Payment Related Queries

Does Paymatrix charge any Convenience fee to the users?

We currently charge 2% plus GST for every transaction made through Credit cards, 1% plus GST on Debit Cards and usually offer Net Banking and UPI FREE of any charge on our platform.

What kind of Credit/Debit Cards do you accept?

We accept Visa Credit, Visa Debit, MasterCard Credit, MasterCard Debit, American Express ,Diners and Maestro.

How long does it take for my landlord to receive my rent payment?

Your Rent will be credited to your landlord in 2-3 business working days of transaction made by you.

My Landlord doesn't use Paymatrix. Can I still pay with Paymatrix?

Absolutely. Paymatrix DOESN'T require your landlord to be signed up to use our platform. However, you have the option to notify your landlord by sharing his email ID and Mobile number.

Does it makes sense to pay rent with my credit card?

The answer is, it all depends on the context. If you’re smartly able to use your credit card to timely pay off your rent, improve your credit history or use a card that gives you cash back or reward points, it probably makes the most sense to pay your rent using a credit card.
Now coming to the payment of rent deposit on credit card, it could not get better. You can now convert the huge deposit into easy EMIs at interest rates as low as 11% per annum*

Why does Paymatrix charge me a fee to pay my rent with Credit card?

We really wish we didn't have to charge you but we do in order to cover the fees that are incurred to process your payment. But hey, you can rest assured your rent is always paid on time (in case you're running short this month, just use your credit card), build a payment history that will help you get a new place in the future and earn those credit card points even faster.

Can I use two different cards to make my rent payment on Paymatrix?

Currently, you can only use one card to pay your rent in each payment. We don't have the facility to split payments, yet, in a single transaction. However, you can always change the card you want to use every month or opt to make the complete payment in multiple transactions through multiple cards/wallets.

Do I get reward points for paying with my Credit Card on Paymatrix?

This depends on the type of rewards program offered by your credit card (travel points, cashback, miles and rewards etc.). A Paymatrix transaction (i.e. paying rent) is like any other credit card transaction, so you will continue to earn credit card rewards as usual (unless credit card mentioned otherwise by the card issuer). Further, you can avail offers from Paymatrix’s partners time to time.

What are the different modes of payment?

These are the different modes of payment:

  • Credit Cards.
  • Debit Cards.
  • Net banking.
  • UPI.
  • E-wallets.
  • EMIs.

Would you deduct any other charges apart from convenience fee?

Apart from the convenience fee and applicable GST charged to the tenant, there are no other hidden charges on rent payment.

What is the advantage of paying rent online through Paymatrix?

Paymatrix provides access to different modes of payment that includes Credit card, Debit card, Net banking, UPI, E- wallets & more. Tenants get access to exclusive discounts and rewards by payment and banking partners. They also get authenticated rent receipts generated for every rent payment.

How can I track my Rent payments and transactions?

You can track your Rent payments and transactions in our tab ‘History’.

My transaction was successful but rent was not credited to my landlord. Why is it so?

This may happen when your payment is being processed. It usually takes 3-4 business days for the payment to be reflected in your landlord’s account.

My transaction was shown as failure but my account got debited. Why so?

Sometimes, a transaction fails on the receiver's side, but the payment may get debited from the user's account. In such cases, the amount usually gets auto-refunded by the bank within 5-6 working days. If it still doesn’t happen, please drop an email to support@paymatrix.in with your transaction ID

I paid my rent on Credit card. How will the same reflect on my Credit card statement?

Your Rent/Rent advance payments on Paymatrix can be shown in your credit card statement with one of the tags – Paymatrix/Speckle Internet/Pasfar technologies/Cash free.

  Why Paymatrix

How is Paymatrix helping me out in easing monthly rent payments?

Paymatrix acts as a convenient payment platform for tenant, offering the benefit of paying rentals /advances on credit card and easing out the cash-flow issues during time of cash crunch. Tenants can schedule payment alerts to timely pay their dues and ensure record keeping for every payment to landlord. Also, one can save on their monthly Rent payments by making use of the cashbacks and reward programs of credit cards/wallets and payment partners.

Why can’t I simply make the payment to my landlord’s bank account? Why should I use the platform of Paymatrix?

Paymatrix eliminates the following pain points of your rent remittance procedure:

  • Eliminates the inconvenience of handling waddles of cash and also the associated security concerns
  • Helps better manage your credit cycles by providing you the option of remitting rent through credit card
  • Eliminates the embarrassment of late payments and confrontations with your landlord through our friendly reminders and Auto pay option
  • Provides you with payment history and online receipts for the rent payments made at convenience of your dashboard
  • Helps you conveniently order for rent agreements or renew the existing ones all from the comfort of your home
Above all, ever thought of getting offers and discounts on your routine payments! Yes. You do get them all here.

How can I trust Paymatrix?

We are an incubated company at Axis bank’s Thought Factory, Paypal India Accelerator and T-HUB. We are backed by a solid management and well-knows seed funds. You can be assured that all your transactions are secured and safe.

  Using Paymatrix

Do I need the consent of my landlord to use Paymatrix for remittances to be made to him?

Remittances through Paymatrix are just like any other electronic payment mode. All you need to provide us his bank details to which the amount has to be settled to.
However, if you are paying your landlord through cash and if you want to enjoy the convenience of Paymatrix, you need to convince your landlord of the benefits of our platform and collect the bank details from him. Please don’t forget to convince him/her of the benefits he can avail as a landlord on our platform here.

How much does it cost to pay rent on Paymatrix?

