Multiple Deposit Accounts for ACH and Credit/Debit Card Payments


Rentec Direct software supports multiple merchant accounts to help you manage payment deposits for different bank accounts. When configured correctly, Online transactions are automatically deposited into the designated account or expensed out of the designated account and automatically documented on the appropriate ledgers, helping to simplify your tasks and keep your accounting organized.

This article explains how to:

Merchant Account Availability

Online Payment Processing includes merchant account options based on your Rentec Direct subscription and portfolio.

Accounts managing 200 or more properties:

  • Up to 5 merchant accounts are included at no additional cost.
  • Additional merchant accounts may be added for $5/month each.

Accounts managing fewer than 200 properties:

  • The first merchant account is included at no additional cost.
  • Additional merchant accounts may be added for $5/month each.

Important Note: As of September 2025, the monthly fee for additional merchant accounts changed from $15 to $5 for accounts on a current subscription plan. If you are on a pre-2024 subscription plan with a lower rate, your subscription must be updated to a current plan before adding additional merchant accounts at the $5/month rate. Rentec Direct subscriptions can be modified in Your Account and Subscription Settings.

Add Additional Merchant Accounts

Each merchant account requires two easy steps.

  1. Add the Bank Account you want to use for the merchant account.
  2. Apply for a merchant account.

Step 1: Add the Bank Account

Before applying for an additional merchant account, add the bank account that will be used for electronic transactions.

In your Rentec Direct account: 

  1. Click Banking
  2. Click on +Add Account

  3. Under Account Information, enter the bank account details

    Tip: A Business account is required for online payment processing.

  4. Select Link an Unrecorded Funds Account to easily manage online payments

    Tip: Hover over the Tooltip (?) or see Unrecorded Funds for more information.

  5. Complete the remaining bank information and verify the account and routing numbers are correct
  6. Click Add Account

Step 2: Apply for a merchant account

After adding the bank account details to your account, submit a merchant account application.

In your Rentec Direct account:

  1. Click Banking
  2. Right-click the bank account and select Edit Account
  3. Under Online Payment Processing, click Apply Now 
  4. If you are applying for an additional merchant account, a Secondary Merchant Account page will display.  Review the information provided.
  5. Click  Continue to Application
  6. Complete and submit the merchant account application

Assign Payments to the Correct Merchant Account

When multiple merchant accounts are set up, online payments will process using the property's assigned accounts as the default. To ensure online payments are processed with the correct bank account, select the appropriate bank account as the protpery's Income and Expense accountfrom your tenants are deposited into the correct bank account, assign the bank as the Income Account for the property using the steps below.

In your Rentec Direct account: 

  1. Click Properties

  2. Right-click the property and select Edit Property

    Tip: For multi-unit properties, edit the Primary Property

  3. Under Financial, select the appropriate Bank Account (not the Unrecorded Funds Account)

  4. Click Update

    Tip: For multi-unit properties, select Update Primary and Subunits

Frequently Asked Questions

Q) When is it useful to have multiple deposit accounts?

It's helpful to have multiple deposit accounts when

    1. Managing multiple apartment buildings, each with its own bank account. You can direct all inbound (and, if necessary, outbound) funds to the property-specific bank account. No more transferring funds!
    2. 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
    3. To deposit online application fees

Q) What can merchant accounts be used for in Rentec Direct?

Merchant accounts provide several functions in the Rentec Direct software

    1. Receive tenant payments via ach, credit/debit card
    2. Receive online application fees via credit/debit card
    3. Pay vendors via ach
    4. Pay owner disbursements
    5. Receive owner contributions
    6. Pay Management Fees

Q) How much does it cost?

  • Rentec Direct accounts allow up to 5 merchant accounts at no additional cost to current Pro and PM subscriptions that manage 200+ properties
  • For accounts managing less than 200 properties, there is no fee for the first merchant account, and additional accounts may be added at $5/each per month

Important Note: As of September 2025, the monthly fee for additional merchant accounts changed from $15 to $5 for accounts on a current subscription plan. If you would like to add additional merchant accounts at the $5 rate and are on a pre-2024 subscription plan at a lower rate, your subscription will need to be updated to a current plan first. Go to Settings > Your Account and Subscription > Modify.

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