My Payments Terms of Use

Welcome to My Payments!

This My Payments Services Agreement ("Agreement") is a legal agreement between Rent Application Technology Services LLC ("Rent Application" or "we") and the entity or person ("you", "your", or "user") who registered on the Rent Application Account My Payments page to receive certain payment services that may be offered by Rent Application and its affiliates (each, a "Service"). This Agreement describes the terms and conditions that apply to your use of the Services.

If you do not understand any of the terms of this Agreement, please contact us at support@rentapplication.net before using the Services.

You may not access or use any Services unless you agree to abide by all of the terms and conditions in this Agreement.

1. Overview

This Agreement provides a general description of the My Payments feature, including allowing you to accept payments from your applicants payable to your organization (your "Customers").

Before using My Payments, you must register with Rent Application and create an account (a "Rent Application Landlord Account")

2. Description of Service

By Using the My Payments add-on feature ("My Payments"):

1. You will be able to add an application fee to any new or existing application that will be payable to you.
2. Rent Application will collect these fees from applicants and deduct a processing fee of $0.30 + 3.4% of the total fee amount.
3. The amount accrued in your account will be automatically withdrawn and deposited to your bank account on file on the 1st of every month.
4. Payout transfers initiated on the 1st of the month may not include fees processed after the 25th of the month and the remaining balance will be shown as available balance in your account.

You will need to pay a one time set up fee in order to use this feature.

3. Payment Processing

Payment processing services for users on Rent Application are provided by Stripe and are subject to the Stripe Connected Account Agreement, which includes the Stripe Terms of Service) (collectively, the "Stripe Services Agreement"). By agreeing to this Agreement or continuing to operate as a user on Rent Application, you agree to be bound by the Stripe Services Agreement, as the same may be modified by Stripe from time to time. As a condition of Rent Application enabling payment processing services through Stripe, you agree to provide Rent Application accurate and complete information about you and your business, and you authorize Rent Application to share it and transaction information related to your use of the payment processing services provided by Stripe.

4. Your My Payments account

1. Registration and Permitted Activities:
2. To register for the My Payments add-on , you or the person using the account (your "Representative") must provide us with your business or trade name, FEIN or SSN, bank account number, and bank account routing number. In some cases, we may require further information. Until you have submitted, and we have reviewed and approved all required information, your Stripe Account will be available to you on a preliminary basis only, and we may terminate it at any time and for any reason.
3. You may only use My Payments to process payments for your Customers in connection with a residential rental application. You may not use My Payments as a way to transfer money, conduct personal or noncommercial transactions, handle deposits (including rental security deposits), or for any other purposes.
4. Business Representative:
5. You and your Representative individually affirm to Rent Application that your Representative is authorized to provide the information described in this section on your behalf and to bind you to this Agreement. We may require you or your Representative to provide additional information or documentation demonstrating your Representative's authority.
6. If you are a sole proprietor, you and your Representative also affirm that your Representative is personally responsible and liable for your use of the Services and your obligations to Customers, including payment of any amounts owed under this Agreement.

5. Your Relationship With Your Customers

You may only use the Services for legitimate Transactions with your Customers. You know your Customers better than we do, and you are responsible for your relationship with them.

Rent Application provides Services to you but we have no way of knowing if a particular application processed for a rental property is accurate or correct, available, or typical for your business. You are responsible for knowing whether a Transaction initiated by your Customer is erroneous (such as an application to the wrong property or for a rental property that is no longer available) or suspicious (such as a sight unseen rental application from an unknown party or from an applicant that may dispute the non-refundable application fee if he/she does not get approved).

If you are unsure if a Transaction is erroneous or suspicious, you agree to research the Transaction and, if necessary, contact your Customer. You are solely responsible for any losses you incur due to erroneous or fraudulent Transactions in connection with your use of the Services.

6. Fines and fees

1. $50.00 - Setup fee: My Payments add-on setup fee. This is a one time fee per landlord account.
2. $5.00 - Account change fee: Each time you update the linked bank account on file, an account change fee will be charged.
3. $0.30 + 3.4% - Payment processing fee: Rent Application will charge $0.30 per transaction plus 3.4% of the total amount charged to the applicant.

We may revise the Fees at any time with 30 days notice to you. We may charge additional Fees for cross-border transactions or foreign exchange services. In addition to the Fees, you are also responsible for any penalties or fines imposed on you or Rent Application by any bank, money services business, payment network, or other financial intermediary (each a "Financial Services Provider") resulting from your use of My Payments in a manner not permitted by this Agreement or a Financial Services Provider's rules and regulations.

If you do not understand the Fee Schedule or you have a question about Fees, please contact us at support@rentapplication.net.

7. Taxes and Other Expenses

You are solely responsible (i) for determining what, if any, taxes or fees ("Taxes") apply to your Transactions; and (ii) assessing, collecting, reporting, or remitting Taxes to the appropriate tax authority. We are not obligated to nor will we determine the applicability of any Taxes, or calculate, collect, report, or remit any Taxes to any tax authority arising from any Transaction.

8. Suspicion of Unauthorized or Illegal Use

We may refuse, condition, or suspend any Transactions that we believe may violate this Agreement or other agreements you may have with Rent Application; or that expose you, Rent Application, or others to risks unacceptable to Rent Application. If we suspect or know that you are using or have used the Services for unauthorized, fraudulent, or illegal purposes, we may share any information related to such activity with the appropriate financial institution, regulatory authority, or law enforcement agency consistent with our legal obligations. This information may include information about you, your Rent Application Account, your Customers, and Transactions made through your use of the Services.