Paymatrix levies a convenience fee to cover the transaction charges incurred in facilitating the payment. The following are the charges for various payment modes:

  • Credit card – 2%
  • Wallets – 2%
  • Paypal – 2.5%
  • EMI on cards – 2.5%
  • EMI-free Loan – 2%
  • Net banking- Free
  • UPI- Free
GST of 18% on the above charges are applicable.
For instance, a Rent payment of Rs.10, 000/- can attract a convenience fee of Rs. 236/- (inclusive of GST). However, the fees can be offset by the reward and cashback programs on your card and our payment partners.

Why am I being asked to disclose landlord’s PAN Number?

Income Tax rules mandates the tenant to provide the PAN details of the landlord if the rent payment stands above Rs. 1,00,000 per annum or Rs. 8,333 per month
The Income Tax Department mandates (via CBDT circular 8/2013 dated 10th October 2013) any employee tenant to report the PAN of the landlord to the IT Department to claim HRA exemption.

  • In case the annual rent paid is more than Rs.1,00,000 per annum – It is mandatory to share the PAN of the landlord to your Employer and IT Department to claim HRA exemption.
  • In case the landlord does not have a PAN – One can share a declaration accordingly from the landlord on this along with his name and address.

How long does it take for the credit of my Rent to Landlord?

Your Rent will be credited to your landlord in T+2 business working days from the date of transaction. (Transaction day+ 2 working days)

Will my rent payments be instantly credited to Landlord?

Unfortunately, settlements to landlords doesn’t happen instantly. The reason being the settlement interval from the bank or the payment gateway. It usually takes T+2 working days for the settlement to reach your landlord’s bank account.
However, for Turbo payments, the settlements shall reach Landlord’s bank account within 24 hours.

What is Turbo settlement on Paymatrix?

Users who would want the settlement to reach landlord’s bank account on the same day (within 24 hours) can opt for Turbo settlement. A fee of 0.3% shall be levied for all Turbo settlements.

Supported Currencies

We only support Indian Currency - Rupee (INR). Users have the option to use International cards (through Paypal).

How many properties can be added in one user account?

You can easily add as many properties you own or rent by choosing the "Add a new property" button in "Pay Rent" page.

My payment is not yet settled to landlord account. what can I do?

The following can be reasons for the delay or non-settlement of your amount to your landlord’s account:

  • Incorrect account number /IFSC code– Please recheck the account number and IFSC entered on Paymatrix.
  • IFSC code change- Please check if there is any change in IFSC code due to bank merger/ branch closure.
  • Hot-listed transaction – Transaction kept on hold by Paymatrix/Payment partner for verifying conformance with compliances. Communication shall be sent to the customer on this and post reply the amount shall be released or refunded.
  • Bank holidays – In case of continuous bank holidays and non-availability of NEFT/RTGS, your payments can be delayed.
You can always reach us on support@paymatrix.in with any settlement issue and our team shall resolve your query within 48 working hours.

What is the worth of each Paymatrix reward in Rupee?

1 Paymatrix reward = 1 Rs.

  Tax Concerns

What is HRA and what are its tax implications

Salaried employees usually receive HRA (House Rent Allowance) from their employers to meet his/her stay expenses. The Income Tax Act allows for deduction in respect of the HRA paid to employees and the exemptions are covered under Section 10(13A) of the Income Tax Act and Rule 2A of the Income Tax Rules. However, it is to be noted HRA is an allowance and is subject to income tax with exemptions.

What are the tax deductions associated with HRA allowances?

Foremost, tax deductions pertaining to HRA is only applicable to an individual if the rented premises are not owned by him/her. Self-employed professionals are not eligible for the tax benefit on HRA.
An assesse can claim the minimum of the following three options for the entitlement of tax deduction:

  • Actual house rent allowance received from your employer
  • Actual house rent paid by you minus 10% of your basic salary
  • 50% of your basic salary if you live in a metro (Mumbai, Calcutta, Delhi and Chennai only) or 40% of your basic salary if you live in a non-metro

How does an employee claim tax deduction on HRA allowance?

Employees are usually required to furnish rent receipts/proof of rent payment to the concerned employers in order to claim tax exemption on HRA.
These receipts usually are to be furnished to the employer at the end of the financial year with a declaration submitted during the start of the financial year.

What details does the rent receipts contain?

The rent receipt acts as a proof of transaction or proof of payment by the tenant to the landlord. The rent receipts clearly contain the details of the rented residence address, name of the owner, period of rent etc.
The rent receipts should also contain the PAN details of the landlord in case the total rent payable in a financial year exceeds Rs.1,00,000.

Is landlord’s PAN number necessary to be submitted by all tax payers?

IT rules doesn’t mandate the tenant to provide the PAN details of the landlord as long as the rent payment stands below Rs. 1,00,000 per annum or Rs. 8,333 per month. For claim amount for HRA of above Rs.1,00,000/- per financial year, it is mandatory to submit the PAN details of the landlord.

Is it necessary to submit the landlord's PAN number in the above case, even if we do online transfer of rent amount or by cheque?

Yes, you need to submit the PAN details of the landlord mandatorily whatever the mode of payment may be.

What if, my landlord does not have PAN?

In case the landlord does not have PAN, the tenant should submit a declaration from the landlord, stating the same along with his name and address to the employer.

Who will be exempted from submitting rent receipts to the employer?

All the tenants who receive HRA up to Rs. 3,000 per month are not required to submit receipts for proof of rent paid. It may not benefit huge number of tax payers, though. This concession is only for the purpose of TDS (Tax Deduction at Source), and, in the regular assessment of the employee to ensure that actual expenditure on payment of rent is incurred.

