PropPay Rent on Time™
- Are you having trouble with your commercial tenant not paying their rent on time?
- Does your tenant sometimes miss a rental payment or only pay part of what’s due?
- Tired of chasing your tenant every month to pay their rent?
- Do you have monthly commitments you must make on a timely basis?
- Do you need the certainty of your rent in your bank account on the same day every month?
If you have answered “Yes” to any or all of these questions you may benefit from PropPay’s Rent on Time™,1,2,
Rent on Time™ is a simple and effective way of ensuring your rent is paid on time, every time3. No more worrying about whether your rent will be in your account when you need it. It will be there – Guaranteed.
For a low fixed monthly fee, PropPay will pay your monthly rent on the same day every month on the day of your choosing. When your tenant pays their monthly rent, they pay it directly to PropPay. How simple and easy is that. PropPay can even manage your rent collection for you.
If there are any rent increases or decreases during the period, PropPay will pay you the new amount.
And, best of all, PropPay will continue to pay your Rent on Time™ even if your tenant falls up to 90 days in arrears.
Best of all, Rent on Time™ is backed by PropPay’s Payment Guarantee. If your Rent on Time™ is not in your bank account on the first business day after your nominated date, PropPay will refund any fees you have paid or are owing for that month4.
Example
Your tenant pays $4,500 a month (excl. GST) on a commercial property lease. The rental due date is the 15th of the month but by the time you see the money in your bank account it is normally more like the 21st or 22nd. You also pay your agent 4% per month, or $180 (excl. GST), when the rent is collected to look after your property and collect the rent.
You’d like your rent in your bank account on the 1st of each and every month. No hassles. No questions asked.
PropPay will pay your Rent on Time™ on the 1st of each and every month for a 12-month period for a flat monthly admin fee of just $63. You will also pay an up-front establishment fee of $349 if you are a new PropPay customer.
Every month you will receive Rent on Time™ of $4,320 on the first of every month and a further $180 on the 15th when the rent is collected. This latter payment will be used to pay your managing agent. All PropPay’s fees are deducted from your Rent on Time™ payments.
Benefits
- Your rent in your bank account on time, every time.
- 90-day rent protection.
- No interest, No loans, No Hassle.
- Low flat monthly admin fee.
- Exclusive Payment Guarantee.
- Lease terms of 6 and 12 months.
- One-off lifetime onboarding fee.
Fees and Charges
For paying your Rent on Time™ PropPay charges a fixed, monthly admin fee which is typically less than 2% of your monthly rent plus GST for a 12-month term. The final fee depends on a number of factors including the remaining term of your tenant’s lease and their payment history. We can give you a firm price within 48 hours of reviewing your individual circumstances.
You can reduce you monthly admin fee by paying a deposit which is fully refundable at the conclusion of the lease if your tenant pays their rent within 14/21/28 days of the due date each month. The deposit is typically between 1% and 2% of your total Rent on Time™.
PropPay also charges a one-off fixed on-boarding fee of $[349] plus GST when you become a PropPay customer for the first time.
And, If you like, PropPay can also invoice and collect the rent from your tenant for a fixed fee of 1% of your rent plus GST per rent cycle5.
There are no other fees or charges.
How it Works
It is very simple. Rent on Time™ works by PropPay paying your monthly rent in ‘advance’ of when your tenant normally pays. PropPay is then ‘repaid’ this advance when it collects the rent directly from your tenant.
PropPay deducts its monthly admin fee and the one-off on boarding fee, if any, from your Rent on Time™ payments. We will also deduct any recurring monthly charges you normally pay such as your managing agent’s fee, if any.
Please read the PropPay Rent on Time™ lease agreement in full for all the details of how Rent on Time™ works.
1. Trademark pending
2. You must seek your own independent legal, financial and/or accounting advice to ensure PropPay Rent on Time™ is right for you
3. Subject to terms and conditions
4. Terms, conditions and exclusions apply.
5. Subject to a minimum fee of $75 per rent cycle.
