# How Renter Payments Work

> Neighbor makes payments easy, automatic, and secure. We take the work out of remembering to pay your host on time! Before you can reserve a space on Neighbor...

Source: https://help.neighbor.com/en_us/how-renter-payments-work-H1ovv0URO

Last updated: 2025-05-06T21:28:59.014Z

Neighbor makes payments easy, automatic, and secure. We take the work out of remembering to pay your host on time! Before you can reserve a space on Neighbor, you’ll need to [update your payment information](https://kst.mr/Sk-4wPU_q). 

**Recurring payments**

Your credit card will be charged for the first monthly rental period when your reservation request is approved. This means that you may pay for the first month before you actually start the reservation, depending on your approval time. Thereafter, you will be charged on the first day of each successive monthly rental period. Your reservation generally renews on the same day each month! Learn more about how [rental periods and renewal dates are determined](https://help.neighbor.com/en_us/monthly-rental-periods-reservation-renewals-SkNmsMnpi). 

**What are the service fees?**

Neighbor charges a small [service fee](https://kst.mr/BJnJDv8_c) with each rental payment. This fee allows us to offer services and protections for our renters. Neighbor has your back!

**How do I update my payment information?**

You can [update your credit card information](https://kst.mr/Sk-4wPU_q) from the Payments Methods section of your profile. Enter your new credit card information and save!

**Is my credit card information safe?**

Yes! Neighbor doesn’t store your payment information. Your payment information is stored by [Stripe](https://kst.mr/S17HvvUd5), our secure payment gateway, on their encrypted and PCI-compliant servers. Stripe is a secure, online platform used by hundreds of thousands of vendors word-wide, including Amazon and Facebook. 

**Are payments ever prorated?** 

Rental payments are not prorated. This ensures our hosts are being paid for the entire monthly rental period. We understand that no one wants to be locked into a long-term contract, so you can [cancel your reservation](https://kst.mr/SkpWuvLOc) online after removing your items from the space, notifying your host, and [canceling your reservation on the Neighbor app or website](https://help.neighbor.com/en_us/how-to-cancel-a-reservation-as-a-renter-rkbPvRUA_).

**Are there any late fees?**

Yes. It’s important to always keep your payment information up-to-date to avoid failed payments, [late fees](https://help.neighbor.com/en_us/when-a-late-fee-is-charged-r1zcJ0ta9), and possible evictions. Renters who fail to make payment within 10 days of the due date are assessed a late fee. Neighbor will send you an email in the event your payment fails. You can at any time on your [Payment History](https://www.neighbor.com/dashboard/469040/profile/renter-payments) page. You can also [update your payment method](https://kst.mr/rkgjcwIOq).

**Can I take payment off the platform?**

No. Moving payment off platform is a violation of our Terms of Service and disqualifies you from receiving help from Neighbor if something arises between you and your host and [can lead to action being taken on your account](https://help.neighbor.com/en_us/what-happens-if-i-move-a-reservation-off-the-neighbor-platform-ByRsJMn1ke). With your help we can provide a safe and valuable marketplace!