  Referrals and Benefits

About the Paymatrix referral program

Inviting friends is made easy and rewarding with Paymatrix Referral Program! Just refer your friends to Paymatrix and let both of you earn rewards from us.

How to refer my friends and family?

Referring friends and family is really simple. You can either send your invite link or simply ask your friends to quote your unique referral code when they make transaction.
You can send your referral link by email or post it on Facebook and Twitter easily via our website itself. Please visit the Refer and Earn page for more details.

How does Paymatrix referral credits or rewards work?

If you've been invited by another Paymatrix user to use our platform, you'll receive Paymatrix Referral credits for your first transaction. This will add credits which can be redeemable on further transactions. You can see this indicated as a "Referral Credits" on your "REFER & EARN" page or on the top menu once you log in.

Where do I see my referral credits?

Click on top left navigation bar. Then select 'Refer& Earn'. At the bottom, you will be able to see your referral earnings.

Paymatrix Referral Program Terms

We reserve the right to remove access to the referral program or to refuse a reward if we suspect cheating or any activity we determine as abusive (for example, by inviting yourself, fictitious people, or already existing users) or damaging of the Paymatrix brand (for example, in connection with sexually explicit, discriminatory or illegal content).
We reserve the right to modify the referral offer at any time. By continuing to invite friends after an update to the terms, you are indicating that you are accepting them.
Terms & Conditions

  • You can earn referral credit by inviting your friends to sign up and pay using your personal invite code on Paymatrix.
  • You can find your invite code in the Refer and Earn page after logging into your user account.
  • Referral credits are not applicable for just signing-up on Paymatrix. A user should have completed a successful transaction using the referral invite code for the said transaction to be counted as eligible for referral credit.
  • Users using the referral code shall earn an instant discount of Rs.100 on their transaction, while the person referring shall receive the referral credit of RS. 100 into his Paymatrix account within 24 hours from the transaction.
  • A User can earn unlimited referral credits by simply referring more users and asking them to use his referral invite code.
  • Referral code and the corresponding credit is applicable only once per user.
  • Users shall have the independence to use the referral code for any one transaction of his choice. It need not to be the first transaction.
  • Referral credits earned into Paymatrix account by the users can be used only for their subsequent payments on the website. They cannot be redeemed for cash nor can be transferred to other users.

Where can I check my referral earnings?

You can check for your referral earnings under’ Refer and Earn’ section after logging into your dashboard.

How can I invite or refer my friends to Paymatrix?

You can simply invite your friends to sign up and start using Paymatrix platform to pay/collect rent by sending them an invite through Facebook, Email or a Text Message.This Invite Message can be also customized and can be simultaneously sent to multiple users.

Can I choose when to apply my referral code to my payment?

Yes. You do have a flexibility to choose when to apply the referral invite code. However, referral code can be used only once per user account. You shall receive instant discount of Rs.100 on the transaction by using the referral code, while the user sharing the referral code shall receive a credit of Rs.100 into his account within 24 hours.

How can I earn free credits into my Paymatrix account?

You can earn more referral credits into your Paymatrix account by simply inviting your friends to sign up and transact on our platform. However, DON’T forget to remind them to use your Referral Invite code while making the transaction. The Referral code can be applied in the ‘DISCOUNT/COUPON’ section while making the payment.

What are the benefits of making rent payment through Credit Card?

Tenants get access to exclusive discounts and rewards by payment and banking partners. For details on benefits, access Paymatrix here. Select Benefits & explore your credit card benefits.

What are the different types of benefits available for credit cards?

These are the different types of benefits available:

  • Reward points.
  • Airmiles.
  • Cashbacks.
  • Fuel points..
  • Gift vouchers.
  • Credit-free period.

Reward points are not credited. Why is it so?

This is a problem that should be taken up with your bank. But however, it could be either that the credit card provider stopped the promotion or updated the promotion. In either case, we recommend you to consult your credit card provider.

Why isn’t my discount coupon working?

This maybe because your discount coupon has been expired. Make sure that you use your discount coupon within the time limit to avoid such problems.

Where can I check my available reward?

To check your available reward, access Paymatrix here >> Select benefits >> Explore your credit card benefits by selecting your bank name & your credit card to check the type of rewards available to you.

  Rental Agreement

What is a Rental Agreement?

A rental agreement is a legal document that binds the owner of a property and tenant, while safeguarding the interest of both the parties. The landlord cited in the agreement should either be the owner of the property or a person having the power of attorney from the owner.

What are the types of tenancy agreements in India?

    There are two types of tenancy agreements in India; Lease Agreements that are covered by rent control laws and Leave and License Agreement that are not.
  • Lease Agreement:
    A Lease Agreement is governed by restrictive rent control laws, wherein the amount of rent that can be charged is based on a formula devised by the local executive, legislative or judiciary, as the case maybe. The Lease Agreement transfers the right of ownership to the tenant for a stipulated period of time. Lease agreements and the Rent control laws usually come into play when the Lease period is at least 12 months.
  • Leave and License Agreement:
    Leave and License Agreement only grants the tenant a license to occupy the property for a period of 11 months, with an option for periodic renewal. This agreement usually don’t come under the purview of Rent control laws. However, the above usage of terms is loosely held and can vary from state to state.The term ‘Rent agreement’ is usually used in the context of either of the above.

What agreement can I order at Paymatrix?

Paymatrix facilitates users to enter into Leave and License Agreements i.e. Agreements that are not valid for more than 11 months.

How does Paymatrix simplify the documentation of my Rent/Leave and License agreement?

