Paying rent online is a fast and convenient way to make payments. Here, we walk you through the best practices to follow so you never charged fees associated with rent payments.
What Fees Should I Know About?
Late fees
Late fees are $75 for the apartment. If your funds are processing past the 5th day of the month, you will be charged. So, no, initiating your payment on the 5th does not count as paying rent on time.
NSF Fees
An NSF or Non-Sufficient Fund fee is charged when a payment is returned due to a lack of funds. For example, if you write a check and the bank returns the payment because there isn't enough money in your account to complete the payment, our bank refunds your bank and charges us a fee. The same thing can happen with online payments. Make sure you keep an eye on your bank account prior to submitting payments and make sure they are cleared. If you have too many NSF payments, we will require secured payments such as money orders. WE DO NOT ACCEPT CASH PAYMENTS. Currently, the NSF fee is $50.
Paying by Card
Zego charges a small fee if you use credit or debit cards to pay rent. We suggest using checking accounts when possible to avoid this fee unless there's a good enough card incentive to pay using plastic. Zego automatically calculates this fee before check out.
Paying Before the First
Many payment systems take a few days to process your payments. According to Zego's support page, it can take up to 3 business days for a payment to process. If the first, which is when rent is due, lands on a Saturday, your payment won't complete the process until after the 5th, which is the end of the late fee grace period. We suggest taking weekends into account if you are paying your rent manually.
Set Up Auto Pay
Set up your automatic payments so you never miss a rental payment. We suggest setting your payments to initiate on the 28th of the month before so you don't have to worry about weekends or February. With this tactic, you have at least 7 days before the late fee deadline to fix any issues that might pop up, such as non-sufficient funds, NSFs.
Conclusion
We hope this article helps you understand making rental payments without getting any of the fees associated. If you have any questions or suggestions for this article, please them in the comments below and we will update accordingly!