Multiple Deposit Accounts For ACH and Credit Card Payments (Legacy)
This help article contains instructions for the Legacy Version of Rentec Direct. More information about the latest version of Rentec Direct can be found here: The Remodel | Rentec Direct’s Newest Software Update
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 bank 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.
Scenarios where multiple deposit accounts are useful:
- Managing multiple apartment buildings and each building has its 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!
- 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 Direct worked with the banks and our funding partner, Forte, to come up with a solution around this limitation to better serve you.
Rentec Direct is now able to offer additional merchant accounts for the same Rentec Direct client, with each one pointed towards a different bank account. We then connect the secondary merchant account(s) to your additional bank account within Rentec Direct’s system. All properties in the system 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?
In your Rentec Direct account:
- Click on your Accounts tab.
- Right-click or use the menu to choose Edit Account from the menu for the account where you'd like to add merchant services.
- Be sure the account number 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 the Forte application. Follow the instructions found at the bottom of that screen to submit the secondary merchant setup form which will send a request to the merchant bank (Forte) asking them to set up 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 into the correct bank account, be sure to assign the bank as the Default Income Account on the tenant's property or unit.
Assigning the Default Income Account on a Property
In your Rentec Direct account:
- Click on the Properties tab.
- Right-click on the Property and select Edit Property from the menu.
- Change the Default Income Account setting to the appropriate bank account for your secondary account that should receive those funds.
- Click the Save Changes button.
System Advice: For multi-unit properties, be sure to edit the Default Income Account for the primary property as well as each individual sub-unit.
Important Note: 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 set up under the Online Payments on the Settings tab.