Setting Up Rent Collection

Financial ManagementPopular

7 min read

Configure automated rent collection in Syndik to streamline payments, reduce late fees, and improve cash flow management for your properties.

Overview

Automated rent collection is one of the most valuable features in Syndik, allowing you to reduce administrative work while ensuring consistent, timely rent payments from residents.

98% Collection Rate

Average with automated setup

75% Time Saved

On payment processing

24/7 Availability

Residents can pay anytime

Payment Methods Setup

Configure multiple payment options to accommodate different resident preferences:

Electronic Payments

ACH/Bank Transfer (recommended)

Credit/Debit Cards

Digital Wallets (PayPal, Apple Pay)

Cryptocurrency (Bitcoin, Ethereum)

Note: ACH transfers have the lowest fees and are preferred for recurring payments.

Traditional Methods

Check by Mail

Money Order

Cash (in-person only)

Cashier's Check

Warning: Traditional methods require manual processing and increase administrative work.

Payment Processing Fees

Payment Method	Processing Fee	Who Pays	Processing Time
ACH/Bank Transfer	$2.95 flat	Configurable	1-2 business days
Debit Card	2.95% + $0.30	Configurable	Instant
Credit Card	3.5% + $0.30	Resident	Instant

Rent Schedules

Configure when and how often rent is collected from residents:

Payment Frequency Options

Grace Period & Due Dates

Due Date

Grace Period

Late Fee Date

Automatic Collection

Set up autopay to automatically collect rent from residents who opt in:

AutoPay Benefits

For Property Managers:

• Guaranteed on-time payments
• Reduced administrative work
• Improved cash flow predictability
• Lower late payment rates
• Automatic reconciliation

For Residents:

• Never miss a payment
• Potential AutoPay discounts
• Convenient and hassle-free
• Automatic payment confirmations
• Better rental payment history

AutoPay Configuration

Collection Date

Preferred Payment Method

Send payment confirmation emails

Send payment reminders 3 days before

Offer AutoPay discount (specify amount)

Allow residents to pause AutoPay temporarily

Late Fees & Penalties

Configure late fees and penalty structures to encourage timely payments:

Late Fee Structure

Late Fee Type

Fee Amount

Legal Compliance

Late fees must comply with local and state regulations. Some jurisdictions limit the maximum late fee amount or require specific notice periods.

Additional Options

Cap maximum late fees per month

Waive late fees for first-time occurrences

Allow payment plans for large late fees

Send late fee notices automatically

Payment Notifications

Configure automated notifications to keep residents informed about payments:

Troubleshooting

Common Issues & Solutions

Payment Processing Delays

ACH payments can take 1-3 business days. Set collection dates accordingly and inform residents about processing times.

Failed AutoPay Attempts

Automatically retry failed payments after 2-3 days. Send notifications to residents about payment failures and request updated payment information.

Partial Payments

Configure whether to accept partial payments and how to handle remaining balances. Set up automatic payment plans if needed.

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