Frequently Asked Questions
About Payment Processing & Stripe
Why do I need to set up a Stripe account?
Stripe is our secure payment processor that handles all rent transactions. By law, payment processors must verify the identity of anyone receiving payments to prevent fraud and comply with financial regulations. Setting up your Stripe account allows you to receive rent payments directly from your tenants through Landlord Cart. This verification is a one-time process that typically takes 5-10 minutes.
What information will I need to provide?
To complete your payment account setup, you’ll need:
- Bank account information (routing and account number)
- Social Security Number or EIN (for tax reporting)
- Date of birth
- Home address or business address
- Government-issued ID (in some cases)
This information is required by federal law for tax reporting (IRS 1099-K forms) and anti-money laundering compliance.
Is my information secure?
Absolutely. Your sensitive information is handled exclusively by Stripe, not stored on Landlord Cart servers. Stripe is a PCI-DSS Level 1 certified payment processor — the highest security standard in the payment industry. They use bank-level 256-bit encryption and are trusted by millions of businesses worldwide including Amazon, Lyft, and Shopify. Your data is encrypted both in transit and at rest, and Stripe undergoes regular third-party security audits. We never see or store your full bank account numbers or Social Security Number.
Why do you need my Social Security Number or EIN?
The IRS requires payment processors to collect taxpayer identification numbers (SSN or EIN) for anyone who receives payments totaling $600 or more in a calendar year. This is used to generate 1099-K tax forms that are filed with the IRS. If you operate as a sole proprietor, you’ll use your Social Security Number. If you have a registered business entity (LLC, Corporation), you can use your Employer Identification Number (EIN) instead.
How long does verification take?
Most accounts are verified instantly and you can start receiving payments within 1-2 business days. In some cases, Stripe may need additional documentation to verify your identity, which can take 3-5 business days. You’ll receive email notifications about your verification status. Once verified, you’re all set and won’t need to go through this process again.
When will I receive my rent payments?
After a tenant pays rent, funds are typically deposited into your bank account within 7 business days. This delay period protects both you and your tenants by allowing time to resolve any payment disputes or issues before funds are transferred. Once you establish a positive payment history with no disputes, this timeframe may be reduced. You can track all incoming payments and payout schedules in your Landlord Cart dashboard.
Are there any fees for receiving payments?
Standard credit card processing fees apply to each transaction (typically 2.9% + $0.30 per transaction). These fees are deducted automatically before funds are deposited to your account. There are no monthly fees, setup fees, or hidden charges. Bank transfers (ACH) have lower fees at 0.8% per transaction, capped at $5. You can view our complete pricing at any time in your account settings.
What if my bank account information changes?
You can update your bank account information at any time through your Landlord Cart dashboard. Navigate to Settings → Payment Account → Bank Account and follow the prompts to add or change your banking details. Stripe will verify the new account through micro-deposits (two small deposits under $1 that you’ll need to confirm) or instant verification through your online banking login. This ensures your rent payments always go to the correct account.
What happens if there’s a payment dispute?
While rare, if a tenant disputes a payment with their bank, Stripe will notify you immediately via email. You’ll have the opportunity to provide evidence (lease agreement, payment history, communication records) to resolve the dispute. During this time, the disputed amount may be held from your payouts. Our support team at rent@landlordcart.com or 877-887-9482 can guide you through the dispute resolution process. Maintaining clear lease agreements and communication records helps resolve disputes quickly in your favor.
Can I use a business bank account?
Yes! You can use either a personal or business bank account to receive rent payments. If you operate your rental properties through an LLC or corporation, we recommend using your business account for cleaner accounting and tax reporting. The account name should match the name on your Stripe account to avoid verification delays.
What if I need help with the setup process?
We’re here to help! Contact our support team at rent@landlordcart.com or call 877-887-9482 Monday through Friday, 9am-5pm EST. We respond to all inquiries within 24 hours. For Stripe-specific technical questions about identity verification or account issues.
Is Landlord Cart or Stripe selling my information?
Never. We guarantee that neither Landlord Cart nor Stripe will ever sell, transfer, share, or use your personal or financial information for marketing purposes or any reason other than processing your rent payments. Your data is used exclusively to:
- Verify your identity as required by law
- Process and deposit rent payments to your account
- Generate required tax documents (1099-K forms)
- Provide customer support when you contact us
Both companies are bound by strict privacy policies and financial regulations. You can review Stripe’s privacy policy at stripe.com/privacy and ours at landlordcart.com/privacy-policy.
Ready to Get Started?
Complete your payment account setup in just a few minutes and start collecting rent online.
Questions? Email rent@landlordcart.com or call 877-887-9482