Paymatrix facilitates easier documentation of Rent agreements by providing customizable-templates and arranging for the registration and the delivery of the document to your doorstep.

How does the Rent agreement registration process exactly work on Paymatrix?

One can visit Rent Agreement section after logging in to his/her Paymatrix dashboard:

  • User customizes the 'Lease and License' agreement Template by entering all the requisite details (or) User can upload his own template of Rent agreement
  • User enters the denomination of stamp paper required.
  • User mentions the delivery contact details and makes a successful payment.
  • Paymatrix gets the document printed on the stamp paper of denomination requested, completes the documentation as per template chosen and delivers it to your doorstep.
The Rent agreement registration process may vary from state to state as mentioned in FAQs.

What is the process of getting a Rent agreement in Telangana?

The following is the process to get a Rent agreement on Paymatrix for Telangana State:

  • Sign up /Sign in into Paymatrix and visit Rent Agreement section
  • You have the option to order Rent agreements through various modes as below:
    • OPTION 1- Fill in the requisite information of Tenant, Landlord and Property to make a draft
    • OPTION 2- Use your own template or alternatively download our template, fill the details and upload it again
  • Once the Agreement draft is finalized, you can proceed to the payment. All you need to select is the place of delivery and stamp duty required
  • Once you share the same, your agreement shall be processed onto a stamp paper and delivered to you within 3-4 working days.Once you get the physical copy, all you need to do is to get your signature and that of your tenant.
You may please visit rentagreement telangana to view pricing and get started.
You can always reach us on support@paymatrix.in for further assistance.

What is the process of getting a Rent agreement in Maharashtra?

The following is the process to get a Rent agreement registered for properties located in Maharashtra.

  • Please visit the link Rent Agreement and select Maharashtra as state to view the pricing and all the related charges.
  • Click on 'Start Agreement' and proceed to filling in basic details. Our execution partner’s representative shall reach you to collect further information required for Payment and scheduling an appointment for biometric collection of both tenant/landlord.
  • One you complete the payment, appointments shall be scheduled to collect your biometrics from Tenant/Landlord. There is a provision to collect biometrics of landlord, even if he is located in other city in India or even outside India.
  • Once the biometrics collection is completed, the Rent agreement gets registered and the E-copy be delivered to you in 4-7 working days.
You may please visit rentagreement maharashtra to view pricing and get started.
You can always reach us on support@paymatrix.in for further assistance.

What is the process of getting a Rent agreement in Karnataka?

The following is the process to get a Rent agreement on Paymatrix for Karnataka State:

  • Sign up /Sign in into Paymatrix and visit Rent Agreement section
  • You have the option to order Rent agreements through various modes as below:
    • OPTION 1- Fill in the requisite information of Tenant, Landlord and Property to make a draft
    • OPTION 2- Use your own template or alternatively download our template, fill the details and upload it again
  • Once the Agreement draft is finalized, you can proceed to the payment. All you need to select is the place of delivery and stamp duty required
  • Once you share the same, your agreement shall be processed onto a stamp paper and delivered to you within 3-4 working days.Once you get the physical copy, all you need to do is to get your signature and that of your tenant.
You may please visit rentagreement karnataka to view pricing and get started.
You can always reach us on support@paymatrix.in for further assistance.

What is the process of getting a Rent agreement in Tamilnadu?

The following is the process to get a Rent agreement on Paymatrix for Tamilnadu State:

  • Sign up /Sign in into Paymatrix and visit Rent Agreement section
  • You have the option to order Rent agreements through various modes as below:
    • OPTION 1- Fill in the requisite information of Tenant, Landlord and Property to make a draft
    • OPTION 2- Use your own template or alternatively download our template, fill the details and upload it again
  • Once the Agreement draft is finalized, you can proceed to the payment. All you need to select is the place of delivery and stamp duty required
  • Once you share the same, your agreement shall be processed onto a stamp paper and delivered to you within 3-4 working days.Once you get the physical copy, all you need to do is to get your signature and that of your tenant.
You may please visit rentagreement tamilnadu to view pricing and get started.
You can always reach us on support@paymatrix.in for further assistance.

What is the process of getting a Rent agreement in Delhi?

The following is the process to get a Rent agreement on Paymatrix for Delhi:

  • Sign up /Sign in into Paymatrix and visit Rent Agreement section
  • You have the option to order Rent agreements through various modes as below:
    • OPTION 1- Fill in the requisite information of Tenant, Landlord and Property to make a draft
    • OPTION 2- Use your own template or alternatively download our template, fill the details and upload it again
  • Once the Agreement draft is finalized, you can proceed to the payment. All you need to select is the place of delivery and stamp duty required
  • Once you share the same, your agreement shall be processed onto an E-stamp paper and the soft copy of the agreement shared to your registered email id.Once you get the E-copy on email, all you need to do is to get your signature and that of your tenant.
You may please visit rentagreement delhi to view pricing and get started.
You can always reach us on support@paymatrix.in for further assistance.

What are the different modes of ordering Rent agreement at Paymatrix?

You can order Rent agreement on Paymatrix through the following modes:

  • Customize the templates on Paymatrix by entering in the required details.
  • Upload your own template and just proceed to payment.

What are the charges I would incur for ordering Rent agreements?

Users are required to pay the following:

  • Stamp paper value as per the amount selected.
  • Convenience fee (which includes drafting and documentation charges).
  • Delivery charges(based on the delivery location).
  • GST as applicable on the above charges.
Click here to know more about the Pricing of Rent agreements.

What all details are required to order an Agreement?

All the details regarding the Landlord, Tenant, Property & Agreement have to be filled in to order a Rent/lease agreement online.

