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Setting up rent collection on myRent

22 June 2023

myRent offers 3 options for collecting rent. Here we will summarise the best features of each, how rent payments are recorded and collected, and explain how to set things up.

Smart DIY rent collection

An easy way to keep accurate records and track rent payments. Tenants pay rent directly as they usually would into your bank account. You enter rent in myRent, and we document it on the rent statement available for you and your tenants.

Great for Landlords who want to look after payments manually.

Automated rent collection

Connect your bank account to myRent via bank feeds. Tenants pay rent directly into your account as they usually would. But we provide them with a unique payment reference to use. Payments are automatically tracked, the rent statement is updated for you, and overdue alerts are sent to you by email.

Great for Landlords who want to streamline rent collection while still being in control.

Hands-Free rent collection

We’ve made paying and receiving rent simple, efficient and secure - the way it should be.

Hand-free service is an automated rent collection system designed to save landlords time and hassle collecting rent.

myRent collects the rent, reconciles, chases arrears and notifies you when the payment is received and on the way to your account. We know how important to receive rent on time, so here at myRent we want to get it to you as fast as possible. Rent is transferred to you the same day it clears myRent's bank account (usually within one business day). This option is available for additional $12+gst per month.

Tenants have the option to pay rent by credit or debit card. This is a powerful tool for clearing arrears quickly, even when cash flow is tight.

Rest assured, our hands-free rent collection service also takes care of the necessary record keeping. As a landlord, you are legally required to keep records of rent payments and documents. With myRent, this record keeping is done for you, saving you time and ensuring compliance with legal requirements.

Additionally, we understand the challenges of dealing with missed payments. That's why we follow up immediately on any missed rent payments. If a payment fails to arrive on our system, we will notify you promptly, allowing you to take appropriate action based on your preferred approach. We provide various options and support you in resolving any rent-related issues swiftly and efficiently.

myRent is also an official WINZ supplier (CUR001535505), so we can collect WINZ payments on your behalf.

Great for Busy landlords who want to set and forget rent. myRent looks after rent for you.

How to choose a rent collection option and set things up on myRent?

You can nominate the rent collection option when setting up your tenancy agreement or by going to the 'Rent' section of your tenancy.

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Select "Collect rent myself" if the rent will be paid to your bank account, and you will enter payments yourself (Smart DIY rent collection), or you plan to connect your bank account to myRent to automate rent payments tracking.

Select "Use Hands-free rent collection" if you want a hands-free experience, and rent will be paid to myRent account.

It's entirely up to you which option you'd like to take, and you can definitely change your mind and switch between them. This option will be available under Settings.

Once the setup is complete, instructions on how your tenants can pay rent and any specific payment references will be available on the 'Rent' page of your tenancy.

Learn more:

What is rent in advance and how to set up a due date for the first rent? Overview of rent collection options

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