Rent Collection Setup Guide

Step 1: Choose Your Payment Structure

How will you collect rent?

PadSplit

Platform handles everything automatically

Self-Managed

You set up and manage payment collection

Payment Frequency

Step 2: Set Up Payment Methods

Primary Payment Method

Set up dedicated bank account for rentals
Separate account makes tracking easier (recommended)
Enable Zelle on your bank account
Most banks offer Zelle for free through their app
Note your Zelle email or phone number
This is what tenants will use to send payments

Your Zelle ID (email or phone)

Backup Payment Methods

Set up Venmo account (optional)
Create or use existing Venmo for tenants who prefer it
Set up Cash App account (optional)
Popular alternative, especially with younger tenants

Venmo Username (optional)

Cash App $Cashtag (optional)

Step 3: Define Your Payment Policy

Rent Due Date

Grace Period

Late Fee Amount

$

Daily Late Fee (after initial)

$ /day

Step 4: Set Up Payment Tracking

How will you track payments?

Google Sheets / Excel spreadsheet (free)

RentRedi app (paid, includes automation)

Avail (free tier available)

Other property management software

Simple Tracking Template

Step 5: Set Up Payment Reminders

Create reminder template for 3 days before due date
Create reminder template for due date
Create late payment notice template
Set up calendar reminders to send notices

3-Day Reminder Template

Hi [Name]! Just a friendly reminder that rent ($[amount]) is due on [date]. You can send via Zelle to [your Zelle ID]. Thanks!

Due Date Reminder Template

Hi [Name], rent is due today ($[amount]). Please send via Zelle to [your Zelle ID] to avoid late fees. Let me know once sent!

Late Payment Notice Template

Hi [Name], your rent payment is now [X] days past due. A $[late fee] late fee has been applied. Total due: $[amount + fee]. Please pay immediately to avoid further action. If you're having difficulties, please contact me to discuss.

Your Payment Info Sheet

Share this information with tenants at move-in.

RENT PAYMENT INFORMATION

Monthly Rent: $_______ due on the _______ of each month

Grace Period: _______ days

Late Fee: $_______ after grace period

PAYMENT METHODS (in order of preference):

1. Zelle: _______

2. Venmo: _______

3. Cash App: _______

IMPORTANT: Always include your name and room number in the payment memo/note.