What is the Delivery time for the Agreement?

The stamped rental agreement shall be delivered to you within 3-4 business working days in all states. In Maharashtra, E-copy of the registered agreement is sent within 7 working days.

How to track my Courier with Rent Agreement?

An email with details regarding the Courier facilitator & tracking id will be sent to all the customers post the dispatch of the agreement. One can know the status of his/her rent agreement using this tracking id.

Do I need to get Notary done for my Rent Agreement?

Notarization is NOT mandatory for Rent agreements and is only a means to authenticate the identity of the signatories of the agreement. As long as a Rent agreement is printed on Stamp paper (or registered by paying requisite stamp duty) and is signed by both parties and by two witnesses, it is considered binding. However, if you wish to notarize it, you may do so.Click here to know more.

Will Paymatrix get the Notarization done?

No, Paymatrix does not get the Notarization done for the Rent agreement.

I drafted a Rent agreement online on Paymatrix? Can I cancel it post order placement?

You can cancel your Rent agreement order within 24 hours from the placement, provided that the said order has not been processed/executed by the team.
In case the order is already being processed, there shall be no refund as it implies that the stamp duty is either paid or the stamp paper purchased on your name.

Can I get my rent agreement delivered to me within one day?

Yes you can opt for ‘Express Delivery’ option to get the agreement delivered within 24 working hours. The said option is currently available only in Karnataka and Telangana.

  Signup

Creating a Paymatrix Account

Simply click on the "signup" button at the top of this page. Enter your details i.e. email address and phone number to create an account with Paymatrix.
You need to complete your KYC by uploading ID and Address proof to complete setting up your account.

Reset My Password

If you can't remember your password, please click on the “Forgot password” in the sign-inform to reset your password. Enter the email/mobile number to receive an OTP. You can use the same to reset your password.
For security reasons, you should choose a unique password for Paymatrix and never share your password in any correspondence.

I’m not getting emails from Paymatrix

If you’re not receiving emails from Paymatrix, please check your email account's spam or Junk folders to ensure the message was not filtered. Also verify that your email address is listed correctly on your account by visiting the “My Profile” menu of the website.
If you’re still not receiving messages from us, please drop a mail at support@paymatrix.in or submit a query and we'll be happy to assist.

I can't change my email ID and Mobile number

All Paymatrix accounts must have a unique email address and verified mobile number associated with the account in order to make transactions. If you're trying to change your email or mobile number on an existing account but receiving an 'already registered number /email' error, please note that email or mobile number associated with your account cannot be changed after successful registration.

I am unable to Login for that my Email or Mobile number is in use!

If you're trying to sign up for a new Paymatrix account and are finding that your email address or mobile number is already registered, there can be any of the two reasons:

  • You might have forgotten the password. In such a case try resetting your password or reach us at support@paymatrix.in
  • Your account might have incorrectly linked to another mobile number or email ID. You just need to have to reach to us at support@paymatrix.in for help.

How can I modify landlord’s mobile and Email details?

To modify your landlord’s mobile and email details:
Select Pay rent >> Select a property from property list >> Select edit icon >> Modify the details >> Select Update.

How can I modify Landlord bank details?

Paymatrix currently doesn’t enable editing landlord bank details once added. If you need any change of the same, please write to support@paymatrix.in.
However, you shall always have the option to turn the property as inactive and add a new property with appropriate details.

How can I modify Address details?

You can edit the address details by selecting the "Edit icon" available for the said property.

How do I change my password?

To change your password, login to your Paymatrix.in account. On the top left navigation bar you can see a link for 'My Profile'. Click on My profile , then select Change password . You can update your password and then click Submit.

I can't sign in to my Paymatrix Account

If you can't remember which email address you used to sign up, we'll let you know if it's in our system or not, so try anything you think it might be. If you still have trouble accessing your account, please let us know at support@paymatrix.in

  Landlord

As a landlord or property owner, what are the benefits I stand to get by using Paymatrix?

The following are the benefits you shall derive by registering as a landlord on Paymatrix:

  • Collect Rent payments on-time without the need of cash.
  • Extend the option of paying Rent/Rent advance on Credit/credit-card to your tenant, thus improving chances of collection on-time.
  • Manage multiple properties on a single dashboard without the need of delegation and tracking.
  • Issue Rent receipts online to your tenant without you having the need to sign them.
  • Draft Rent agreements online & get them delivered to your doorstep.
  • Find your ideal tenant using Tenant screening services.
  • Purchase Landlords Insurance and protect your Property.

As a landlord, is it a mandate to report my rental income?

Just like any individual, you are required to furnish your income heads, including that of rental income. The same is to be furnished while filing your Income Tax Returns.

How to remind your tenants to pay rent?

Select collect rent >> Select reminder under action buttons >> Select E-mail or SMS >> Press Yes.

How can I invite my Tenants to Paymatrix?

Select Collect Rent >>Select Send Invite next to your property name >> Fill in Tenant’s name and E-mail id >> Press Invite.

Is it necessary for me as a Landlord to be signed up with Paymatrix to collect rent?

Absolutely not. Paymatrix does not require a landlord to be signed up to use our platform. We send your notifications (both to tenants and landlords) once the payment is initiated and also when it gets credited into landlord’s bank account.
However, if he signs up with Paymatrix, he can avail all the Landlord benefits of managing, tracking and reminding tenants all by himself.

How many days does it take for the credit to reflect in Landlord’s bank account?

It usually takes 2-3 business working days for the credit to be reflected in your Landlord’s bank account.

Will landlord be charged any charges for receiving Rent into his account?

