activity within your ClearNow account, we hope managing your properties becomes easier.
Do you provide reports related to the income and expenses I track?
Yes. We have added more reports based on income and expense tracking, such as profit and loss statements. One report in particular, the Schedule E Helper, makes completing the Schedule E of Form 1040 simple at tax time saving you time and headaches from this tax chore.
Can I screen tenants with ClearNow?
Yes. Through your ClearNow account, you can access a powerful and hassle-free tenant screening service
- FREE to you. Rental applicants pay the ($38) fee when they submit their report to you.
- Designed for landlords - easy to use, no paperwork, no site inspection!
- A complete report for you - credit score, criminal background check, eviction report, and an easy-to-understand recommendation - delivered to you in seconds!
Directly Depositing Owner Proceeds
Can a property manager use ClearNow to deposit a portion of the rent collected to the owner's bank account?
Yes. Once enrolled, a property manager can enroll owners and tenants. A manager can designate a set amount or a percentage of rent collected per tenant to be deposited in the property management company's bank account for property management fees. The remaining amount collected will be deposited to the owner's bank account.
Credits to the property manager and owner bank accounts occur on the same day - three banking days after the tenant's debit day.
What is the cost to deposit funds to the owner's bank account?
$2 per tenant in addition to ClearNow's standard fees.
Reporting Payments To Credit Bureaus
Does ClearNow report rent payments to credit bureaus?
Tenants enrolled in ClearNow may report their rent payments made while they are enrolled in ClearNow. ClearNow is a data furnisher to Experian RentBureau (www.experian.com/rentbureau) and PRBC.
What is the cost to report payments to credit bureaus?
We do not charge an additional fee for furnishing data to Experian RentBureau and PRBC.
How does credit reporting work?
- After your tenants enroll in ClearNow, they provide consent to ClearNow to have their ClearNow rent payment data furnished to credit bureaus.
- For successful rent payments through ClearNow, nothing needs to be done. For debits that fail or are blocked, you must update your tenant's ClearNow payment record (via your ClearNow account).
- After four (4) payment records, the first submission of data is furnished. Thereafter, data is furnished on a monthly basis. All payments made while the tenant is enrolled in ClearNow will be furnished regardless of when the tenant opts in for credit reporting.