Rent collection that runs itself
Tenants pay by ACH or card, autopay keeps rent on schedule, and every payment posts to your ledger the moment it settles.
How tenants pay
Tenants pay from the web portal or the Parqay app using a bank account or a card. Bank payments use Stripe Financial Connections, so tenants link their account once and pay without typing routing numbers.
Autopay is a toggle the tenant controls. When it is on, rent charges the saved payment method on schedule. When a payment needs extra verification, the portal walks the tenant through it.
Deposits, held properly
Security deposits are collected before move-in and held on the platform rather than paid straight out. At move-out, you refund from the held deposit in one step, and the refund is recorded against the original payment.
Late fees
When an autopay charge fails and rent goes unpaid, Parqay applies your late fee automatically, either a flat amount or a percentage of rent, whichever you set higher. The fee lands on the next invoice and the tenant is notified. One fee per billing period, never stacked.
Every payment lands on your books
Rent, deposits, booking income, and refunds post to a built-in double-entry ledger automatically. There is no export step and no month-end catch-up, and your expense records use Schedule E categories so tax season starts organized.
Frequently asked questions
- What payment methods can tenants use?
- ACH bank transfer and card, both processed by Stripe. Tenants link a bank account through Stripe Financial Connections or save a card, then pay manually or turn on autopay.
- How does autopay work?
- Autopay is a toggle in the tenant portal. The tenant picks a saved payment method, and rent charges automatically each period. Tenants can turn it off at any time.
- When are late fees applied?
- When an autopay charge fails and rent remains unpaid, Parqay applies the late fee you configured, a flat amount or a percentage of rent. Fees apply once per billing period.
- How are security deposits handled?
- Deposits are collected up front and held on the platform until move-out. Refunds are issued from the held deposit against the original payment, with guards that prevent double refunds.
- Can tenants pay part of the rent?
- No. Rent invoices are paid in full. Tenants who need a different arrangement should talk to their landlord about adjusting the lease terms.
- Do payments post to my accounting automatically?
- Yes. Every rent payment, deposit, booking, and refund posts to Parqay's built-in double-entry ledger when it happens, and expenses are categorized using Schedule E categories with CSV export.