Absolutely not. The convenience fee & GST will be charged only to the tenant for making a transaction through Paymatrix.

How will the landlord be updated on the credit of Rent?

We send your landlord an email & SMS notification once the payment gets credited in their bank account. (You have the option to share Landlord’s email and Contact number while registering the property).

How will the Rent/Rent deposit credit reflect in landlord’s bank account?

Rent /Rent deposit credit into your landlord’s bank account will have one of the below tags.
PASFAR /SPECKLE/ Paymatrix /CASHFREE/ <Your name +Rent>

Why is my settlement delayed?

It usually takes 2-3 business working days to credit your rent. However, if your settlement is delayed, it could be due to holidays. The payment is also not processed during the weekend.

What is 'Rent' in Advance?

Your landlord is given an option to ask for rent in advance and inturn offer you a discount. This option shall help tenant save significantly on his rentals by paying it upfront, while enables landlord to meet his capital needs using his future rent collections.

Am I allowed to edit my rent amount and rental advance?

You cannot change the rent amount and rental advance for the registered properties. However, you can transact amounts higher than the given rent /rental advance up to a certain limit.

  Disputed transactions

What is a Disputed Transaction?

Transactions that do not conform to the Terms of use of Paymatrix, its payment partners and banks are termed to be disputed transactions. The same includes transactions that are made to misuse the referral/cashback /reward programs of Paymatrix or its payment partners.

What is a Circular transaction?

Transactions where the user is using his credit card or wallet to pay to his own bank account are termed to be circular transactions. Paymatrix doesn’t enable these transactions and shall hotlist those transactions and ensure refunds of the same after due deduction of charges.

What if I entered bank details of my landlord incorrect?

We recommend utmost care while adding landlord or beneficiary details for your payments. In case of transaction being processed to incorrect account number as shared by you, Paymatrix has little control to retrieve the same and would not be able to offer you a refund.
However, if the settlement fails and the amount being reversed to us on account of incorrect beneficiary account number, Paymatrix shall offer you a fresh settlement to the right account number. You can either contact support@paymatrix.in for assistance in this regard.

What is a Fraudulent Transaction?

A fraudulent transaction in one's bank account, debit or credit card is usually caused by e-mail spoofing, phishing or by cloning one's card.

A fraudulent transaction has taken place on my Debit/Credit Card through Paymatrix? What do I do?

The moment you find that a suspicious transaction has been done on your credit/debit card, inform the card issuer/bank immediately. Also write to us within 48 hours at support@paymatrix.in so that we keep the settlement on hold to the beneficiary account.

  Tenant management

How many properties can be added in one user account?

You can easily add as many properties you own or rent by choosing the "Add a new property" button in "Pay Rent" page. However, a user can have at most one active residential property and one active commercial property.

How to remind your tenants to pay rent?

Select collect rent >> Select reminder under action buttons >> Select E-mail or SMS >> Press Yes.

How to Invite Tenants to Paymatrix?

Select Collect Rent >>Select Send Invite next to your property name >> Fill in Tenant’s name and E-mail id >> Press Invite.

  Loan for Rent deposits

How can I apply for a loan for Rent deposit on Paymatrix?

Login into your Paymatrix dashboard. Add a property and proceed to payment page. You shall find the option ‘EMI-free Loan’ on the checkout page. Fill in the basic details and submit to determine your eligibility. Alternatively you may visit the link rent-deposit-loan & apply.

What are EMI-free loans for Rent deposits?

Paymatrix facilitates EMI-free loans for your Rent deposits without any collateral. These loans doesn’t require you to pay the principal every month (unlike a personal loan from bank). All you need to pay is the interest part on the loan every month.
For example, For a Loan for Rent deposit of Rs.100,000, you just need to pay Rs.1.5% or Rs.1500/- interest every month. You have the option of closing the loan and returning back the amount anytime without any charges.

What is the eligibility criteria for the EMI-free Rent deposit loan from Paymatrix?

Any salaried individual with a gross income of Rs.30,000/- with a proper credit profile and residing in specified cities can apply for Rent deposit loan on Paymatrix.

What all cities do we have the option of 'EMI-free Loan'?

The option is available to applicants residing in the cities of:

  • Bangalore
  • Pune
  • Mumbai
  • Navi Mumbai
  • Delhi NCR
  • Chennai
  • Hyderabad
  • Ahmedabad
  • Chandigarh
  • Bhopal
  • Indore
  • Raipur
  • Vadodara
  • Coimbatore
  • Jaipur

What is the processing fee for the Loan?

A processing fee of 2% +GST on the loan amount disbursable may be charge to you by our Loan partner.

What all documents should I submit to get a Rent deposit Loan on Paymatrix?

The following are the documents usually sought by the lending partner:

  • KYC (PAN and Aadhaar)
  • Current and Permanent Address Proofs
  • 3 month's Salary slips
  • 6 months Bank statement reflecting the salary
  • Rent agreement
  • Loan agreement (To be signed and handed over to our loan partner)
  • Passport size photographs
Alternative documents proofs may be sought by lender in case of discrepancy or absence of the above documents.
The above documents can be submitted online, post which the lender shall complete verification and share you the Loan agreement for signatures.

How long does it take for the Lender to process the ‘EMI-free Loan’ on Paymatrix?

With all the documents duly submitted and agreement signed, it usually takes 2 working days to process the loan for disbursement into your account.

Who is the lender for my Loan?

Our Lending partners facilitating the Rent deposit Loan may change from time to time. You shall be intimated about the Loan partner once your loan application is received.

What are the advantages of EMI-free loan against a personal loan?

