How do I collect my rent payments using Keyhook?

Find out how Keyhook's rent payment system works.

Written by AaronLast update 3 months ago

With Keyhook, you have two options when it comes to collecting rent.

Option 1: Smart Rent

Smart rent automatically tracks and compiles your financials for you at no extra cost. 

Tenants pay rent into Keyhook's rent account, Keyhook processes the payment and then deposits it into your nominated bank account. Rent payments take less than one hour to process so the payments never stay sitting in Keyhook's rent account.

This enables Keyhook to: 

  • Provide you with up-to-date tracking of your incomings and outgoings,

  • Chase any rent arrears on your behalf,

  • Provide breakdowns of the performances of individual properties as well as of your portfolio as a whole,

  • Provide you with an end of financial year tax summary,

  • Deduct maintenance or service costs from incoming rent payments meaning you don't have to pay out of pocket.

Option 2: You collect your rent

Tenants deposit rent directly into your bank account. Unfortunately, you do not get access to any of the above features.

You can still manually record rent payments through Keyhook, or set recurring payments to be recorded in your financials page.

If you choose to collect rent yourself, you can provide a credit card as a payment option for Keyhook and any optional extras (tenant checks, etc.)

Unfortunately, this payment method incurs a $1 surcharge per transaction in order to cover processing fees and related costs.

Keyhook uses PinPayments to process payments in order to ensure your information is secure.

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