Pay Owner Disbursements (Owner Payment Wizard)

Pay one, multiple, or all owner disbursements in one transaction.

This article reviews the following topics: click on the link to jump to that section.

• Paying Owner Disbursements
• Setting Payment Preferences for Owners
• How to automatically notify owners of payments
• Frequently Asked Questions

Pay Owner Disbursements (Distributions)

In your Rentec Direct account:

1. Click Owners
2. Click on Pay All Owners
3. Check the Owner box in the header to select all owners, or check the box next to individual owners.
4. Click the dropdown next to an owner's name to view and edit the Payment Type or Amount Due. (See the example below)
5. Click on Pay Owners

Tip: Track payments with the Owner Payment Wizard Report.

Setting Payment Preferences for Each Owner

The following steps will walk you through setting or changing each owner's default payment preferences. (Preferences can also be selected at the time of disbursement)

In your Rentec Direct account:

1. Click on Owners  
2. Right-click on the Owner and choose Edit Owner  
3. Under Payment Info 
   1. Payment Method - Use the dropdown to select from:
      1. ACH -  indicates you are electronically distributing the disbursement by ach using your merchant account
      2. Print Check -  indicates you are printing a check through your Rentec Direct account.
      3. Check -  if the disbursement was made by check or another method outside of Rentec Direct.

   2. From Account - Which of your Bank Accounts are the funds being disbursed from

      If disbursements are to be made via ACH, please choose an ACH-enabled bank account

      Owner bank account - (Where Owner Disbursement funds are deposited to)

   3. Routing number of the owner's bank account where the owner disbursement is being deposited - verify the deposit routing number on the deposit slip, as it may differ from the routing number on a check.
   4. Account number of the property owners
4. Save Changes

Learn more about Online Payment Processing

Automatically Notify Owners of ACH Payments 

You can automatically set your defaults to email owners when a payment is issued via ACH. 

In your Rentec Direct account:

1. Click Settings
2. Under Program, click on Program Defaults 
3. Under General Preferences, check Yes to Email property owners, notifying them that distributions are sent by ACH
4. Save Changes

FAQs

Q) When will owner disbursements be documented?

• All Print Check and Check payments will be posted to the applicable bank ledger within 30 seconds.
• All outgoing ACH electronic payments will be processed within 60 seconds, transmitted to the owners, and recorded on the Property, Bank, and Owner ledgers.

Q) Is there a fee to pay owner disbursements via ach?

Yes, there is a small transaction fee of $0.50 for each outgoing ACH payment

Q) Can I cancel an owner disbursement paid via ach?

If an error is discovered, the transaction can be VOIDed within a limited time frame, after which the correct disbursement can be issued. Click this link to see the time limits for Void Online Payments

Tip: Alternately, you can pay owners one at a time using any of the following methods:

• Click on Owners, then right-click on an owner and choose Pay Owner
• Pay all owners associated with a specific default bank account by going to Banking, right-clicking the bank account, and choosing Pay Owners.