EMI-free loans from Paymatrix doesn’t pinch your pocket. While personal loans require you to pay significant EMI every month, these loans just require you to pay interest every month.
Further, the documentation of an EMI-free loan is simple and quick with processing well within 48 hours.

What will be the time period to repay Rent deposit loan on Paymatrix?

The loan tenure for your Rent deposit Loan is usually equivalent to the Rent agreement tenure. In case you are staying in the property and are renewing the rent agreement, you may simply share the lender a new Rent agreement to carry forward the loan.

When should I make the Principal repayment, if I pay only the interest every month?

You have the option to either make partial repayments of the principal component of your Loan amount or pay the entire loan amount at the end of the loan tenure.

Are there any pre-payment or pre-closure charges for closing the Rent deposit Loan?

There shall be NO pre-payment charges or pre-closure charges as long as it is done after 6 months from the loan disbursal date.

  Landlord insurance

What is Landlords Insurance?

Gruh Suraksha Home Insurance Plan – Building section refers to home insurance policy, which typically covers the property owner against financial losses that are related to the owned property. The policy usually covers the building/flat / house, including compound wall and landscaping. Add on covers for rent for alternate accommodation and loss of rent can be also provided with the policy.

What are included under 'Loss of rent' cover in Gruh Suraksha Home Insurance Plan – Building section offered on Paymatrix?

In the event of actual total loss of the insured building let out for rent or it turning out to be not fit for let out as it is damaged by insured peril; this cover will reimburse to the insured towards actual loss of rent per month not exceeding Rs15,000/- and for a maximum period of six months.

Do I need the consent of my tenant to subscribe to this Insurance?

No, the consent of your tenant is not necessary to subscribe this insurance coverage.

Which Insurer is offering the Landlords Insurance plan on Paymatrix?

Paymatrix currently offers Landlords Insurance (Gruh Suraksha Home Insurance Plan) from Royal Sundaram General Insurance Company Ltd.

What cover or plan should I choose while selecting Landlords Insurance on Paymatrix?

You can opt for the policy that can offer a cover for an amount equivalent to the value of your owned property (including accounting for suitable depreciation.
The value of the property can be roughly calculated by estimating the value of the property as construction cost per sft. multiplied by the total area of construction(excluding land value).

Is there any limit on the age of the property that can be insured?

Insurance offered by Royal Sundaram General Insurance Co. Limited (Gruh Suraksha Home Insurance Plan- Building section)) does not cover buildings of age more than 30 years old.

What does the Insurance cover for landlords?

Get coverage for your owned flat / house, including compound wall and landscaping against:

  • Fire, Lightning, Explosion/Implosion.
  • Riot, Strike & Malicious Damage.
  • Natural disasters such as Storm, Cyclone , Earthquake and Flood
  • Burglary.
  • Aircraft Damage or Impact damage by any Rail / Road Vehicle
  • Bursting and/or overflowing of Water Tanks, Pipes & Leakage from Automatic sprinkler installations*.
  • Get reimbursed for Loss of Rent cover for 6 months (if the premises is leased out).
  • Reimbursement for Rent for alternative accommodation for self-occupied premises.

When will my policy be issued after the payment and when will the policy be active?

Policy will be issued within 3 working days from the payment of premium and the policy will be active within 1 working day from the date of payment.

Can I cancel my policy?

Yes policy can be cancelled in case if customer not interested.

Are there any processing fee for claims that are made?

No processing fee is involved

Are there any deductibles from the loss that incurred?

General Excess would be applicable as per policy terms and conditions of the policy.

  Renters Insurance

What is Gruh Suraksha Home Insurance Plan?

Gruh Surakha Home Insurance Plan is an affordable insurance instrument for tenants to cover their personal property against unexpected damages and losses from perils like fire, burglary, natural calamities, and allied perils, thus assuring security, protection and peace of mind for the tenants.

Do I need the consent of my Landlord to subscribe to this Insurance?

No, the consent of your landlord is not necessary to subscribe to this insurance.

Which Insurer is offering the Renters Insurance plan on Paymatrix?

Paymatrix currently offers Insurance for Tenants (Gruh Suraksha Home Insurance Plan - Household articles section) from Royal Sundaram General Insurance Co. Limited.

What does Gruh Suraksha Home Insurance Plan – household articles section covers ?

Gruh Suraksha Home Insurance Plan – Household articles section on Paymatrix covers your content against:

  • Fire & Allied Perils.
  • Burglary and Housebreaking including Theft.
  • Electrical and Mechanical breakdown.
  • Accidental Damage for Mobile equipments
  • Liability form death or disability of Household staff
  • Terrorism
The following content can be covered with the policy:
  • Content- Furniture, clothes , fixtures (including Electrical, Bathroom sanitary fixtures and Modular Kitchen fixtures) and other items like utensils, crockery, carpets etc.
  • Appliances- Television, Washing machine, Refrigerator, Air conditioner, Personal Computer, Music systems etc.
  • Jewellery and Valuables- articles of personal adornment containing gemstones, silver, gold, platinum or other precious metals and Valuables shall mean Crystalware, Wristwatches above `10,000 in value, Silver articles and Gold in forms other than jewellery* like coins (*here limit per item will be applicable on the whole lot and not on each and every item).
  • Third party Liability - Insurance if you are liable for death, injury or damage to the health of a third party
  • Mobile equipment - Digital/Video Cameras, Binoculars, Mobile/Smart phones, Ipads, Ipods, Laptops, Palmtops and e-readers.
  • Loss of Cash - Covers actual loss of money in coins and/or currency notes up to the Benefit sum insured by robbery and/or hold-up while such money is in insured's/his family member's custody and whilst being conveyed by insured and/or his family members directly from a bank at which he/they maintain an account to their home in the ordinary course of transit.
  • Personal Accident to Household staff - Insurance for liability due to death or disability of household staff.
  • Temporary Resettlement - Covers actual cost incurred towards lodging expenses incurred as a temporary resettlement in an alternative accommodation for a maximum period of one week.

