If you collect rent through Landlord Studio and your leases still use Dwolla, you need to move them to Stripe to keep collecting rent online. This guide explains how to verify your identity with Stripe, switch your leases, and check that your tenants are set up to pay again.
What you need to know
This feature is available in the US only.
Landlord Studio is moving all Online Rent Collection to Stripe, so every landlord still on Dwolla needs to complete this switch.
You choose which leases to switch and when.
When a lease switches, your tenants need to add their payment details and set up AutoPay again. Rent will not collect on that lease until they do.
⚠️ Switching a lease just before rent is due gives your tenants less time to set up, and that rent will not collect until they have. Where you can, switch leases early in your rent cycle.
Why rent collection is moving to Stripe
Stripe is now the main payment provider for Online Rent Collection in Landlord Studio. Moving your leases means every lease in your account works the same way, and your tenants can pay by card if you choose to allow it.
Step 1: Verify your identity with Stripe
Before you can switch any leases, Stripe needs to verify your identity. Have these ready before you start:
A camera-enabled device
An SMS-enabled mobile phone
A valid government-issued ID
The bank account you want rent paid into
Step 1: Open the "Security Verification" page from the the more menu in Landlord Studio.
Step 2: Under "Are you collecting rental income under?", select "Personal" or "Business".
Step 3: If you selected "Business", choose your business type.
ℹ️ Choose the business type that matches how your business is registered. If it doesn't match, Stripe's verification may fail and you will need to submit it again.
Step 4: To speed up your review, use the "Expedite your ID verification" panel to join our Facebook group or add your LinkedIn profile URL. This step is optional.
Step 5: Select "Begin verification".
Landlord Studio will take you to Stripe's secure verification. Follow Stripe's steps to confirm your identity and connect your bank account. When you finish, Stripe will return you to Landlord Studio.
[Screenshot: Begin verification]
ℹ️ If you leave Stripe's verification partway through, your progress is kept. Return to the "Switch to Stripe" page to pick up where you left off.
Check your verification status
Once you've submitted your details, the "Switch to Stripe" page shows two statuses side by side:
Stripe identity verification: Stripe's check that you are who you say you are.
Landlord Studio application review: our own Compliance Team's review of your application, which usually takes up to 24 hours.
You can switch leases once both are approved. Landlord Studio will email you when your application is approved.
Step 2: Switch your leases to Stripe
The "Switch to Stripe" page groups your leases into three lists:
Leases on Dwolla: ready to switch now.
Waiting: shown greyed out because a payment is still clearing. You can't select these yet.
Done: leases already moved to Stripe.
Ended leases and leases that don't use Online Rent Collection are not shown, because they don't need to move.
Step 1: Select the leases you want to switch. Tick each one, or use select all.
Landlord Studio will show your progress as "X of Y leases moved to Stripe", and the main button will update to "Switch N leases" to match your selection.
Step 2: Select "Switch n leases".
Landlord Studio will display the "Set payout accounts" dialog, listing each lease you selected.
Step 3: Choose the payout account each lease pays into, or select "Set all to default" to use one account for every lease.
Step 4: Read the warning about your tenants, then select "Confirm & switch".
Landlord Studio will move the selected leases to Stripe and email their tenants. The "Confirm & switch" button stays disabled until every lease has a payout account.
ℹ️ As soon as you confirm, your tenants' current AutoPay stops on those leases. Rent will not collect again until each tenant has re-added their payment details.
Once every lease has moved, the page will show that you're all done.
What your tenants need to do
Each tenant on a switched lease is emailed and asked to add their bank account or card in the Tenant Portal, then set up AutoPay again. You can't do this on their behalf. On a shared lease, every tenant needs to set up their own payment method.
Track which tenants have set up
Go to the Properties page to see the online payment status of each lease. Landlord Studio shows whether a lease is still on Dwolla, waiting for the tenant to set up, or fully set up on Stripe.
Leases that are not ready yet
Leases in the waiting list become ready once their payments have cleared. You can come back to the "Switch to Stripe" page and switch them then, or let Landlord Studio switch them automatically for you as soon as the lease is ready to be switched.
Related
If you need help moving your rent collection to Stripe, reach out via the in-app chat or at help@landlordstudio.com.