Why should I use ClearNow?
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?
How do my tenants and I enroll?
What happens after my tenants and I enroll?
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.
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?
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.
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 (www.PRBC.com).
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?