Can cash be covered?

Yes. Loss of cash due to Burglary or Theft is covered. The maximum cover that can be provided for loss of cash is Rs.15,000/-. Please check here for further details.

Does this cover both commercial and residential tenants?

No. This covers only for residential tenants.

What cover, or plan should I choose while selecting Insurance for Tenants on Paymatrix?

You can opt for the policy that can offer a cover for an amount equivalent to the value of your household content (appliances, furniture, valuables, clothes etc.), after accounting for suitable depreciation.

When will my policy be issued after the payment and when will the policy be active?

Policy will be issued within 3 working days from the payment of premium and the policy will be active within 1 working day from the date of payment.

Can I cancel my policy?

Yes policy can be cancelled in case if customer not interested.

Are there any processing fee for claims that are made?

No processing fee is involved

Are there any deductibles from the loss that incurred?

General Excess would be applicable as per policy terms and conditions of the policy.

  Tenant screening services

How does it work?

  • Request: Landlord emails screening requests to the prospective tenants.
  • Authorize: Tenants authorizes requests by providing required information online.
  • Screen: Our unique algorithm gathers information and generates a detailed tenant profile.
  • Decide: Our Insights coupled with tenancy score lets you make informed and confident renting/leasing decisions.

How to find the right tenant?

  • Identity Check: Get the identity and demographics of your tenant authenticated by gathering his KYC documents online.
  • Credit Check: Know more about your tenant’s payment behaviour and credit score through integrated reports from CIBIL. Get insights on the potential rent payment pattern of your prospective tenant.
  • Social Check:As rightly said, our connects reflect what we are as a person. We offer insights about an individual’s social profile and the strength of his connections, both personal and professional.
  • Psychometric Check:We enable you to know better about your tenants by having a personality match through our unique psychometric analysis. All the tenant needs to take is a psychometric pictorial test. Insights from the same can be used by landlords to find the like-minded tenant/companion at the property.
  Rent receipts

What is the use of Rent Receipts?

Rent Receipts allow you to keep a track of your payment history with your landlord. Also, the same can get you a tax deduction on submission to your employer or for standard deduction in your IT returns, wherein you need to submit them as proof.

How can I generate Rent receipts on Paymatrix?

You get receipts auto-generated for each payment on Paymatrix with electronic trail (Payment and Landlord details) mentioned on the same.
The same can be used for submission to your employer for your HRA exemption.
In case you are looking to generate Rent receipts manually through a general template, please click here.

What is the penalty of submitting Fake Rent receipts?

The income tax department now has good reason to insist on proof from the tax payer showing that he is indeed a genuine tenant, paying requisite amount to the landlord as claimed. However, if the tenant or the tax payer is unable to produce proper proof supporting the transaction or have submitted fake rent, he shall be liable for a penalty.
As per section 270A (1), a penalty of 50% may be levied if income has been under-reported. However, in case of misreporting of income, a penalty of 200 per cent can be levied.

What are the HRA exemption Limits as per Income Tax rules?

Salaried employees usually receive HRA (House Rent Allowance) from their employers to meet his/her stay expenses. The Income Tax Act allows for deduction in respect of the HRA paid to employees and the exemptions are covered under Section 10(13A) of the Income Tax Act and Rule 2A of the Income Tax Rules. However, it is to be noted HRA is an allowance and is subject to income tax with exemptions.

  Bill Payments

What is this feature of Bill Payments on Paymatrix?

Bill Payments feature on Paymatrix enables users to pay any of their bills or expenses on Credit card/Wallets/Net banking directly into the recipient's or biller’s bank account.

What all Bills can i pay for using my Credit card?

Users are allowed to make the following payments:

  • Rent
  • Rent advance
  • Maintenance
  • Club fees
  • Vendor payments
  • Authorized business purchases
  • Legal service fees
  • Taxes

Are there any payments that are restricted on the platform?

Users are allowed for payments related to only Rent/Rent advance/Maintenance/Club fees/Vendor payments or as listed or specified explicitly from time to time on our page - https://paymatrix.in/home/bill_payments

Why am I charged a convenience fees on bill payments?

The convenience fee is charged to cover the transaction fees levied by card issuers/payment gateway fees.

Can i pay myself using Credit card?

Unfortunately No. You are not allowed to pay yourself using Credit card. In case of such transactions, the amount shall be auto-refunded to your source card/account after due deduction of convenience fees.

What are the convenience fees applicable for Bill payments?

The following are the charges applicable for Bill payments on Paymatrix:

  • Credit card/Wallets -2%
  • Net banking - Free
  • UPI -Free
  • EMI on cards -2.5%
  • Paypal/International cards -2.5%

How can i use the feature of bill payments?

The following is the process:

  • Register with Paymatrix
  • Visit 'Bill Payments' section
  • Add a Biller or Beneficiary
  • Pay using various payment modes (Credit cards/Wallets/Debit cards/Net banking/UPI/EMI on cards etc)

How long does it take for the payment to be settled to my beneficiary or biller?

It takes T+2 Working days (Transaction day +2 working days) for the payment to be settled to the biller or beneficiary.
You shall receive an Email and SMS alert once the amount is credited to beneficiary’s bank account.

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