How rent collection works

Payment methods

LotKeeper supports multiple payment methods so residents can pay however is most convenient for them. All payments are processed through Stripe, which handles PCI compliance and fund transfers to your connected bank account.

• ACH bank transfers: lowest processing fees, funds typically settle in 3 to 5 business days.
• Credit and debit cards: instant confirmation, higher processing fees passed to the payer.
• Auto-pay: residents can enroll to have their balance charged automatically each month on a date you configure.
• Guest payment links: one-time payment URLs that you can text or email to a resident. No account required. Useful for residents who are not comfortable with online portals.

How invoices generate

On the 1st of each month, LotKeeper automatically creates an invoice for every active lease. Each invoice includes the base rent plus any recurring charges defined on the lease (utilities, pet fees, storage, and so on). If a lease starts or ends mid-month, LotKeeper prorates the charges down to the day.

Invoices move through these statuses: DRAFT (created but not yet finalized), PENDING (sent to resident), PARTIAL (some amount paid), PAID (fully paid), and OVERDUE (past the due date with an outstanding balance).

FIFO payment allocation

When a resident makes a payment, LotKeeper allocates it to the oldest unpaid invoices first. This is called FIFO (first in, first out) allocation. If a resident owes $500 from March and $800 from April, a $600 payment will fully pay the March invoice and apply the remaining $100 to April.

This approach keeps your books clean and ensures that aging balances are addressed before current charges. Every allocation is recorded as a ledger entry for full audit trail visibility.

Partial payments and overpayment credits

Partial payments are fully supported. If a resident pays less than the full balance, the invoice status changes to PARTIAL and the remaining amount stays outstanding. You can see exactly how much has been applied and how much is still owed.

If a resident overpays (for example, they pay $900 on an $850 balance), the excess amount is automatically recorded as a credit on their account. That credit will be applied to their next invoice before any new payment is collected.

The resident payment portal

Residents with a LotKeeper account can log in to the tenant portal to view their invoices, make payments, set up auto-pay, and download payment receipts. The portal is mobile-friendly and designed to be as simple as possible. Residents see their current balance, payment history, and upcoming charges all in one place.