Posted Feb 25, 2015

Pay with Lovely Transition FAQ

Filling Out The Paperwork

Q: The information requested in the sign up document seems to apply to businesses or companies. How do I fill out the document if I am a single landlord and not a company?

A: You will fill out those fields with your personal information. For example, “Business Legal Name” should just be your legal name. The Tax ID field should be your SSN. When it asks you the type of business you are, you should select the “Sole Proprietorship” option.

Q: How do I add multiple bank accounts?

 A: The first bank account you’re asked to add is the client account. If you’re only using one bank account to receive rent payments, enter that account as the client account and re-enter that same information on the Property Add form as the individual property account.

If you use multiple bank accounts to receive rent payments, pick one account to be the main client account. When you add your properties, you’ll be able to add different accounts for specific properties.

Q: For the Auto Debit and Additional Fees section, what’s the difference between Client Account and Individual Property Account?

 A: Selecting “Client Account” or “Individual Property Account” will determine which of your accounts pays the fees for each property. Select “Client Account” to have payment fees for each property debited from the first account you added on the second page of the form. Select “Individual Property Account” to have payment fees for each property debited from the same account that receives that property’s rent payments.

Q: Why do I need to fill out a W-9 and give my SSN?

A: We need to have this information on file in case we need to file a 1099-k report. A 1099-k report will only be filed if you process $20,000 or more AND 200 payments or more within a year. If you process more than $20,000 in rent payments in a year, but don’t receive 200 payments or more, no 1099s will be sent or reported.

 Even if you don’t believe this will apply to you at year’s end, we still need this information on file.

Q: What is the difference between “Client” and “Per Property” basis?

 A: If you select “Client,” the 1099 reporting evaluates that threshold across all of your properties combined and will only send you one 1099 report if you collect over $20,000 and have at least 200 payments across all your properties.

If you select, “Per Property” you will receive a 1099 for each property that collects $20,000 or more and 200 payments.

Q: The sign-up document only allows me to add 4 properties, how do I enter my extra properties if I have more than 4?

 A: If you have more than 4 properties, just email us at payments@livelovely.com and we will send you an excel spreadsheet that will allow you to enter all of your properties. Once you’ve filled out the spreadsheet, you should send it as an attachment in an email to rentmatic-help@yapstone.com.

Q: How will my tenants get signed up? 

A: Once you have completed and submitted the docusign paperwork, our approval team will contact you within 5 business days to let you know whether or not your paperwork has been approved. Afterwards, the tenant sign-up will be a quick and easy process.

 For new users:

  • You will provide your tenant’s email addresses to your account manager

  • They will send an onboarding email to those addresses

  • Your tenants will then visit signup.rentmatic.com and create their logins

For existing users:

  • Rentmatic will be able to facilitate your tenants sign-up without your involvement

Q: I am having trouble filling out my paperwork. What do I do?

A: Please contact our partner Yapstone they can be reached at rentmatic-help@yapstone.com or 866.289.5977 (paperwork related only please).

General Pay with Lovely Questions

Q: What is happening to Pay with Lovely?

A: Pay with Lovely is upgrading to an improved backend payment processing system that is powered by Yapstone and will be called Rentmatic.

 

Q: What benefits or changes will come from this upgrade?

A: Rentmatic will now be able to process payments twice as fast. Instead of payments taking 4-5 days to process, it will now only take 2 days. Also, we are eliminating monthly fees and moving to a $0.25 cent per ACH transaction fee. Lastly, we now allow for renters to have the ability to pay using debit or credit accounts.

The visual design and interfaces will also be refreshed and updated for landlords and tenants with advanced functionality.

Q: Why is the sign-up process so complex for landlords?

A: In our new Rentmatic product each landlord goes through a full underwriting process that allows us to provide a higher level of service – faster payment processing, the ability to accept debit and credit cards, and an overall reduced cost. This on-boarding process was perfected by our partner, Yapstone.

Unfortunately, in the transition to the new system, Rentmatic cannot transfer any of your payment data or personal information from the old system. It will need to be entered again.

Q: Will the user interface change at all?

A: Yes. We’re increasing the level of reporting available to you regarding your payment history. In the new Rentmatic, you’ll be able to view more detail about your rent collection than you were before. You’ll also have more options for signing up new tenants.

Q: How do I login once my signup has been completed?

A: In order to login, visit signup.rentmatic.com. Your previous login credentials will not work on the new system. Once we’ve finished upgrading your account, you will receive an email from RentPayment with temporary login credentials that you can use to access your new account.

After set up in the new system is complete, both landlord and tenants will be able to log in at signup.rentmatic.com.

Q: Why can’t I migrate without my landlord?

A: The new Rentmatic transfers money directly to your landlords account. If they have not created an account, we have nowhere to send the money to!

Q: What happens if my landlord won’t sign up?

A: Sadly, at this time we can’t help service your rental payment needs if your landlord isn’t on board.

Q: What will happen to payments scheduled before the transition was announced? Or payments that were already in the old system?

A: Any payments scheduled to be withdrawn on or before the transition date of February 25th will go through normally. However, any payments scheduled to be withdrawn after February 25th will be cancelled. These payments will not go through on the old system and will need to be processed through the upgraded Rentmatic.

 

Elizabeth Pullman

About

Elizabeth oversees Marketing at Lovely. It is her goal to make sure every single person nationwide knows about Lovely and Lovely Pro!

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