You can have multiple deposit accounts tied to your merchant services. This means you can deposit payments received from your tenants for a certain property (or set of properties) into separate accounts.
Access to multiple merchant accounts will streamline your payment processing duties and makes it easier to pay your owners or receive funds for separate properties into their own corresponding account automatically. This enhanced feature works with Rentec Direct’s merchant services which allow you to receive tenant payments online via e-check(ACH) and credit/debit card.
Here are a couple scenarios where multiple deposit accounts are useful:
- If you are managing multiple apartment buildings and each building has it’s own bank account. You can now direct all inbound (and outbound if necessary) funds directly to the property specific bank account. No more transferring funds!
- If you are a property manager and receive funds into separate bank accounts for each owner, you can now receive those funds directly into the appropriate account.
How do multiple merchant deposit accounts work?
Banks normally will only deposit (or send funds) into one connected bank account. This is a restriction in the credit card and automatic funds transfer (ACH) banking industry, but Rentec worked with the banks and our funding partner, Forte, to come up with a solution around this limitation to better serve you.
Rentec is now able to setup additional merchant accounts for the same Rentec client, with each one pointed towards a different account. We then connect the secondary merchant account to your additional bank account within Rentec Direct’s system, and all properties using that bank account as the default income account will automatically use the new merchant account and funds will be routed properly.
What does it cost?
Are you ready for some good news? For the majority of our clients asking for multiple merchant accounts, it will cost nothing! That’s right, you can get up to 5 merchant accounts free!
We are including up to 5 merchant accounts free with every current Rentec Pro or Rentec PM subscription that manages 200 or more properties.
If you are on an older (pre 2016) subscription plan, you’ll need to update to a modern plan first. When you follow the instructions below, it will prompt you to update your subscription.
Need more than 5 merchant accounts, or manage less than 200 properties? No problem – the feature is still available to you at our monthly cost of just $15 per merchant account.
How do I get started?
Login to your Rentec Direct account and go to your Accounts tab.
Edit the bank account for which you want to add merchant services.
Be sure the account # is filled in, then scroll to the bottom and click the “Apply Now” link within the Online Payment Processing section. This will open a new web page and take you to https://www.rentecdirect.com/merchant/forte/ where you will then need to follow the instructions found at the bottom of the screen to submit the secondary merchant setup form which will send a request to the merchant bank (Forte) asking them to setup an additional deposit account for you.
How do I ensure payments deposit into the correct bank account?
To ensure online ACH payments from your tenants deposit in to the correct bank account, be sure to assign the bank as the Default Income Account on the tenant's property or unit. To assign the Default Income Account for a property, go to the Properties tab, right-click on the Property (and each unit) and select Edit Property from the menu. Then look for the Default Income Account setting, make the appropriate edit, and then save your changes.
If a Default Income Account is not configured on the property, the system will deposit the funds into the Primary Default Income Account that you have setup under Settings > Setup EasyPay.