What’s Changing:
To help cover our costs for processing payments, starting on March 5th 2024, a $2 ACH convenience fee will be added to all rent payments collected via Baselane's native Rent Collection tool that are not deposited directly into a Baselane Banking account.
This fee will be waived until June 1st for existing users (have created an account on or before March 4th 2024).
Key Points to Note:
No Fee for Baselane Banking Accounts: Rent collected directly into Baselane Banking accounts is exempt from this fee.
There will continue to be no fees on any ACH transactions with Baselane Banking accounts.
Fee Per Rent Collection into External Bank Account: The $2 convenience fee applies to each Rent Collection Invoice.
Control Over Fee Allocation: Landlords can decide whether they or their tenants will bear this fee for each rent collection. By default, the fee is set for the tenant to pay.
Payment Methods Excluded: Payments made via credit or debit card will continue to incur the standard 2.99% convenience fee with no additional charges.
Managing Fee Settings:
Profile-wide settings: Landlords can globally modify who bears the ACH convenience fee through their 'Profile' tab.
Tenant-specific settings: For individual tenant adjustments, landlords can navigate to the 'Rent Collection' details page, and adjust the fee settings for each individual lease.
Rent Collection (RC)
Frequently Asked Questions (FAQ)
Frequently Asked Questions (FAQ)
How do the ACH convenience fees appear for the tenant / landlord?
If the fee is charged to the tenant, the tenant will see the fee added to the invoice total, and they will receive a single charge with the total. The landlord will not see the fee in their transactions / statement.
If charged to the landlord, the tenant will see that the fee is covered by the landlord. The fee will be deducted from the total paid out to the landlord; to help with bookkeeping, the fee will also show up as a dedicated line item in Baselane's "Transactions" page.
If the fee is waived because rent is collected into Baselane Banking, both tenant and landlord will see that the fee is waived, and it will not be shown on any transaction / statement.
Will changes to the ACH Fee disable a Renters Auto-Pay setting?
No - Adjustments to the ACH fee assignments do not affect autopay settings for tenants.
Will Tenants receive a notification if this setting is changed?
Yes - Tenants will receive an email notification upon any changes to the ACH fee assignments. These will also be reflected in the Tenant Portal when the tenant goes to pay an invoice.
These settings go into effect immediately after changed by the landlord.