9. Disclosures and Notices; Electronic Signature Consent

1. Consent to Electronic Disclosures and Notices: By registering for a Rent Application Account, you agree that such registration constitutes your electronic signature, and you consent to electronic provision of all disclosures and notices from Rent Application ("Notices"), including those required by Law. You also agree that your electronic consent will have the same legal effect as a physical signature.
2. Withdrawing Consent: Due to the nature of the Services, you will not be able to begin using them without agreeing to electronic delivery of Notices. However, you may choose to withdraw your consent to receive Notices electronically by terminating your Rent Application Account.

10. Payment Investigation

Payment investigation is a process by which Rent Application reviews certain potentially high-risk transactions. If a payment is subject to payment investigation, Rent Application will place a hold on the payment and may provide notice to the recipient. Rent Application will conduct a review and either clear or cancel the payment. If the payment is cleared, Rent Application will provide notice to the recipient. Otherwise, Rent Application will cancel the payment and the funds will be returned. Rent Application will provide notice to you by email and/or in the account history tab of your Rent Application account if the payment is canceled.

11. Risk of Reversals, Chargebacks and Claims

When you receive a payment, you are liable to Rent Application for the full amount of the payment plus any fees if the payment is later invalidated for any reason. This means that, in addition to any other liability, you will be responsible for the amount of the payment, plus applicable fees if you lose a claim or a chargeback, or if there is a reversal of the payment. If a sender of a payment later disputes the payment or files a claim for a chargeback, the debit or credit card issuer or the originating bank, not Rent Application, will determine whether the dispute is valid and to whom payment is due. You agree to allow Rent Application to recover any amounts due to Rent Application by debiting your balance. If there are insufficient funds in your balance to cover your liability, you agree to reimburse Rent Application through other means. If Rent Application is unable to recover the funds from your primary funding source, Rent Application may attempt to contact you, Rent Application may recover the funds from your alternate funding sources, or may take other legal actions to collect the amount due, to the extent allowed by applicable law.

12. Credit Card Dispute Policy

When one of your customers disputes a charge, we're notified by our payment processor. Their bank automatically refunds the transaction. We will notify you via email about the chargeback and steps Rent Application is taking to resolve the dispute. You will be given the opportunity to provide evidence on your behalf. Rent Application will submit dispute evidence on your behalf. You are encouraged to contact your Customer directly to resolve the dispute.

If the dispute is lost (found in the favor of the customer) you will be notified via email and Rent Application will deduct this disputed amount from your My Payments account. If the dispute is resolved in your favor, you will be notified via email and will not incur any fees or lost revenue.

13. Account Balances

1. Balances
2. You do not need to maintain a balance in your account in order to make payments. If you do hold a balance, Rent Application will hold your funds separate from its corporate funds, will not use your funds for its operating expenses or any other corporate purposes, and will not voluntarily make your funds available to its creditors in the event of bankruptcy. While your funds are in our custody, Rent Application will combine your funds with the funds of other users and place those pooled accounts in one or more bank accounts in Rent Application's name.
3. Rent Application is not a bank or other chartered depository institution. Funds held by Rent Application or its service providers (including any bank service providers) in connection with the processing of transactions are not deposit obligations and are not insured for the benefit of the user by the Federal Deposit Insurance Corporation or any other governmental agency. Funds held in balance are an ancillary function of enabling money transmission and not for other benefit.
4. Assignment of Interest to Rent Application
5. You agree that you will not receive interest or other earnings on the funds that Rent Application handles and places in pooled accounts. Rent Application does not typically receive interest on funds held for its users. However, in consideration for your use of the service, you irrevocably transfer and assign to Rent Application any ownership right that you may have in any interest that may accrue on funds held in pooled accounts. This assignment applies only to interest earned on your funds, and nothing in this Agreement grants Rent Application any ownership right to the principal of the funds you maintain with Rent Application.
6. Negative Balances
7. If the balance in your account is negative for any reason, Rent Application may set off the negative balance by deducting amounts you owe Rent Application from money you receive into your account, or money you attempt to withdraw or send from your account. You agree to allow Rent Application to recover any amounts due to Rent Application by debiting your balance. If there are insufficient funds in your balance to cover your liability, you agree to reimburse Rent Application through other means. If Rent Application is unable to recover the funds from your primary funding source, Rent Application may attempt to contact you, Rent Application may recover the funds from your alternate funding sources, or may take other legal actions to collect the amount due, to the extent allowed by applicable law.
8. Setoff of Past Due Amounts
9. If you have a negative balance or other past due amount to Rent Application, Rent Application may make attempts on your funding source to cover the amounts. If Rent Application is unable to recover the funds from your primary funding source, Rent Application may attempt to contact you, Rent Application may recover the funds from your alternate funding sources, or may take other legal actions to collect any amounts that are more than 14 days past due, to the extent allowed by applicable law.
10. Security Interest
11. To secure your performance of this Agreement, you hereby grant to Rent Application a lien on and security interest in your account and agree to execute any further documentation to perfect these Rent Application rights.
12. Withdrawing Money
    1. Automatic Withdrawals
    2. Automatic withdrawals will be deposited into your bank account on file on the first day of every month. These deposits may be delayed if the first falls on a weekend or holiday.
    3. Withdrawal Limits
    4. We reserve the right to delay withdrawals while we screen for risk, or request you provide additional information to verify your identity and we may limit the amount you can withdraw until the information is verified.
    5. Transfers to Your Linked Financial Institution Accounts
    6. When you transfer money from your My Payments balance to your linked financial institution account(s), the ACH Rules will govern the transfer.

Contact Information

Please send any questions or comments, or report any violations of these Terms, to support@rentapplication.net

Last updated Mar 31, 2017.

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